Williams Completes Acquisition of Barnett Shale Natural Gas Reserves

Williams completed its $147 million purchase of interests in the Barnett Shale from privately held Aspect Abundant Shale LP and other parties.
Previously, Williams agreed to purchase the interests in the Barnett Shale for $166 million cash. The smaller price is because the parties are in the process of finalizing title work on a small portion of the acquisition package .
The $166 million acquisition package represents an estimated 175 billion cubic feet equivalent of proved, probable and possible reserves on about 10,000 net acres and 41 producing wells with daily net production of approximately 9 million cubic feet equivalent. The properties are primarily in Tarrant, Johnson and Hood counties.
Williams has four drilling rigs operating in the Barnett Shale. The company plans to add two more rigs in north Texas over the next six months to begin developing the newly acquired interests.
Prior to the completion of this purchase, Williams produced an average of 40 million cubic feet equivalent per day on a net basis in the Barnett Shale during the second-quarter of 2008.

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