Oxy buys Permian Basin, Piceance Basin acreage

In the Piceance basin in the first half of 2008, Occidental produced in excess of 50 million cu ft/day. Occidental expects this to grow to at least 200 million cu ft/day in 2010, including this acquisition. Occidental’s net acreage position in the Piceance Basin now totals 129,000 acres.

In a transaction that was announced last year, Occidental acquired a 50% interest in these properties and is purchasing the remainder in this transaction. Closing of this transaction is expected in the fourth quarter and is subject to government approvals.