Pure Resources completes fee minerals sale
Sugar Land, Texas, June 30, 2004 - Unocal's Pure Resources subsidiary has completed the sale of certain fee minerals interests it held in several states to Black Stone Minerals Company, LP, for a total purchase price of approximately $192 million.
The sale involved Pure Resources' royalty interests, overriding royalty interests, minor working interests, and subsurface mineral rights on approximately 3.3 million net acres, located primarily in Texas, Louisiana, Mississippi, Arkansas and Alabama.
The assets sold account for approximately 2,250 barrels-of-oil-equivalent (BOE) per day of production.
"Completing the sale of the fee mineral interests will allow Pure Resources to direct its resources on core exploration and production projects and focus on maximizing net asset value" said Tony Best, president of Pure Resources. Pure Resources operates primarily in the Permian Basin of West Texas, in south and east Texas and in New Mexico's San Juan Basin.
Updated: June 2004