HOUSTON, Oct. 15 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today announced that a subsidiary's settlement of a dispute concerning preferential rights to purchase interests in the Yeso oil play in Eddy County, N.M., will enable Apache to operate the properties with an approximate 60-percent working interest.
Apache's subsidiary acquired a 50-percent interest in the acreage in its previously announced acquisition of BP's oil and gas operations, acreage and infrastructure in the Permian Basin of West Texas and New Mexico. The subsidiary acquired an additional 10-percent interest and became operator as a result of the settlement of the dispute with Concho Resources and Marbob Energy Corp. As a result of the settlement, Concho will own approximately 40 percent of the acreage.
In the BP Permian transaction, which was completed in August, Apache's subsidiary acquired assets with estimated proved reserves of 120 million barrels of oil equivalent (boe) and first-half 2010 net production of 21,800 boe per day.
The Permian transaction is one element of Apache's previously announced agreement to acquire all of BP's oil and gas operations, acreage and infrastructure in the Permian Basin and Egypt's Western Desert and substantially all of BP's upstream natural gas business in western Alberta and British Columbia in Canada.
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. From time to time, Apache posts announcements, updates and investor information, in addition to copies of all press releases, on its website, www.apachecorp.com.
This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K available on our website, http://www.apachecorp.com/, and in our other public filings and press releases. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. We assume no duty to update these statements as of any future date. However, readers should review carefully reports and documents that Apache files periodically with the Securities and Exchange Commission.
SOURCE Apache Corporation