Marathon Oil To Acquire PayRock - Quick Facts

(RTTNews) - Marathon Oil Corp. (MRO) announced a definitive purchase and sale agreement to acquire PayRock Energy Holdings, LLC, a portfolio company of EnCap Investments, for $888 million. PayRock has approximately 61,000 net surface acres and current production of 9,000 net barrels of oil equivalent per day (boed) in the oil window of the Anadarko Basin STACK play in Oklahoma.

"Acquiring PayRock's STACK position will meaningfully expand the quality and scale of Marathon Oil's existing portfolio in one of the best unconventional oil plays in the U.S.," said Marathon Oil CEO Lee Tillman.