Apache Corp. has agreed to sell non-core southern Louisiana oil and gas assets along with other assets for approximately $1.4 billion in two separate transactions.
In southern Louisiana, Apache agreed to sell its working interest in approximately 90,000 net acres. These mature fields, which are characterized by high decline rates and short reserve lives, produced approximately 21,000 barrel of oil equivalent (BOE) per day (62% gas and NGLs) net to Apache during the third quarter of 2014. Apache will retain its 275,000 mineral acres in south Louisiana.
In a related transaction, Apache agreed to sell approximately 115,000 net acres in a portion of its Stiles Ranch field in Wheeler County, Texas, and in its Mocane- Laverne and Verden fields in western Oklahoma. Net production from these properties averaged 26,000 BOE per day (83% gas and NGLs) during the third quarter of 2014.