Houston-based Apache, which earlier Thursday announced the...

Houston-based Apache, which earlier Thursday announced the purchase of
$187.4 million worth of oil and gas producing assets from Marathon (story,
1305 GMT), is likely to make more acquisitions in 2009, its CEO said Thursday
"I don't think it's any secret that we are, for the first time in two or
three years, looking for things to buy," Steve Farris said during the
company's first-quarter 2009 conference call with analysts Thursday.
Farris said that the current low energy price scenario has created a
favorable market for companies, such as Apache, seeking to acquire oil and gas
assets at attractive prices.
"We don't have anything in front of us, but we constantly are looking and
I think that the bid and ask between the buyer and seller is getting a lot
closer. I truly anticipate by this summer a lot of things will start turning
over," Farris said.
Farris said the firm was eyeing acquisitions similar to the one it
announced earlier on Thursday, when Apache said it would pay Marathon Oil
$187.4 million for nine oil and natural gas fields in the Permian Basin in New
Mexico and Texas. Those properties have a current net production of 3,500
barrels of oil equivalent per day.
"We're looking for things that fit us like the Permian, so we don't chase
every pretty girl," he said.
"If you think about the timeframe, it's probably a pretty good time to
grow. You can grow drilling wells or grow buying things and right now although
it's a little more [economical] to drill, in terms of the economics of
acquisition it's probably a better time to acquire," he said.