Nabors Monetizes Certain California E&P Properties

Acquired interest in certain CA properties.

Ramshorn Investments Inc., a subsidiary of Nabors Industries Ltd., Hamilton, Bermuda, (NYSE: NBR) has sold all of its interest in certain oil and gas properties in California to an undisclosed buyer for approximately $72 million in cash.

The deal also requires a commitment for the purchaser to continue utilization of Nabors' rigs.

Nabors president and chief executive Tony Petrello says “Although small, the completion of this sale affirms our commitment to monetize our E&P portfolio in an expeditious and prudent manner. We continue to pursue sales of other holdings and expect to report further progress throughout 2012.”