American Exploration to Buy 3 Enron Parcels
Enron Oil & Gas Co. plans to sell natural gas properties in three West Texas counties to American Exploration Co. for $120 million.
The sale of the properties in the Sawyer Field area in Sutton, Schleicher and Edwards counties is expected to close by year-end, said officials of the Houston-based Enron Corp. subsidiary.
“This transaction is the first phase of our previously stated plan to sell $200 million to $300 million worth of non-strategic oil and gas properties over the next six months,” Forrest E. Hoglund, chairman and chief executive of Enron Oil & Gas, said.
Proceeds from the sale will be used for debt reduction.
Enron Oil & Gas is the nation’s third-largest independent natural gas production company. In addition to exploration and production, Enron Corp. operates the nation’s largest natural gas transmission system.
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