Newfield - Anadarko Acquire TXCO Resources Eagle Ford Assets

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.

"Newfield Exploration Company (NYSE: NFX) and Anadarko Petroleum Corporation (NYSE: APC) announced today a joint transaction to acquire TXCO Resources Inc.'s (TXCO) assets in the Maverick Basin of Southwest Texas for up to $310 million. The final amount will be determined at closing, which is expected in mid-February 2010."

"According to the terms of the transaction, a wholly owned subsidiary of Anadarko will acquire more than 80,000 net acres in this basin from TXCO for approximately $93 million and increase its operated working interest in these properties to 75 percent."

"Newfield will acquire substantially all of TXCO's remaining assets in the Maverick Basin, which include more than 350,000 gross acres (300,000 net acres), for approximately $217 million. Current net production of the assets to be acquired by Newfield is 1,500 BOEPD, of which two-thirds is oil. The acreage has multiple geologic targets, primarily in the Eagleford and Pearsall formations."

Read the full press release at Newfield.com