Referenced Stocks

Market Chatter: Statoil to Liquidate 230 U.S. Onshore Wells; Shares Rise 2%

By Midnight Trader,  October 11, 2012, 01:44:33 PM EDT

Statoil ( STO ) is reportedly set to sell 230 onshore wells in the U.S. as it looks to shed gas producers following a plunge in North American natural gas prices, according to Upstreamonline.

The Norwegian state oil company aims to dispose of the oil and gas wells, located in Oklahoma and along the Gulf Coast of Louisiana and Texas. It will conduct and auction on Nov. 14, company spokesman Morten Aanestad told Dow Jones.

The tally will include 180 onshore natural gas wells that Statoil gained through its $4.4 billion acquisition of US unconventional player Brigham Exploration last year.

STO shares are up 1.9% to $25.71, and are trading within a 52-week range of $22.00 - $28.95.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: STO



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