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US$ 2.85 billion deal sees Apache buy up Cordillera

LNG Industry,

In a cash-and-stock deal, worth US$ 2.85 billion, the US-based gas producer, Apache, is to buy Cordillera Energy. The areas unlocked by this deal effectively double the acreage owned by Apache in the Anadarko Basin in western Oklahmoa as well as a portion of granite wash rich in tight gas.

With proven reserves of 71.5 million bbls of oil equivalent and a current net production of 18 000 bbls a day, Cordillera is believed to add to Apache’s earnings from 2012 onwards. Apache has also states that it expects the development drilling programme to by self-financing by 2013.

The high hopes for the purchase were highlighted when G Steven Farris, Apache’s chairman, said: “With this growth step, we expect to more than triple the pace of our operated activity in the multi-play fairway of combined Apache and Cordillera acreage during 2012.”

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