Texas firm acquires N.M. energy company

ARTESIA, N.M. (AP) - A Midland, Texas-based oil company has acquired Marbob Energy Corp. of Artesia in a $1.65 billion deal.

Concho Resources Inc. says the acquisition includes 2,300 drilling sites and an estimated 76 million barrels of proven oil reserves held by Marbob.

The sale also includes Marbob's facilities in Artesia.

Concho's chairman and president, Timothy Leach, says the acquisition had been one of Concho's highest priorities for the past three years.

Marbob, which was founded in 1974, produced 14,000 barrels of oil per day during the first quarter of 2010.

The sale is to close in November.

Concho intends to offer Marbob employees the chance to remain in their current jobs.

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Information from: Artesia Daily Press