Statoil Texas Onshore Properties And Talisman Energy USA Acquires Acreage In EagleFord Shale Play

Published: Jun 13 2011
Deal Summary

Statoil Texas Onshore Properties LLC, an oil and gas company, and Talisman Energy USA Inc., an energy company, completed the acquisition of approximately 15,400 net acres in LaSalle county and Dimmit county in EagleFord shale, Texas from SM Energy Company, an oil and gas company, for a purchase consideration of approximately $227.4m in cash.

Under the terms, the buyers entitled for approximately 12% of the takeaway capacity associated with SM Energy's agreement with EagleFord Gathering LLC, a joint venture between Kinder Morgan Energy Partners, L.P. and Copano Energy, L.L.C.

Tony Best, president and CEO of SM Energy, said, "I am extremely pleased with this first transaction from our EagleFord shale marketing effort. This agreement allows us to realize significant value for a relatively small portion of our total EagleFord shale position."

The transaction implies a deal value of $14,766.23 per net acre of land.

Deal history

Completed: On August 2, 2011, Statoil Texas, and Talisman Energy completed the acquisition of approximately 15,400 net acres in LaSalle county and Dimmit county in EagleFord shale, Texas from SM Energy for a purchase consideration of $227.4m in cash.

Announced: On June 13, 2011, Statoil Texas, and Talisman Energy entered into an agreement to acquire approximately 15,400 net acres in LaSalle county and Dimmit county in EagleFord shale, Texas from SM Energy for $225m in cash.

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