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[STK] NYSE:APA
[IN] OIL UTI GAS
[SU] FNC
-- WITH PHOTO -- TO BUSINESS, AND ENERGY EDITORS:
Apache Agrees To Sell Western Canada Assets For US$374 Million
HOUSTON, March 31, 2014 /PRNewswire/ -- Apache Corporation (NYSE,
Nasdaq: APA) and its subsidiaries today announced an agreement to sell
producing oil and gas assets in the Deep Basin area of western Alberta
and British Columbia, Canada, for $374 million.
Incremental to Apache's earlier $2 billion share re-purchase
announcement, the company plans to use the proceeds of this
transaction to buy back Apache common shares under the
30-million-share repurchase program that was authorized by Apache's
Board of Directors in 2013.
Apache is selling primarily dry gas-producing properties comprising
622,600 gross acres (328,400 net acres) in the Ojay, Noel and Wapiti
areas in Alberta and British Columbia. In the Wapiti area, Apache will
retain 100 percent of its working interest in horizons below the
Cretaceous, retaining rights to the liquids-rich Montney and other
deeper horizons. During 2013, production from the fields to be sold
averaged 101 million cubic feet of natural gas and 1,500 barrels of
liquid hydrocarbons per day.
The effective date of the transaction is Jan. 1, 2014, and it is
expected to close on or about April 30. The transaction is subject to
customary post-closing adjustments.
"This transaction is part of Apache's portfolio rebalancing, which was
undertaken last year to enable Apache to focus on growing liquids
production from a deep inventory of crude oil- and liquids-rich
opportunities in North America," said G. Steven Farris, Apache's
chairman, chief executive officer and president.
"The sale of these natural gas assets - and other Canadian
gas-producing properties sold last year - will permit Apache's Canada
Region to concentrate on liquids-rich opportunities that can provide
more attractive rates of return and more predictable production
growth," Farris said.
Since the rebalancing was announced in 2013, Apache also divested
operations on the Gulf of Mexico Shelf and in Argentina and sold a
one-third interest in its Egypt operations.
About Apache
Apache Corporation is an oil and gas exploration and production
company with operations in the United States, Canada, Egypt, the
United Kingdom, Australia and Argentina. Apache posts announcements,
operational updates, investor information and copies of all press
releases on its website, www.apachecorp.com.
Forward-looking statements This news release contains forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements can be identified by words such as
"anticipates," "intends," "plans," "seeks," "believes," "estimates,"
"expects" and similar references to future periods. These statements
include, but are not limited to, statements about future plans,
expectations, and objectives for Apache's operations, including
statements about our drilling plans and production expectations, asset
sales and monetizations and share repurchases. This transaction is
subject to customary closing conditions and may not be completed for
the amount expected, in the anticipated time frame, or at all. While
forward-looking statements are based on assumptions and analyses made
by us that we believe to be reasonable under the circumstances,
whether actual results and developments will meet our expectations and
predictions depend on a number of risks and uncertainties which could
cause our actual results, performance, and financial condition to
differ materially from our expectations. See "Risk Factors" in our
2013 Form 10-K filed with the Securities and Exchange Commission for a
discussion of risk factors that affect our business. Any
forward-looking statement made by us in this news release speaks only
as of the date on which it is made. Factors or events that could cause
our actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. We undertake no obligation
to publicly update any forward-looking statement, whether as a result
of new information, future development, or otherwise, except as may be
required by law.
Website: www.apachecorp.com
Logo - (http://photos.prnewswire.com/prnh/20140116/DA47435LOGO)
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SOURCE Apache Corporation
-0- 03/31/2014
/CONTACT: Media: Patrick Cassidy,(713) 296-6100; Bill Mintz, (713) 296-7276; Bob Dye, (713) 296-6662; Investor: Castlen Kennedy, Christopher Cortez, Alicia Reis, (281) 302-2286
/Photo: http://photos.prnewswire.com/prnh/20140116/DA47435LOGO
/Web Site: http://www.apachecorp.com
(NYSE:APA) /
CO: Apache Corporation
ST: Texas
IN: OIL UTI GAS
SU: FNC
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-- DA93824 --
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