EPL buying some assets from Nexen for $70.4M

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Associated Press

Posted on January 2, 2014 at 8:01 AM

Updated Thursday, Jan 2 at 9:02 AM

HOUSTON (AP) — EPL Oil & Gas Inc. is buying some oil and natural gas assets from Nexen Petroleum Offshore U.S.A. Inc. for $70.4 million.

The assets are located in the shallow-water central Gulf of Mexico and currently produce about 900 net barrels of oil equivalent a day, with approximately 95 percent being oil.

The transaction is expected to close later this month.

EPL, an independent oil and natural gas exploration and production company, is based in Houston.

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