XTO Energy Acquires Barnett Shale Producing Properties

FORT WORTH, Texas, July 22 /PRNewswire-FirstCall/ -- XTO Energy Inc.
(NYSE: XTO) announced today that it has entered into a definitive agreement to
acquire 12,900 net acres adjacent to XTO's existing operations in the Barnett
Shale core for approximately $800 million, from an undisclosed third party.
XTO Energy's internal engineers estimate proved reserves to be in excess of
300 billion cubic feet of natural gas equivalent, of which about 25% is proved
developed. The acquisition will initially add 35 million cubic feet of
natural gas equivalent per day to the Company's production base.
"XTO's position in the core of the Barnett Shale has provided confident
production growth, increasing resource potential and value creation for our
shareholders. These properties are located right in the heart of our
operations and provide for more of the same," stated Bob R. Simpson, Chairman
and Chief Executive Officer. "Given our extensive knowledge of the shale in
this region, we anticipate ultimate recovery from these assets will be more
than 1 TCF of natural gas over time."
Keith A. Hutton, President, further commented, "Our overall position in
the Barnett Shale play now includes about 280,000 net acres. Approximately
55%, or 155,000 acres, is situated in the premier core area of the play where
the geology offers the best productivity. This bolt-on acquisition is
perfectly situated in the fairway of our ongoing development in the core."
The transaction is scheduled to close in early October 2008 with an
effective date of July 1, 2008. Closing is subject to customary closing
conditions and the expiration of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976. The final closing price
will reflect typical closing and post-closing adjustments. Funding is
expected to be provided through a combination of the issuance of equity,
long-term senior notes and the Company's commercial paper program.
XTO Energy Inc. is a domestic natural gas producer engaged in the
acquisition, exploitation and development of quality, long-lived oil and
natural gas properties in the United States. Its properties are concentrated
in Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska,
Utah, Louisiana, Mississippi, Montana, North Dakota, Pennsylvania and West
Virginia.
Statements made in this news release, including those relating to proved
reserves, proved developed reserves, the increase in daily production, future
production growth, resource potential, value creation for shareholders, source
of funding and potential resources recovered from assets being acquired are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
statements are based on assumptions and estimates that management believes are
reasonable based on currently available information; however, management's
assumptions and the Company's future performance are both subject to a wide
range of business risks and uncertainties and there is no assurance that these
goals and projections can or will be met. Any number of factors could cause
actual results to differ materially from those in the forward-looking
statements, including, but not limited to, the timing and extent of changes in
oil and gas prices, failure to timely integrate acquired properties and
personnel, changes in underlying demand for oil and gas, the availability of
drilling equipment, the timing and results of drilling activity, higher than
expected production costs and other expenses, failure to close the pending
acquisition, general economic conditions and objection to the transaction by
the Federal Trade Commission under the Hart-Scott-Rodino Act. The Company
undertakes no obligation to publicly update or revise any forward-looking
statements. Further information on risks and uncertainties is available in
the Company's filings with the Securities and Exchange Commission, which are
incorporated by this reference as though fully set forth herein.
Reserve estimates and estimates of reserve potential or upside with
respect to the acquisitions were made by our internal engineers without review
by an independent petroleum engineering firm. Data used to make these
estimates were furnished by the sellers and may not be as complete as that
which is available for our owned properties. We believe our estimates of
proved reserves comply with criteria provided under rules of the Securities
and Exchange Commission. However, investors are urged to consider closely the
disclosure in our Form 10-K for the year ended December 31, 2007 and in our
other filings with the SEC.
The Securities and Exchange Commission has generally permitted oil and gas
companies, in their filings made with the SEC, to disclose only proved
reserves that a company has demonstrated by actual production or conclusive
formation test to be economically and legally producible under existing
economic and operating conditions. We use the terms reserve "potential" or
"upside" or other descriptions of volumes of reserves potentially recoverable
through additional drilling or recovery techniques that the SEC's guidelines
may prohibit us from including in filings with the SEC. These estimates are
by their nature more speculative than estimates of proved reserves and
accordingly are subject to substantially greater risk of being actually
realized by the Company.
SOURCE XTO Energy Inc.

Louis G. Baldwin, Executive Vice President & Chief Financial Officer, or Gary
D. Simpson, Senior Vice President, Investor Relations & Finance, both of XTO
Energy Inc., +1-817-870-2800