Apache to Sell Its Oil Production Interest in China
1 January 1970 Apache Corporation (NYSE, Nasdaq: APA) announced today that it has reached a definitive agreement with Australia-based ROC Oil Company Limited to sell Apache's 24.5 percent interest in China's producing Zhao Dong block for US$260 million.
The effective date of the transaction is July 1, 2006. It is expected to close in the second half of this year. The company expects to record a gain on the sale.
Apache CEO and President G. Steven Farris said, "These are quality assets; however, after reviewing our prospects for growth, we have determined that China is not strategic to our global portfolio and therefore have elected to redeploy our efforts and capital to Apache's core areas."
Apache is a large oil and gas independent with operations in the United States, Canada, the United Kingdom North Sea, Egypt and Australia.
This news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding the timetable for closing the announced sale. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions and uncertainties. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements.
Source: prnewswire
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