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Anadarko Petroleum Sells & Two Wyoming Oil Fields

Elk Basin and Gooseberry oil fields sold to Encore Acquisition for $400 million.

Anadarko Petroleum Corp. announced Wednesday the sale of its oil field interests in the Elk Basin and Gooseberry area, primarily located in Park County, Wyo., to Encore Acquisition Co., an oil and gas producer, for $400 million.

The sale also includes the Elk Basin Gas Plant and the Clear Fork Pipeline Co., an oil and natural gas gathering system.

The transaction is expected to be completed by the end of the first quarter of 2007.

Production is about 4,350 barrels of oil equivalent per day from 614 wells in two fields in the Elk Basin and Gooseberry area. The Elk Basin Gas Plant processes about 12 million cubic feet of natural gas per day.

The oil field sales are a part of Anadarko's divestiture program, according to Jim Hackett, Anadarko's chairman, president and CEO.

In August 2006, Anadarko acquired Kerr-McGee Corp. and Western Gas Resources, Inc.