Energen Acquires $185M In Permian Basin Assets

Energen (NYSE: EGN), the Alabama-based independent oil and natural gas production company, will acquire $185 million in assets in the Permian Basin in Texas from an undisclosed private buyer.The acquisition includes 8,700 net acres and 19 producing wells and Energen estimates development costs of about $325 million associated with the acquisition, which includes proved reserves of 18 million barrels of oil equivalent and an estimated 6.2 million barrels of probable reserves, according to the Wall Street Journal.Energen also operates an electric utility business in Alabama.