new texas leases

HOUSTON, Sept. 23 -- El Paso Corp. has boosted its lease position to more than 135,000 acres in a Wolfcamp shale play in West Texas by submitting winning bids for 123,100 acres with multiple pay opportunities.
....

It is El Paso's second organic shale entry following acquisition of more than 170,000 net acres in the South Texas Eagle Ford shale.
...

To that end, the $180 million cost of the acquired acreage will be funded over time through portfolio rationalization,...

full article--
http://www.ogj.com/index/article-display.articles.oil-gas-journal.exploration-development-2.2010.09.el-paso_enters_texas.QP129867.dcmp=rss.page=1.html



It is not clear if the $180m was for the 170m acres or for the additional 123,100.


Hedkandi