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Stock Market & Financial Investment News

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February 3, 2014
09:06 EDTXOMExxon Mobil increases Permian Basin acreage
Exxon Mobil announced enhancements to its U.S. oil and natural gas portfolio managed by subsidiary, XTO Energy Inc., through separate agreements in the Permian Basin in Texas and Utica shale in Ohio. Through an agreement with Endeavor Energy Resources, L.P., XTO will fund development to gain substantial operating equity in approximately 34,000 gross acres in the prolific liquids-rich Wolfcamp formation in Midland and Upton counties. Endeavor will continue to operate shallow production while XTO will drill and operate horizontal wells in the deeper intervals. The agreement increases XTO’s holdings in the Permian Basin to just over 1.5 million net acres, enhancing the company’s significant presence in one of the major U.S. growth areas for onshore oil production. In a separate transaction involving its holdings in the Utica shale, XTO signed an agreement with American Energy – Utica, LLC following a competitive bid process. The agreement will enable AEU to earn approximately 30,000 net acres of XTO’s Ohio leasehold in Harrison, Jefferson and Belmont counties. XTO will continue to operate in a core area of approximately 55,000 net acres, optimizing development by using proceeds from the transaction to fund 100 percent of near-term development costs.
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