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Article: El Paso Corporation Closes E&P Divestitures.
- Article from:
- PR Newswire
- Article date:
- March 25, 2008
CopyrightCOPYRIGHT 2008 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON, March 25 /PRNewswire-FirstCall/ -- El Paso Corporation reported today that it has closed on the sale of certain Gulf of Mexico, Onshore, and Texas Gulf Coast properties as a part of its portfolio high-grading efforts. In total, El Paso contracted for the sale of an estimated 309 billion cubic feet equivalent (Bcfe) of proved reserves for $752 million in four transactions, each with an effective date of November 1, 2007. The Gulf of Mexico transaction also included the assumption by the purchaser of future plugging and abandonment liabilities associated with those properties, which were reflected on El Paso's balance sheet as asset retirement obligations of $93 ...