Privately held, Dallas-based TXOK Acquisition Inc. has completed the acquisition of oil and gas production companies from Oneok Inc., Tulsa, Okla., (NYSE: OKE) for $645 million. The purchase includes oil and gas in four fields in Oklahoma and Texas with estimated reserves of approximately 240 billion cubic feet of gas equivalent. "With this transaction we will exit the oil and gas production business and will focus our attention on our other businesses," says David Kyle, Oneok chairman, president and chief executive officer. Oneok will use the proceeds from the sale to reduce debt.
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