Hilcorp to buy Marathon's Cook Inlet gas assets

By OGJ editors

Hilcorp Alaska LLC signed a definitive agreement to buy Marathon Oil Corp.’s assets in Alaska’s Cook Inlet, subject to required approvals, by the fall of 2012.

Marathon’s net production from the properties averaged 93 MMcfd of gas and 112 b/d of oil in 2011.

The sale, to be retroactive to Jan. 1, 2012, includes 17 million bbl of oil equivalent of net proved reserves in 10 fields, natural gas storage, 12.5 bcf of gas in storage, and interests in natural gas pipeline transmission systems.

Hilcorp’s purchase excludes a land rig that Marathon is marketing separately.

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