Marathon sells Alaska assets to Hilcorp

Marathon Oil Corporation will sell its Alaska producing properties in southern Alaska to Hilcorp Alaska LLC, the Houston-based company announced Monday in a press release. Hilcorp recently acquired Cook Inlet production assets sold by Chevron Corp.

The companies expect to close the transaction, subject to completion of the necessary Government and regulatory approvals, by this fall, Marathon said in the statement.

The sale includes 17 million barrels of oil equivalent of net proved reserves across 10 fields in the Cook Inlet, as well as natural gas storage, and interests in natural gas pipeline transmission systems, the statement said.

In 2011 net production averaged approximately 93 million cubic feet of natural gas per day and 112 barrels of oil per day. Additionally, Marathon Oil had approximately 12.5 billion cubic feet of natural gas in storage at the end of 2011.

The sale does not include Marathon Oil's Alaska onshore drilling rig, which is being marketed separately and is being used by companies exploring for natural gas in the Cook Inlet region.

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