Murphy Oil Corp., which recently announced a decision to spin off its retail and downstream operations to become a pure-play exploration firm, has made an acquisition in Canada.
The El Dorado-based oil and gas company said it has entered into an agreement with Shell Canada Energy to “purchase, for an undisclosed amount, additional interests in lands and take over as operator of Shell’s assets in the Seal Lake area of Alberta, Canada.”
According to a company statement, the agreement covers approximately 148,531 net acres, associated plant and equipment, production in the order of 2,200 barrels of oil equivalent per day and an estimated 14.0 million barrels of oil equivalent of proved and probable reserves.
The transaction is expected to close in the fourth quarter of 2012.
Murphy Oil shares (NYSE: MUR) closed trading on Tuesday at $57.23 per share. The company's stock has traded between $43.29 and $65.60 a share during the past year.
Talk Business Staff
Latest posts by Talk Business Staff (see all)
- HP To Add 200 New Jobs To Conway Facility - December 18, 2013
- Poultry Group Taking Over Pine Bluff Facility, Adding 100+ Jobs - December 17, 2013
- Mountain Home Manufacturer Adding 50 Jobs - December 17, 2013