St. Mary Land & Exploration Co., Denver, (NYSE: SM) plans to acquire assets in South Texas from an undisclosed seller for $153.1 million. The assets include 98% average working interest (77% average net revenue interest) in 259 wells on 56,799 net acres in the Olmos formation that is adjacent to the company's Catarina field assets in Webb and Dimmit counties. Production is 9.2 million cubic feet of gas equivalent per day (97% gas). Proved reserves are 94.8 billion cubic feet equivalent (37.8 billion proved developed) and proved, probable and possible reserves of 160.8 billion cubic feet equivalent.
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