Newfield Exploration and Anadarko Petroleum have emerged as the buyers now bankrupt TXCO Resources’ acreage in the Maverick Basin of South Texas. Anadarko will absorb approximately 80,000 net acres in the southern portion of the basin for approximately $93 million. Newfield gets the lion’s share of assets by acquiring over 350,000 gross acres (300,000 acres net) for $217 million.
The Eagle Ford is really beginning to heat up. South Texas will now become a core area for Newfield and major asset for Anadarko Petroleum. [Read more…]