Apache Corp take over exploration firm

American oil and gas corporation Apache has bought Colarado-based exploration company Cordillera Energy Partners for $2.85 billion (£1.83bn). Cordillera has estimated reserves of 71.5 million barrels of oil equivalent and […]

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By Tom Gibson

American oil and gas corporation Apache has bought Colarado-based exploration company Cordillera Energy Partners for $2.85 billion (£1.83bn).

Cordillera has estimated reserves of 71.5 million barrels of oil equivalent and a current net production of 18,000 boe per day, over a 254,000 acreage in western Oklahoma.

G. Steven Farris, chairman and chief executive officer of Apache Corp said: “This is an important growth step forApache- a unique bolt-on opportunity that more than doublesApache’s acreage in a highly liquids-rich fairway in theAnadarko basin.”