Posted: Jan 2, 2014 5:22 AM
Updated: Jan 2, 2014 5:22 AM
HOUSTON (AP) EPL Oil & Gas Inc. is buying some oil and natural gas assets from Nexen Petroleum Offshore U.S.A. Inc. for $70.4 million.
Houston-based EPL says the assets are in the shallow-water central Gulf of Mexico and currently produce about 900 net barrels of oil equivalent a day, with approximately 95 percent being oil.
The transaction is expected to close later this month.
EPL is an independent oil and natural gas exploration and production company.