XTO Energy Completes Acquisition of Select Properties from Dominion
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FORT WORTH, Texas, July 31 /-- XTO Energy Inc. (NYSE:XTO) has closed its previously announced acquisition of natural gas and oil properties from Dominion Resources, Inc. (NYSE:D) for $2.5 billion. The proved reserves purchased are estimated to be 1.06 trillion cubic feet of gas equivalent (Tcfe), 64% of which are proved developed. Net daily production is 200 million cubic feet. Properties in the Rocky Mountain Region contribute 810 billion cubic feet of gas equivalent (Bcfe) of proved reserves from 326,000 net acres. In the South Texas Region, proved reserves acquired are estimated at 250 Bcfe on the 216,000 net acre leasehold position.
"This transaction represents another long-term value creating event for our shareholders. The bolt-on properties offer immediate growth with a long-lived production profile and tremendous upsides for years to come," stated Bob R. Simpson, Chairman and Chief Executive Officer.
XTO Energy Inc. is a domestic natural gas producer engaged in the acquisition, exploitation and development of quality, long-lived oil and natural gas properties in the United States. Its properties are concentrated in Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah, Louisiana and Mississippi.
This release can be found at http://www.xtoenergy.com/.
Source: XTO Energy Inc.
CONTACT: Louis G. Baldwin, Executive Vice President & Chief Financial Officer, or Gary D. Simpson, Senior Vice President of Investor Relations & Finance, both of XTO Energy Inc., +1-817-870-2800
Web site: http://www.xtoenergy.com/
