Thursday, October 7, 2010

Plains Exploration (NYSE:PXP) Acquires More Eagle Ford Shale Property

Backing up its stated strategy of investing in more onshore assets, Plains Exploration & Production (NYSE:PXP) announced it has acquired property in Eagle Ford shale in Texas.

Plains spend $578 million for the acquisition, and may spend more in the area, or possibly in the Bakken Shale area of North Dakota, although the major moves the company has made are for the most part completed it said.

CEO James Flores said, "The Eagle Ford transaction adds a high-quality oil asset with substantial reserve and oil production growth opportunities."

The company added there is a lot of interest in their Gulf of Mexico offshore assets, which they have offered for sale.

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