Fort Worth-based XTO Energy completes merger of Hunt Petroleum

by PegNews wire

FORT WORTH — XTO Energy Inc. has completed its previously announced merger of privately-held Hunt Petroleum Corporation and other associated entities into a wholly-owned subsidiary for approximately $4.2 billion. Consideration in the transaction included about $2.6 billion in cash and 23.5 million shares of XTO common stock.

Photo not provided by Hunt, XTO

The firm asked to be paid in small, unmarked twenties

"We have now closed our purchase of this legacy franchise of quality long-lived properties. As we have stated, these assets substantially overlap XTO's positions in our Eastern Region and our team already recognizes tremendous upside potential for development," stated Bob R. Simpson, Chairman and Chief Executive Officer. "With our expansive acquisition program now complete, the Company's efforts are focused on accelerating drilling activity and volume growth with strong financial returns secured by our robust hedging program."

XTO Energy Inc. is a domestic natural gas producer engaged in the acquisition, exploitation and development of quality, long-lived oil and natural gas properties in the United States. Its properties are concentrated in Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah, Louisiana, Mississippi, Montana, North Dakota, Pennsylvania and West Virginia.

Source: XTO Energy