Energen Snaps Up Stake in Permian Basin's Fuhrman-Mascho Field

Energen has completed the acquisition of Range Resources Corporation's interests in the Fuhrman-Mascho Field in the Permian Basin. The purchase price of $182 million is subject to standard industry closing adjustments. The effective date of the sale is May 1, 2009.

As previously disclosed, the acquisition includes an estimated 15.3 million barrels of oil equivalent (MMBOE) proved reserves and 15.6 MMBOE of probable and possible reserves, approximately 13,000 net acres, and 449 active producing wells and 58 active injector wells. The producing interval is the Grayburg-San Andres at depths of 4,000 feet to 4,800 feet. The Fuhrman-Mascho Field is located in Andrews County, Texas, in the middle of Energen's existing Permian Basin operations. A legacy Permian Basin field, the Fuhrman-Mascho has more than 70 years of production history.