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Thursday 04th of December 2008
11/6/2008

XTO Energy to acquire Hunt Petroleum

Story link: XTO Energy to acquire Hunt Petroleum by Jo Black
XTO Energy to acquire Hunt Petroleum

Texas based XTO Energy Inc. has signed a definitive merger agreement with Hunt Petroleum Corporation and other associated entities for $4.186 billion.

To acquire the private sector firm, XTO will pay $2.6 billion in cash and will transfer 23.5 million shares of XTO common stock valued at approximately $1.6 billion, or $67.50 per share.

After completing the transaction, XTO Energy hopes its daily production will increase by 197 million cubic feet (MMcf) of natural gas, 8,500 barrels of oil (Bbls) and 2,300 barrels of natural gas liquids (Bbls)

The acquired properties are primarily concentrated in XTO’s Eastern Region including East Texas, central and northern Louisiana, where 70% of the reserves are located. Another 28% of the reserves, both onshore and offshore, are along the Gulf Coast of Texas, Louisiana, Mississippi and Alabama.

Non-operating interests, reflecting more than 300,000 net acres of potential in the North Sea and the balance of proved reserves, will also be conveyed in the deal.

The Company will also gain an additional 15,000 net acres of leasehold in the Bakken Shale region of North Dakota.

 

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