Concho Pays $225M For Permian Basin Assets

Law360, New York (November 23, 2009, 2:40 PM EST) -- Concho Resources Inc. said Monday that it would pay $225 million to acquire interests in certain producing and nonproducing assets in western Texas' energy-rich Permian Basin.

The Midland, Texas-based independent oil and natural gas company said it had entered into a definitive agreement with multiple private sellers.

But because acquisition of the interests is subject to certain participation rights of third parties, the company's final ownership stake in the assets will be between 20 percent and 100 percent, Concho said.

The company expects the transaction, which...
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