ExxonMobil sells properties for $215M

FORT WORTH, Texas, July 5 (UPI) -- XTO Energy Inc. said Tuesday it paid $215 million to ExxonMobil Corp. for oil and gas producing properties in Texas and New Mexico.

The purchase increases XTO Energy's "long-lived proved" reserves to about 21.1 million barrels of oil equivalent, 75 percent of which are "proved developed."

The acquisition will initially add about 3,800 barrels of oil equivalent per day, of which 83 percent is crude oil.

XTO Energy said it is targeting a 25 percent production rate increase over the next two years. The Fort Worth, Texas, company said it would operate more than 70 percent of the value of these high-margin properties, which have a lease operating expense of about $7 per barrel.