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UNITED STATES |
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FORM 8-K |
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Pursuant to Section 13 or 15(d) of |
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Date of Report |
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Commission |
IRS Employer |
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File |
State of |
Identification |
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Number |
Registrant |
Incorporation |
Number |
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1-7810 |
Energen Corporation |
Alabama |
63-0757759 |
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605 Richard Arrington Jr. Boulevard North Birmingham, Alabama |
35203 |
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(Address of principal executive offices) |
(Zip Code) |
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(205) 326-2700 (Registrant's telephone number including area code) |
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Item 2. Acquisition or Disposition of Assets |
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On August 2, 2004, Energen Resources Corporation, the oil and gas acquisition and development subsidiary of Energen Corporation (Energen or the Company), completed its purchase of San Juan Basin coalbed methane properties from SG Interests I, LTD. for an adjusted purchase price of $263 million. The effective date of the acquisition was August 1, 2004. Located in the under-pressured Fruitland coal play, approximately 51 percent of the estimated 240 billion cubic feet equivalent (Bcfe) of proved natural gas and natural gas liquids (NGL) reserves are behind pipe and undeveloped; natural gas accounts for approximately 80 percent of the estimated proved reserves, with NGL comprising the balance. The Company used available cash and existing lines of credit to acquire the foregoing properties. |
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Item 7. Financial Statements and Exhibits |
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(c) Exhibits 10 - Agreement of Sale and Purchase Between SG Interests I, LTD. as Seller and Energen Resources Corporation as Buyer dated June 28, 2004
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SIGNATURE |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
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ENERGEN CORPORATION |
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August 4, 2004 |
By /s/ G. C. Ketcham |
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G. C. Ketcham |
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Executive Vice President, Chief Financial Officer and Treasurer of Energen |
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