WPX Energy To Sell Assets In Northwest New Mexico; Will Continue To Focus On The Bakken And The Permian -- February 27, 2018

This was done quickly; there may be typographical and/or factual errors, from PennEnergy: Oklahoma-based WPX Energy sells northwest New Mexico assets.

The Daily Times of Farmington reports the Tulsa, Oklahoma-based WPX Energy Inc. recently announced the sale of the last of its Four Corners assets to the tune of $700 million.

The company says WPX sold its holdings in the Gallup oil play to an undisclosed third party in a transaction that is expected to close by the end of March.

WPX spokesman Kelly Swan says the sale involves some 150 oil wells on about 100,000 acres.

Swan says WPX has been shifting its focus and funneling its resources to its operations in the Permian Basin of southeast New Mexico and west Texas and in the Williston Basin of North Dakota over the past few years.

Back-of-the-envelope:

• $700 million / 100,000 acres = $7,000 / acre