67 million barrels of oil equivalent
ExxonMobil signed a non-monetary exchange agreement Friday with Houston-based LINN Energy to swap 17,000 net acres in the Permian Basin for an operating interest in a southern California oil field.
LINN will receive ExxonMobil’s interest in the Hill property located in the South Belridge field near Bakersfield, California.
Hill is currently producing 3,400 barrels of oil equivalent per day, with oil making up approximately 100 percent of output.
LINN estimates total resource potential for Hill at 67 million barrels of oil equivalent, with oil accounting for approximately 100 percent of estimated resources.
Reserve life is projected to be about 22 years.
LINN said its currently planing more than 300 future drilling projects at the site.
In exchange for Hill, ExxonMobil will receive 17,000 net prospective acres for horizontal Wolfcamp drilling in the Midland Basin core area in west Texas.