Anadarko Petroleum Corporation (APC) reported that the company has entered into a joint venture agreement with the Korea National Oil Corporation in the Eagle Ford Shale.
The Korea National Oil Corporation will pay $1.55 billion for a 33% share of Anadarko Petroleum’s acreage in the Maverick Basin in Texas. The company will pay no cash up front and is required to pay 100% of Anadarko Petroleum’s 2011 capital costs, and 90% starting in 2012.
The Korea National Oil Corporation will have 80,000 net acres in the Eagle Ford Shale after the payments are made. The company will also receive 16,000 net acres prospective for the Pearsall Shale, a dry gas play that lies under the Eagle Ford Shale.
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