Apache Corp., Houston, (NYSE, Nasdaq: APA) plans to acquire a controlling interest in assets in the Permian Basin of West Texas from Anadarko Petroleum Corp., The Woodlands, Texas, (NYSE: APC) for $1 billion. The assets include 3,950 wells in 28 fields on 143,000 net acres. Eight of the fields provide 81% of the proved reserves and 72% of the expected 2007 net production. Net production in 2007 will be approximately 9,000 barrels of oil and 19 million cubic feet of gas for a total 12,000 barrels of oil equivalent per day. Net proved reserves are 57 million barrels of oil and 78 billion cubic feet for a total 70 million barrels equivalent.
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