Marathon Oil Reveals Agreement To Sell Gulf Of Mexico Assets

(RTTNews) - Global exploration and production company Marathon Oil Corp. (MRO) Monday announced an agreement for the sale of its operated producing properties in the greater Ewing Bank area and non-operated producing interests in the Petronius and Neptune fields in the Gulf of Mexico for $205 million. The effective date of the transaction is Jan. 1, 2015. Closing is expected before year end.

The buyer will assume all future abandonment obligations for the acquired assets, Marathon said. These assets represent a majority of the Company's operated and non-operated producing properties in the Gulf of Mexico.

Marathon Oil said it will retain its interests in certain other producing assets and acreage in the Gulf of Mexico, as well as its interests in the Gunflint development and Shenandoah discovery.