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SM Energy Co. and non-op E&P Northern Oil and Gas (NOG) have closed deal to buy Uinta Basin operator XCL Resources in a transaction valued at a about $2.6 billion.
SM acquired an 80% undivided interest in XCL’s oil and gas assets in Utah as well as affiliated interests, including the option to buy assets adjacent to XCL, according to an Oct. 2 press release.
NOG, in a separate press release, also said it closed its previously announced acquisition of a 20% stake in XCL.
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