Murphy Oil Announces Seal Acquisition
Murphy Oil Corporation (NYSE: MUR) announced today that Murphy Oil Company Ltd., a wholly owned subsidiary, has entered into an agreement with Shell Canada Energy to purchase, for an undisclosed amount, additional interests in lands and take over as operator of Shell's assets in the Seal Lake area of Alberta, Canada. The agreement covers approximately 148,531 net acres, associated plant and equipment, production in the order of 2,200 barrels of oil equivalent per day and an estimated 14.0 million barrels of oil equivalent of proved and probable reserves. Upon completion of the transaction expected in the fourth quarter of 2012, the Company's acreage position in the area will total over 331,000 net acres with total production over 9,000 barrels of oil equivalent per day. As operator of this area and its existing lands Murphy will be able to advance its growth plans for conventional as well as enhanced oil recovery opportunities.
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