Baker Botts Reps Marathon In $3.5B Texas Shale Play

Law360, New York (June 1, 2011, 12:01 PM EDT) -- Fresh off an announcement that it would sever its refining business, Marathon Oil Corp. said Wednesday that it will pay Hilcorp Energy Co. and Kohlberg Kravis Roberts & Co. LP $3.5 billion for 141,000 acres on Texas' gas-rich Eagle Ford Shale.

Houston-based Marathon, which has two drilling rigs already operating on other holdings over the gas-rich central Texas shale formation, said it expects to be operating at least 20 there within a year of an expected Nov. 1 closing.

"Marathon has captured a top-five acreage position...
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