Operations Map  | New Mexico Shelf  | Texas Permian

On June 5, 2008 Concho announced the acquisition of Henry Petroleum and certain affiliated entities for $565 million in cash.  Henry is a private Midland, Texas based oil and gas exploration and production company with operations located in the Permian Basin of West Texas and Southeast New Mexico, including an industry leading position in the Sprayberry/Wolfcamp oil play in West Texas where Henry has drilled over 500 wells since 2002.
The Henry acquisition, which closed on July 31, 2008, included the following highlights at closing:

• 172 Bcfe of proved reserves as of June 1, 2008 (70% oil, 62% proved developed); 100% Permian Basin
• 295 Bcfe of identified unproved reserves
• 1,651 identified drilling locations (312 of which are proved undeveloped) including 1,420 in the Wolfberry Play
• Current production of approximately 5,500 boepd
• Henry’s Petroleum’s experienced technical and operational staff to be retained by Concho
• Significant portion of PDP hedged through 2012

After the Henry Petroleum acquisition, this core area accounts for approximately 1/3 of the company's total proved reserves. Activities in the Texas Permian are concentrated in the Wolfberry play and the company has over 1,700 opportunities in total in the Texas Permian.