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Newfield Exploration Acquires Uinta Basin Assets

Source: www.gulfoilandgas.com 3/22/2011, Location: North America

Newfield Exploration Company signed two separate purchase and sale agreements to acquire assets in the Uinta Basin from Harvest Natural Resources and an unnamed private company for an aggregate $308 million. The transactions will add approximately 70,000 net acres to the Company's acreage position in the Uinta Basin. The acreage is largely undeveloped and located adjacent and north of the Company's largest oil asset – the Monument Butte field.

Closing of the transactions is expected in the second quarter of 2011, pending customary closing processes and will be financed under the Company's revolving credit facility. The Company expects to reduce short-term borrowing levels of its credit facility through proceeds from ongoing domestic sales of certain non-strategic assets.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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