El Paso makes investment in E&P,buying private company for US814-mil

摘要

El Paso will acquire an estimated 356 Bcf of gas equivalent proved reserves in the Rockies and Texas with the"strategic acquisition"of private Medicine Bow Energy for US814-mil in cash,El Paso said July 19.Houston-based El Paso said it expected annual cash flow from the new assets would exceed capital expenditure by more than US100-mil.Some 68% of the Medicine Bow proved reserves are in developed producing assets,while some 65% of the total is natural gas.