Williams Cos. said on Monday it has expanded its presence in the Barnett Shale natural gas reserves in north Texas by buying the interest of Aspect Abundant Shale LP and other parties for $166 million.
The deal is expected to close in September.
The purchase includes an estimated 175 billion cubic feet equivalent reserves. Williams had an estimated 277 billion cubic feet equivalent Barnett Shale reserves at the end of 2007.
Williams operates four drilling rigs in the Barnett Shale, and plans to add two more to develop the new reserves. The new acquisition includes 41 wells producing about 9 million cubic feet equivalent daily.
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