ExxonMobil completes acquisition of Ellora Energy

Oct 29, 2010 12:00 AM

ExxonMobil completed the acquisition of oil-and-gas company Ellora Energy in the third quarter, a transaction aimed at boosting the oil giants position in the Haynesville shales in Texas and Louisiana.
This acquisition of Ellora, based in Boulder, Colorado, increased Exxon's position in the area by 46,000 acres and added production and pipeline capacity, said David Rosenthal, ExxonMobil's vice president of investors relations.

Ellora Energy announced in July it sold the company for $ 695 mm in cash to an undisclosed buyer. Exxon, the largest US oil company by market value, said the purchase was part of a series of steps it has taken to increase the efficiency of its June acquisition of natural gas producer XTO Energy, which sharply boosted Exxon shale properties in the continental US, including the Haynesville shale.
As part of this process, Exxon said that a team of XTO employees shared best practices to optimize the company's evaluation and development planning activities in Canada, Indonesia and Germany.

"Overall, we are very pleased with how the XTO integration is proceeding and the potential benefits we see over the long-term," Rosenthal said.
Separately, the company said it's on track to spend $ 30 bn to $ 31 bn this year, including the budget from XTO Energy. Exxon also said that its Kearl Oil Sands Project in Canada is on schedule to start operations by the end of 2012.

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