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Oxy buys Permian Basin, Piceance Basin acreage

Posted on 28 September 2008

In the Piceance basin in the first half of 2008, Occidental produced in excess of 50 million cu ft/day. Occidental expects this to grow to at least 200 million cu ft/day in 2010, including this acquisition. Occidental’s net acreage position in the Piceance Basin now totals 129,000 acres.

In a transaction that was announced last year, Occidental acquired a 50% interest in these properties and is purchasing the remainder in this transaction. Closing of this transaction is expected in the fourth quarter and is subject to government approvals.

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