UPDATE: Concho Resources Up More Than 1%; To Buy All Three Rivers Oil, Natural Gas Assets for $1Bln

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Concho Resources ( CXO ) is up more than 1% to $90.35 after announcing earlier that it had entered into a definitive agreement to acquire all the oil and natural gas assets of Three Rivers Operating Company and certain affiliated entities for $1.0 billion in cash.

Three Rivers is a privately-held exploration and production company with approximately 310,000 gross (200,000 net) acres in the Permian Basin, including large positions in the company's core northern Delaware Basin play, the Midland Basin Wolfberry play, and the emerging southern Midland Basin horizontal Wolfcamp and Cline shale plays.

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