HOUSTON, Nov. 15, 2010 /PRNewswire-FirstCall/ -- EOG Resources, Inc. (NYSE: EOG) today announced the signing of a purchase and sale agreement with Newfield Exploration Company (NYSE: NFX) for approximately 50,000 net acres in Bradford County, Pennsylvania. The transaction, valued at $405 million, is expected to close by year-end 2010.
Representing less than one-half of one percent of EOG's total North American production, this Marcellus Shale acreage in northeastern Pennsylvania includes five producing natural gas wells with 7 million cubic feet per day of gross production. Following the close of the divestiture, EOG retains approximately 170,000 net acres in the Marcellus Shale in northwestern Pennsylvania.
With this transaction and others that EOG has signed or anticipates signing by year-end 2010, EOG estimates that the total proceeds from these asset sales will be approximately $1.0 billion.
"The sale of this Marcellus acreage is a part of EOG's previously announced tactical plan to sell certain producing and non-producing natural gas assets in North America. These sales will add liquidity to partially fund EOG's liquids weighted capital expenditure program," said Mark G. Papa, Chairman and Chief Executive Officer.
EOG Resources, Inc. is one of the largest independent (non-integrated) oil and natural gas companies in the United States with proved reserves in the United States, Canada, Trinidad, the United Kingdom and China. EOG Resources, Inc. is listed on the New York Stock Exchange and is traded under the ticker symbol "EOG."
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