Energen to Acquire Proved Wolfberry Properties

Energen Corporation

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.