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Midland, Texas-based Concho Resources has closed on its acquisition of privately held Marbob Energy Corp. (OD Jul.21,p2). The final deal was valued at $1.25 billion, some $400 million less than the initial price announced in July after British oil major BP exercised preferential rights on a portion of Marbob's acreage (OD Aug.3,p8).
The purchase expands Concho's holdings in the New Mexico portion of the Permian Basin and increases its position in the emerging Bone Spring play to 150,000 net acres. All together, the properties include 12,000...