Dynamic Offshore Buys Nearly All XTO GOM Properties

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
183MM
Description

Acquired substantially all of GOM shelf assets of XTO Offshore, consisting of interests in 79 active leases covering approximately 130,000 net acres, gaining more than 7,000 BOE/d, 13.5 MMBOE proved.

Privately held, Houston-based Dynamic Offshore Resources LLC has acquired substantially all of the Gulf of Mexico properties of XTO Offshore Inc. and other related subsidiaries of ExxonMobil Corp., Irving, Texas, (NYSE: XOM) for $182.5 million.

The deal includes interests in 79 active leases covering approximately 130,000 net acres on the Gulf of Mexico Shelf. Operated properties comprise more than 90% of the proved reserve value and current production.

Production is more than 7,000 barrels of oil equivalent per day. Proved reserves as of July 31 were 13.5 million barrels equivalent (40% oil, 72% proved developed).