AMARILLO -- BP America Production Company and Pantera Acquisition Group, LLC (Pantera) have signed an agreement under which Pantera has agreed to acquire BP’s interests in the Panhandle West and Texas Hugoton gas fields for a purchase price of $390 million.
These assets cover approximately 270,000 gross acres in Sherman and Moore Counties and include approximately 500 BP-operated, low-rate, sour gas wells producing ~5 thousand barrels of oil equivalent per day.
The low-decline gas properties have significant associated NGL and helium volumes.
The transaction is expected to close on July 31, 2014.
Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.