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Loews Corporation to Acquire Permian, Michigan and Alabama Natural Gas Exploration and Production Operations from Dominion for $4 Billion.

Publication: Business Wire
Publication Date: 04-JUN-07
Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- Loews Corporation (NYSE: LTR) today announced that it has agreed to purchase natural gas exploration and production assets in Texas, Michigan and Alabama from Dominion Resources (NYSE: D) for $4.025 billion in cash, subject to adjustment.

The primary properties being acquired are located in the Permian Basin in Texas, the Antrim Shale in Michigan and the Black Warrior Basin in Alabama, with estimated proved reserves totaling approximately 2.5 trillion cubic feet equivalent. These properties produce predominantly natural gas and are characterized by long reserve lives and high well completion...

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