Printer Friendly

APACHE AND SHELL OFFSHORE NEGOTIATING $67-MILLION TRANSACTION

 APACHE AND SHELL OFFSHORE NEGOTIATING $67-MILLION TRANSACTION
 HOUSTON, Nov. 3 /PRNewswire/ -- Apache Corp. (NYSE: APA) today announced that it is negotiating with Shell Offshore Inc. to acquire Shell's 92.6 percent working interest in Matagorda Island Blocks 681 and 682 in the Gulf of Mexico. Apache currently holds the remaining interest in the properties on behalf of the company and a drilling partnership.
 The proposed purchase price, $67 million, would be based on a July 1 effective date. The properties are currently producing a total of approximately 60 million cubic feet (MMcf) of gas per day. The acquisition would be expected to close prior to year end, subject to negotiation of formal closing documents and to applicable government approvals.
 Raymond Plank, Apache chairman and chief executive officer, said, "This tactical acquisition would increase our gas production to approximately 300 MMcf per day and would assure Apache of another year of reserve growth."
 Also included in the transaction would be drilling and recompletion opportunities on leases totaling approximately 11,500 net acres, as well as 14 miles of gathering line.
 Apache is an independent energy company engaged in exploration for and development and production of natural gas and crude oil. The company's securities are traded on the New York and Midwest Stock Exchanges (symbol APA).
 -0- 11/3/92
 /CONTACT: Jeanne Buchanan of Apache, 713-296-6155/
 (APA) CO: Apache Corp.; Shell Offshore Inc. ST: Texas IN: OIL SU:


MC -- DV001 -- 1904 11/03/92 07:27 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 3, 1992
Words:245
Previous Article:ELECTION YEAR ISSUES WILL WEIGH HEAVILY ON U.S. COURSE INTO THE NEXT CENTURY, AMEX CHAIRMAN JONES TELLS INTERNATIONAL BUSINESS COMMUNITY
Next Article:IF YOU'RE 50, YOU CAN ENJOY THE BENEFITS OF INTERHOSTEL
Topics:


Related Articles
APACHE INTERNATIONAL TO EVALUATE AZERBAIJAN OIL FIELD DEVELOPMENT
APACHE COMPLETES PURCHASE OF OFFSHORE INTERESTS
APACHE POSTS EARNINGS OF $11.6 MILLION; $59.8 MILLION CASH FLOW FIRST QUARTER RECORD
SHELL BEGINS PRODUCTION AT DEEPWATER AUGER FIELD
Coiled Tubing First By Coflexip Stena Offshore
Apache to Acquire Gulf of Mexico Properties From Shell for $715 Million Plus 1 Million Apache Shares.
Apache to Acquire Gulf of Mexico Properties From Shell for $715 Million Plus 1 Million Apache Shares.
Apache to Acquire Shell Canada Assets with 87.5 MMBOE Proved Reserves for US$524 Million.
ExxonMobil and Apache Announce Agreement to Optimize Exploration and Development in West Texas, Western Canada, Louisiana and Gulf of Mexico.
Apache Buys Gulf of Mexico Shelf Properties From Shell for $200 Million.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters