Market Overview

Energen to Acquire Proved Wolfberry Properties


Energen Corporation (NYSE: EGN) today announced that its oil and gas exploration and production subsidiary, Energen Resources, has signed a purchase and sale agreement to buy a primarily proved undeveloped Wolfberry package from a private seller for $65.8 million plus standard closing adjustments.

Energen also announced that it is cutting approximately $45 million from Energen Resources' planned capital investment in the San Juan Basin in 2012. This capital reduction is a direct result of the current outlook for low natural gas prices. The bulk of the company's natural gas production comes from the San Juan Basin.

Posted-In: News M&A


Related Articles (EGN)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→