Southwestern Energy Enters Exploration Alliance
by January 10, 2001 2:28 pm 72 views
Fayetteville’s Southwestern Energy Co. and Energen Resources Corp. of Birmingham, Ala., announced an exploration alliance in the Permian Basin, a recently successful drilling area for Southwestern.
The companies will explore 14,200 acres in Lea and Eddy counties in New Mexico. The land is held by Energen Resources, an oil and gas subsidiary of Energen Corp.
Southwestern will act as operator of at least two exploratory tests this year, and the company will pay the cost of the initial drilling program while maintaining a majority working interest.
The agreement continues through July 1, 2002.
Shares of Southwestern Energy were trading at $9.94 on Wednesday after closing at $9.75 on Tuesday.