NFX buying more production + upside in Utah
Posted: Tue Mar 22, 2011 9:56 am
HOUSTON, March 22, 2011-- Harvest Natural Resources, Inc. ("Harvest" or "the Company") (NYSE:HNR) today announced it has entered into a definitive agreement with an affiliate of Sweet 16 Growth Portfolio member Newfield Exploration Company (Newfield) (NYSE:NFX) to sell all of the Company's oil and gas assets in Utah's Uinta Basin for $215 million in cash. The sale has an effective date of March 1, 2011.
The oil and gas assets are located in Harvest's Antelope project area in the Uinta Basin of Utah and consist of approximately 69,000 gross acres (47,600 net acres). Harvest owned a working interest of approximately 70 percent in the Uinta assets. The transaction includes wells operated by both Harvest and Newfield.
The oil and gas assets are located in Harvest's Antelope project area in the Uinta Basin of Utah and consist of approximately 69,000 gross acres (47,600 net acres). Harvest owned a working interest of approximately 70 percent in the Uinta assets. The transaction includes wells operated by both Harvest and Newfield.