As per the terms of the transaction, a wholly owned subsidiary of Anadarko will acquire over 80,000 net acres in this basin from TXCO for approximately $93m and increase its operated working interest in these properties to 75%.
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 $217m. The 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.
Lee Boothby, president and CEO of Newfield, said: “This acquisition is consistent with our goal of focusing on large, domestic plays of scale. Including this transaction, we have added more than 500,000 net acres in long-lived resource plays over the last several months.
“Our acquisition of TXCO’s assets will mark an entry into the Maverick Basin and provide us with a deep inventory of potential locations – both oil and gas.”
