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OKLAHOMA CITY (AP) - Kerr-McGee Corp. announced Monday a plan to sell its oil and natural gas properties on the Gulf of Mexico shelf for an estimated $1.34 billion to Houston-based W&T Offshore Inc.
W&T Offshore will assume responsibility for abandonment liabilities, which Kerr-McGee had recorded at approximately $135 million at Dec. 31, 2005, the Oklahoma City-based oil and gas company said in a statement released Monday night.
The transaction, which is expected to close in the first half of 2006, will be effective Oct. 1, 2005.
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