Resolute Natural Resources Co., a subsidiary of Tulsa, Okla.-based Resolute Holdings LLC and privately held, Cortez, Colo.-based Navajo Nation Oil and Gas Co., has acquired ExxonMobil's assets in the Greater Aneth Field in southeast Utah for an undisclosed amount. Resolute acquired 75% of the ExxonMobil assets, while Navajo Nation Oil and Gas acquired 25%. Combined with the assets the companies acquired in the same field in December 2004 from ChevronTexaco, the companies now have a total of 359 active producing wells and 289 active injection wells in the Aneth, McElmo Creek and Ratherford units in Utah, all operated by Resolute. Current daily production from the combined interests is approximately 7,260 net barrels of oil per day. The acquired interests represent approximately 4,690 net barrels per day of light, sweet crude oil. Navajo Nation Oil and Gas was formed by the Navajo Nation to develop and acquire energy resources on the tribe's lands. Resolute and Navajo Nation Oil and Gas plan to work with the Navajo Nation to develop the field.
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