Cabot Oil & Gas Corporation has entered into two purchase and sale agreements to sell certain proved and unproved oil and gas properties located in the Mid-Continent and West Texas for aggregate proceeds of approximately $188 million. These transactions are expected to close in the fourth quarter of 2013, subject to customary closing conditions and adjustments.
Chaparral Energy Inc. has agreed to acquire approximately 66,000 net acres in the Marmaton Play in the Oklahoma and Texas Panhandles for approximately $160 million. Current production from these properties is approximately 2,000 barrels of oil equivalent per day (Boepd). As of December 31, 2012, Cabot's reported estimated proved reserves associated with these assets were approximately 2.1 million barrels of oil equivalent (Mmboe).