Newfield Exploration, the Houston-based company with a large presence in Oklahoma’s STACK play has finished its $380 million sale of its oil and gas assets and undeveloped acreage in Texas.
The company announced earlier in the year of its plans to unload the Texas holdings so it could focus on the successful STACK. Its Eagle Ford holdings were sold to Protégé Energy III.
“The transaction includes unconventional properties in the Eagle Ford Shale and its conventional natural gas assets located in southern and western regions of Texas,” stated Newfield. But the company has not made public who bought its conventional natural gas assets in Southern Texas.
Newfield continue to state that it does not anticipate the sale having any materialistic impact on its third quarter production. It plans to release third quarter financial and operating results Nov. 1.
But don’t worry about Newfield’s holdings. Ninety-eight percent of its proved reserves are located in the Anadarko and Arkoma basins in Oklahoma, the Williston Basin of North Dakota, the Uinta Basin in Utah and the Maverick and Gulf Coast basins of Texas. It also has oil developments within offshore China.