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Plains Exploration & Production Co., a U.S. oil-and-gas producer, and Occidental Petroleum Corp. agreed to expand their holdings in Colorado’s Piceance Gas Basin with a $162 million asset purchase from an unidentified seller.
The purchase includes 11,500 acres of properties that have more than 800 future drilling locations and may hold reserves equivalent to 75 million barrels of oil, Houston-based Plains said Thursday in a statement.
