Amoco and Snyder Oil Announce Trade of Wyoming Producing Assets

abarrelfullabarrelfull wrote on 26 Jun 2012 05:50

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26 May 1998

Amoco Corporation and Snyder Oil Corporation (SOCO) today announced a trade of interests that helps each company focus its natural gas businesses in the Green River Basin in Wyoming.
Amoco acquired Snyder's interest in a substantial portion of the Jonah field in Sublette and Sweetwater Counties in Wyoming. In exchange, Amoco divested to SOCO 75 percent of its interest in the Beaver Creek Unit in Fremont County, Wyoming. Amoco retains 25 percent interest in Beaver Creek.

In 1996, Amoco acquired 50 percent of SOCO's interest in the Jonah field. Today's announcement confirms Amoco's acquisition of a substantial portion of Snyder's interest in key areas of the field. Amoco and SOCO wells recently drilled in the Jonah field have initial sustained production rates of more than 10 million cubic feet of natural gas per day. Production in the field is approximately 160 million gross cubic feet of natural gas daily.

The trade resolves litigation concerning Amoco's prior agreement to sell the Beaver Creek assets to Howell Petroleum Corporation. Howell and Amoco terminated the purchase and sales agreement for Beaver Creek, with Howell agreeing to purchase Amoco's interests in other outside operated properties located in Utah and Wyoming.

"This trade is a ‘win-win’ in the classic sense of the phrase," said Richard Flury, executive vice president of Amoco's exploration and production sector. "Amoco is excited about the acquisition of additional interests in the Jonah field in the Green River Basin, which is one of the core areas of Amoco Energy Group North America (AEGNA). The application of Amoco's technology will enable us to develop the field to its full potential."

Amoco Corporation (NYSE: AN) is a global producer of oil, natural gas, refined products and chemicals with annual revenues of more than $36 billion in 1997.

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