NEW YORK (AP) — Marathon Oil said Monday that it has agreed to pay $888 million for PayRock Energy Holdings, increasing the amount of oil producing land it owns in Oklahoma.
PayRock has 61,000 net surface acres that produces 9,000 net barrels of oil equivalent per day, Marathon said.
Houston-based Marathon is buying PayRock from oil and gas investment firm EnCap Investments.
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The deal is expected to close in the third quarter of the year.
Shares of Marathon Oil Corp. jumped $1.47, or 11.1 percent, to $14.63 in afternoon trading Monday. Its shares have fallen more than 43 percent over the past year.
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