Concho Takes On Texas Oil Field Land For $175M

Law360, New York (December 22, 2011, 3:31 PM EST) -- Oil and natural gas developer Concho Resources Inc. has acquired a 10,800-acre tract of land in a West Texas oil field from Petroleum Development Corp. for $175 million, the companies announced Thursday.

Midland, Texas-based Concho said it had agreed to purchase interests in producing and nonproducing assets in the Wolfberry Oil Field, located in the fossil fuels-rich Permian Basin. The company will fund the acquisition with borrowings under the company's $2 billion credit facility, it said.

Concho and PDC signed the agreement Wednesday, and the transaction...
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