Energen Corporation Announces Delaware Basin Acreage Option Not to Be Exercised

Energen Corporation

today announced that it does not expect BHP Billiton

to exercise its option to purchase a 50 percent undivided interest in 51,720 net acres in the Delaware Basin under lease to Energen Resources Corporation, the company's oil and gas exploration and production subsidiary. The determination came after the companies were unable to agree on terms for modifying the agreement. According to the definitive agreement signed in February 2012, BHP Billiton had to exercise its option to purchase no later than May 1, 2012.