As Tulsa-based WPX Energy shifts its focus on operations in the Permian Basin of New Mexico and West Texas and the Williston Basin of North Dakota, it has said farewell to all of its operations in northwest New Mexico. The San Juan Basin.
OK Energy Today first reported how the company unloaded its assets earlier this month, selling $700 million in holdings in the Gallup oil play. The holdings included 150 oil wells on nearly 100,000 acres.
WPX spokeswoman Kelly Swan said the deal should be finalized by the end of March with an undisclosed third party.
“Essentially, what we had done as company is we we’re putting more money in the other two basins, just in terms of active development and having rigs on the ground, so the decision was made basically to focus capital in those two areas, so that essentially then frees up that capital to flow to those areas where we’re a little more active,” Swan said.
The exit from the San Juan Basin will mean WPX only operates in those two basins.
“WPX is now completely focused on our outstanding assets in the top two oil-prone basins in the North America — the Permian’s Delaware Basin and North Dakota’s Williston Basin,” WPX Chairman and CEO Rick Muncrief said in a press release.