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Newfield Picks Up Utah Oil Assets For $215M

Law360 (March 22, 2011, 5:14 PM EDT) -- Texas-based energy company Harvest Natural Resources Inc. said Tuesday it had agreed to sell its oil and gas assets in Utah's Uinta Basin for $215 million in cash to an affiliate of Newfield Exploration Co.

The Newfield affiliate has entered into a definitive agreement to buy oil and gas assets in Harvest's Antelope project area, which consists of 47,600 net acres. Harvest expects the sale to close in May. The deal will bring in $205 million for Harvest after transaction costs are deducted.

"This transaction provides...
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