Aug. 15, 2013
/PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) announced today it has agreed to sell oil and gas producing properties in the
, North Grant Lands and South Grant Lands areas of western
, to Ember Resources Inc., a private Canadian company, for
"Going forward, Apache is focused on growing our liquids production from a deep inventory of crude oil- and liquids-rich opportunities that generate attractive rates of return on our extensive remaining acreage in
Western Sedimentary Basin," said
Rodney J. Eichler
, president and chief operating officer. "We also remain focused on advancing the Kitimat LNG project to monetize large unconventional resources in the Liard and Horn River basins in northern
"This transaction is one element of a comprehensive review of Apache's portfolio to determine which assets make the most sense for Apache to own given our growth and return objectives and which assets are better owned by others," Eichler said. "The
, North Grant Lands and South Grant Lands assets fit in the latter category."
Apache's Nevis, North Grant Lands and South Grant Lands assets
The assets comprise 621,000 gross acres (530,000 net acres) and more than 2,700 wells that had average net production of 67 million cubic feet of gas and 237 barrels of liquid hydrocarbons per day from late Cretaceous sands and coal seams during the second quarter of 2013. Apache will retain 100 percent working interest in horizons below the Cretaceous, such as potential
and North Grant Lands.
The effective date of the transaction is
April 1, 2013
, and it is expected to be completed during the third quarter, subject to customary regulatory approvals and other closing conditions.
"I commend the employees who have worked these assets for many years of safe and environmentally responsible operations," Eichler said.