Denver-based Resolute Natural Resources Co. and Navajo Nation Oil and Gas Co. have closed the acquisition of the ChevronTexaco Greater Aneth Field assets in southeast Utah.
Terms were not disclosed.
The assets include a 70 percent operated working interest in the Aneth unit, smaller non-operated interests in the McElmo Creek and Ratherford units, and ChevronTexaco's interest in the Aneth gathering system and the operating portion of the Aneth Gas plant.
Under a cooperative agreement between Resolute and NNOG, Resolute acquired 75 percent of the ChevronTexaco assets and NNOG acquired 25 percent. Resolute has assumed operations of the Aneth Unit and the gathering system. Resolute and NNOG said they intend to work cooperatively with the Navajo Nation and local communities "to expedite responsible development of the field."