Apache closes on Gulf of Mexico sale

Oct. 1, 2013 at 7:17 AM

HOUSTON, Oct. 1 (UPI) -- U.S. energy exploration company Apache Corp. announced it completed sales of assets in the United States and Canada as part of a corporate overhaul.

The company said it completed the sale of assets in the Gulf of Mexico to Fieldwood Energy for $3.75 billion in cash.

The deal was announced in July. Apache at the time said the deal for 1.9 million net acres in the gulf was part of an overall strategy to focus on onshore assets.

"Completing this transaction is a significant step toward our goal of rebalancing Apache's portfolio to focus on assets that can generate strong returns and drive more predictable production growth, including our deep inventory of onshore liquids assets in North America," Apache Chairman G. Steven Farris said in a statement Monday.

Fieldwood said current daily production from the gulf assets was more than 95,000 barrels of oil equivalent.

Apache said it closed on a $214 million deal to sell oil and gas producing acreage in Alberta, Canada to Ember Resources Inc., a private Canadian company.

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