XTO Energy will pay Headington Oil Co. $1.85 billion in cash and stock for drilling rights to 352,000 acres in the Bakken shale. The field falls in Montana, North Dakota and Saskatchewan. The field is said to contain reserves of 68 million barrels of crude oil and natural gas, which XTO anticipates could double with new production technology. "It's not only a growth asset, but it's a cash cow at the same time," said XTO chief executive Bob Simpson.
Published in Brief: