Kerr-McGee Corp., Oklahoma City, (NYSE: KMG) has entered into sales agreements with multiple parties as part of its divestiture program of select U.S. onshore oil and gas properties. The company expects to receive gross proceeds of approximately $510 million, including estimated proceeds from the November auction of minor-value properties, cash received in a recently closed property trade and the previously announced sales agreement with Encore Acquisition Co. Properties included in the divestiture program are noncore assets in Texas, Oklahoma, Louisiana, Colorado and Wyoming with estimated proved reserves of approximately 48 million barrels of oil equivalent (50% undeveloped) and production of approximately 8,000 barrels of oil equivalent per day. The sale includes some 2,300 wells and 100 fields.
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