Anadarko sells Wyo. oil fields for $400 Million

Anadarko Petroleum Corporation today announced it has agreed to sell its interests in the Elk Basin and Gooseberry area, primarily located in Park County, Wyo., to Encore Acquisition Company for $400 million.

The sale is effective Jan. 1, 2007.

At the effective date, production was approximately 4,350 barrels of oil equivalent per day (net) from 614 wells within two fields in the Elk Basin and Gooseberry area. Anadarko holds approximately 17,550 net acres and operates all of these properties. Oil accounted for approximately 80 percent of 2006 production. The sale also includes the Elk Basin Gas Plant and the Clear Fork Pipeline Company, an oil and natural gas gathering system. The Elk Basin Gas Plant has the capacity to process approximately 12 million cubic feet of natural gas per day.

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