Barnett Shale

WPX Energy To Sell Barnett Shale Properties

WPX Energy (WPX) reported that the company has signed an agreement to sell producing oil and gas properties in the Barnett Shale. 

WPX Energy is selling 27,000 net acres with production of 67 million cubic feet of natural gas per day from 320 wells.  The company is also selling 91 miles of associated pipeline assets.

An investor group led by KKR Natural Resources and Premier Natural Resources is paying $306 million for the Barnett Shale assets and similar properties in the Arkoma Basin in Oklahoma.

Carrizo Oil and Gas Sells Barnett Shale Leasehold

Carrizo Oil and Gas (CRZO) reported that the company is selling acreage in Texas that is currently producing from the Barnett Shale formation.

Carrizo Oil and Gas is selling 13,000 acres to KKR Natural Resources for $104 million. The properties have 75 gross or 58.5 net wells with gross production of 15.7 million cubic feet of natural gas equivalents per day (8.3 million on a net basis). Proved reserves total 122.4 Bcfe of which 55% are proved undeveloped.

Carrizo Oil and Gas said that the proceeds will be used to reduce borrowings on its credit line and help fund its 2011 capital budget.

Conoco Phillips Sells Barnett Shale Assets To KKR

Conoco Phillips (COP) announced that the company has sold properties in the Barnett Shale to Kohlberg Kravis Roberts & Co (KKR).  The company did not disclose a purchase price.

Kohlberg Kravis Roberts & Co is purchasing producing properties in Texas with 93 Bcfe of proved reserves.  More than 90% of the reserves are categorized as proved developed producing.

Kohlberg Kravis Roberts & Co has a partnership with Premier Natural Resources to make investments in oil and gas assets and operates as KKR Natural Resources.