A subsidiary of Houston-based Tenneco said it...
A subsidiary of Houston-based Tenneco said it has agreed to purchase half of Berry Petroleum’s Rincon leases in state waters off Ventura County. Tenneco Oil Exploration & Production said it will pay $13 million in cash plus half of Berry’s share of the estimated $62 million in costs to develop the leases. The Rincon leases have proven reserves of 2.82 million barrels of oil and 655 million cubic feet of natural gas.
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