April 30, 2009 (FinancialWire) — Apache Corp. (NYSE: APA) has agreed to acquire nine Permian Basin oil and gas fields from Marathon Oil Corp. (NYSE: MRO) for $187.4 million.

Under the deal, Apache agreed to acquire Marathon’s company-operated assets located in Lea County, New Mexico and Reagan, Howard and Sterling counties in Texas, as well as Marathon’s interests in the Chenot and Putnam area in Pecos County, Texas.

The company said that the properties have current net production of 10 million cubic feet of natural gas, 1,332 barrels of oil, and 524 barrels of natural gas liquids per day.

John Crum, Apache’s co-chief operating officer and president for North America said the fields “are a great fit” with Apache’s existing properties in the Permian Basin, particularly in Lea County, New Mexico.

The transaction is scheduled to close during the second quarter. The effective date is January 1, 2009.

Houston-based Apache is an independent oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.