2008-08-30-2008-06-10-2008-09-03

Acquired co. with assets in TX, LA, MS, AL, gaining 1 Tcfe proved, 197 MMcfg/d, 8,500 BOE/d.

XTO Energy Inc., Fort Worth, Texas, (NYSE: XTO) has completed its acquisition of privately-held Dallas-based Hunt Petroleum Corp. and other associated entities for $4.2 billion. XTO paid $2.6 billion in cash and 23.5 million shares valued at approximately $1.6 billion, or $67.50 per share. XTO estimates proved reserves to be 1.052 trillion cubic feet of gas equivalent (62% proved developed). Production is 197 million cubic feet of gas, 8,500 barrels of oil and 2,300 barrels of gas liquids The acquired properties are primarily concentrated in XTO's eastern region including East Texas, central and northern Louisiana, representing 70% of Hunt reserves. Another 28% of the reserves, both onshore and offshore, are along the Gulf Coast of Texas, Louisiana, Mississippi and Alabama. Nonoperated interests, reflecting more than 300,000 net acres of potential in the North Sea and the balance of proved reserves, were also conveyed in the deal. XTO gained an additional 15,000 net acres of leasehold in the Bakken shale region of North Dakota. Bob R. Simpson, XTO chairman and chief executive, says, "These assets substantially overlap XTO's positions in our Eastern region and our team already recognizes tremendous upside potential for development. With our expansive acquisition program now complete, the company's efforts are focused on accelerating drilling activity and volume growth with strong financial returns secured by our robust hedging program." Hunt Petroleum is an 80-year-old, private franchise founded on long-lived legacy properties. The deal is the result of a process initiated by the boards of both Hunt Petroleum and the related Hassie Companies at the end of last year. Goldman Sachs was financial advisor to Hunt and marketed both Hunt Petroleum and Hassie Companies simultaneously. Energy Spectrum Advisors Inc. was financial advisor to The Hassie Companies. XTO operates in Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah, Louisiana, Mississippi and Montana.