Plains Exploration and Production pays $578 million ($9,600 per acre) to adds Eagle Ford Shale acreage. The properties are located in the liquids-rich gas condensate window of the Eagle Ford and approximately 20,400 acres overlap a joint operating area with EOG Resources.
“PXP has agreed to acquire interests in approximately 60,000 net acres in the Eagle Ford oil and gas condensate windows in South Texas for $578 million in cash. Of the 60,000 net acres, approximately 20,400 net acres are located in a joint operating area between PXP and EOG Resources, Inc. (NYSE: EOG). The Eagle Ford properties are located primarily in Karnes County of South Texas and have net resource potential of approximately 140 to 175 million BOE, projected net production capability of approximately 2,000 BOE per day and a year-end 2011 production target exit rate of approximately 5,000 BOE per day net to PXP.”
Read the press release at pxp.com
Kenneth E. DuBose
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