News wire — Presidio Petroleum LLC is in advanced talks to acquire around 5,000 shale gas wells from U.S. oil producer Exxon Mobil Corp, two people familiar with the matter told Reuters on Monday.
Exxon’s XTO Energy unit has been seeking buyers for its holdings in the Fayetteville Shale in Arkansas, part of the company’s drive to raise cash by shedding unwanted assets. Presidio, a closely-held producer backed by Morgan Stanley Energy Partners, buys mature oil and gas fields and strives to boost output.
Reporting by Shariq Khan in Bengaluru
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