Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Exxon Agrees to Buy Oklahoma Shale for $147.5 Million From BNK

Don't Miss Out —
Follow us on:

March 17 (Bloomberg) -- Exxon Mobil Corp. agreed to buy most of the Tishomingo Field assets in Oklahoma from BNK Petroleum Inc. for $147.5 million, expanding shale exploration in the state.

Exxon Mobil’s XTO Energy unit will acquire BNK’s Woodford shale fields in a transaction expected to close in late April, Camarillo, California-based BNK said today in a statement. BNK will keep its rights in the Caney and upper Sycamore formations in the field, the company said in the statement.

Exxon Mobil spokesman Alan Jeffers confirmed the sale in an e-mail statement.

BNK will use the funds from the sale to increase drilling of wells in the Caney Field and to pursue exploration in Europe on its own or with partners, the company said in the statement. The proceeds will also be used to repay a credit facility.

BNK is setting up another drilling rig for its next planned Caney well and has contracted the rig for two wells with the option for an additional two wells, the company said.

Macquarie Capital Markets Canada Ltd. was the lead financial adviser to BNK.

To contact the reporter on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net

To contact the editor responsible for this story: Sylvia Wier at swier@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.