(Adds Shell paring exposure to U.S. shale, deal details,
May 21 Sanchez Energy Corp said it would
buy oil and gas properties in the Eagle Ford region of south
Texas from Royal Dutch Shell Plc for about $639 million
cash as the Dutch oil company looks to pare its exposure to U.S.
Shell and other big peers including BP Plc
have had less success than smaller companies tapping North
America's vast shale formations. Shell, which is selling more
than 700,000 acres of U.S. shale assets, said in March it also
cutting workers in North American onshore exploration.
The properties comprise proved reserves of 60 million
barrels of oil equivalent and produced 24,000 barrels of oil
equivalent per day on an average in the first quarter.
The oil and gas properties, located in Dimmit, LaSalle and
Webb counties, brings Sanchez' total acreage in the Eagle Ford
shale to 226,000 acres that have an estimated 3,000 possible
locations for drilling, it said.
(Reporting By Sneha Banerjee in Bangalore and Anna Driver in
Houston; Editing by Joyjeet Das and Grant McCool)