Newfield Exploration Co. said March 22 it has acquired oil and gas assets in Utah's Uinta Basin from Harvest Natural Resources Inc. and an unnamed private company for a combined value of $308 million.
The transactions will add approximately 70,000 net acres to the company's holdings in the Uinta Basin. The transactions are expected to close in the second quarter, Newfield said in a Securities and Exchange Commission filing.
The mostly undeveloped acreage is located adjacent to the company's largest oil asset in the Monument Butte field.
Harvest's oil and gas assets in the Uinta Basin consist of approximately 47,600 net acres. Harvest owned a working interest of approximately 70% in the Uinta assets, according to Harvest. The transaction includes wells operated by both Harvest and Newfield.
The transactions are expected to close in the second quarter of 2011.