WPX Energy (NYSE:WPX) announced today that it has completed the sale of
its holdings in Texas′ Barnett Shale and the Arkoma Basin in Oklahoma to
an affiliate of Kohlberg Kravis Roberts & Co. for approximately $306
million, subject to typical post-closing adjustments.
'We tightened our business focus and further strengthened our balance
sheet through this transaction,? said Ralph Hill, WPX chief executive
officer.
'In terms of our asset portfolio, we will continue to emphasize the
development of our oil and liquids-rich areas in the Bakken Shale and
Piceance Basin where we have nearly 300,000 acres combined,? Hill added.
During first-quarter 2012, WPX averaged approximately 47,000 barrels per
day of oil and NGL production ? an increase of 26 percent from a year
ago. Total production for all products averaged 1.4 billion cubic feet
equivalent in first-quarter 2012.
The properties in the divestiture represent less than 5 percent of WPX′s
year-end 2011 proved domestic reserves of nearly 5.1 trillion cubic feet
equivalent. ?Including international reserves, WPX had 5.26 Tcfe at
year-end.
About WPX Energy, Inc.
WPX Energy is an exploration and production company focused on
developing its significant natural gas, natural gas liquids and oil
reserves, particularly in the Piceance Basin, Bakken Shale and Marcellus
Shale. WPX also has domestic operations in the Powder River and San Juan
basins, as well as international investments in Argentina and Colombia.
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This press release includes 'forward-looking statements? within the
meaning of the Private Securities Litigation Reform Act of 1995.All
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the future
are forward-looking statements.Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the company.Statements regarding future drilling
and production are subject to all of the risks and uncertainties
normally incident to the exploration for and development and production
of oil and gas.These risks include, but are not limited to, the
volatility of oil, natural gas and NGL prices; uncertainties inherent in
estimating oil, natural gas and NGL reserves; drilling risks;
environmental risks; and political or regulatory changes.Investors
are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements.The
forward-looking statements in this press release are made as of the date
of this press release, even if subsequently made available by WPX Energy
on its website or otherwise.WPX Energy does not undertake and
expressly disclaims any obligation to update the forward-looking
statements as a result of new information, future events or otherwise.
Investors are urged to consider carefully the disclosure in our filings
with the Securities and Exchange Commission, available from us at WPX
Energy, Attn:Investor Relations, P.O. Box 21810, Tulsa, Okla.,
74102, or from the SEC′s website at
