The Houston Exploration Co., Houston, (NYSE: THX) plans to sell the Texas portion of its Gulf of Mexico assets to a private company for $220 million in cash in a transaction that is expected to close by the end of March. At year-end 2005, the assets included in this sale include proved reserves of approximately 58.5 billion cubic feet of gas equivalent. As announced in November 2005, Houston Exploration is in the process of implementing a strategic shift in its operations to focus its efforts in onshore U.S. basins. Wachovia Securities is financial advisor to The Houston Exploration Co.
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