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Newfield Exploration


agreed to acquire

Lariat Petroleum

in a cash and stock deal valued at about $180 million.

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The company expects to close the transaction in the middle of next month. Newfield, a crude oil and natural gas exploration and production company focusing mainly on the Gulf of Mexico, also said it would acquire $153 million of Lariat's liabilities.

Lariat, a privately held exploration and production company primarily focused on the Anadarko Basin of Oklahoma, has a proved reserve base of 256 billion cubic feet equivalent. About 75% of that is natural gas.

Shares of Newfield, which is based in Houston, slipped $1.94, or 4%, to $46.50 in recent

New York Stock Exchange