Although many exploration and production companies find the Fayetteville Shale an attractive area to develop, others choose to concentrate its resources elsewhere. Contango Oil and Gas (MCF) decided to sell its assets in the Fayetteville Shale and focus on other areas.
On December 21, 2007, Contango Oil and Gas sold its Fayetteville Shale properties in Western Arkansas to Petrohawk Energy Corporation (HK) for $199.2 million. On January 30, 2008, Contango Oil and Gas sold its Fayetteville Shale properties in Eastern Arkansas to XTO Energy (XTO) for approximately $128.0 million. ___________________________________________________________________
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