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The facilities currently produce about 13,000 barrels of oil equivalent per day, and have about 92 million barrels of oil equivalent proved reserves. Occidental said that at the Piceance Basin alone, during the first half of 2008 it produced 50 million cubic feet of natural gas per day, and expects to hit 200 million cubic feet per day by 2010.
Plains Exploration said the sale will help reduce its corporate debt by $1 billion and allow it to lower its 2009 capital expenditures to $1.35 billion.
Shares of Plains Exploration fell $2.73, or 11.8 percent, to close at $20.42, while shares of Occidental Petroleum fell $8.25, or 15.2 percent, to close at $45.89 Monday.
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