See all articles

Anadarko 'taking bids' on Wyoming CBM assets

US independent Anadarko Petroleum is reportedly looking to sell and has received bids for its assets in the Atlantic Rim area of south-western Wyoming.

The offer includes all of The Woodlands-based company's operated coalbed methane assets; a 50% interest in midstream gathering, compression and pipeline asset; and mineral rights in the deeper formations prospective for Niobrara oil.

The offer was made public in Tuesday's second-quarter earnings release of US player Warren Resources, which owns the other 50% of the midstream asset Anadarko is putting up for sale. The two companies signed a joint agreement in 2002 to explore the Washakie basin of southern Wyoming.

Warren said it was waiting to hear from Anadarko on the results of the bids before making a decision "regarding exercising (Warren's) preferential rights to purchase an interest in Anadarko's CBM assets, their share of the midstream assets and deep mineral rights".

Anadarko said in its own second-quarter earnings release that it had taken a non-cash hit of $978 million "primarily related to the impairment of coalbed methane properties as a result of low natural gas prices".

Anadarko did not immediately respond to a request for comment.