Business Services Industry
Houston's EEX to Sell East-Texas-Basin Properties to Cross Timbers Oil.
Knight Ridder/Tribune Business News, February, 1998
By Michael Davis, Houston Chronicle Knight Ridder/Tribune Business News
Feb. 26--EEX Corp. will sell its East Texas Basin oil- and gas-producing properties to Cross Timbers Oil Co. for $265 million.
The deal announced Wednesday by EEX is the latest step by the Houston oil company to sell its land-based production and use the money to expand its holdings in the Gulf of Mexico, the company said Wednesday.
EEX, the former oil and gas exploration division of natural gas company Enserch, raised about $150 million in 1997 selling off its onshore production, said Benjamin Brown, vice president of financial relations for the company.
"They got a good price for these properties," Ellen Hannan, oil analyst with Prudential...
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