Peak Energy Press Releases

XTO Energy Completes the Barnett Shale Acquisition of Peak Energy Resources

FORT WORTH, Texas, July 6 /PRNewswire-FirstCall/ -- XTO Energy Inc. (NYSE: XTO) has closed its previously announced acquisition of Peak Energy Resources, Inc., a Barnett Shale producer, for equity consideration of 2.555 million shares of XTO common stock. The purchase price was increased by approximately $5.4 million in cash consideration to acquire an additional 3,600 net acres, bringing the total net leasehold acquired to about 37,000 acres. During June, XTO repurchased 2.2 million shares of its common stock in the open market at an average price of $37.74 per share.

"XTO has earned a position in the Barnett Shale as the second largest producer and most active driller through a focused strategy of aggregating leasehold in areas where our geoscientists expect the greatest potential. The Peak acreage, production and infrastructure fortifies our foothold in a premier region of the non-core Barnett," stated Bob R. Simpson, Chairman and Chief Executive Officer. "With more than 200,000 net acres across the play, XTO is well positioned for years of low-risk development drilling ahead. Importantly, we will continue to hand-pick our property additions where drilling favors strong deliverability, tighter spacing and healthy economics."

XTO Energy Inc. is a domestic natural gas producer engaged in the acquisition, exploitation and development of quality, long-lived oil and natural gas properties in the United States. Its properties are concentrated in Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah, Louisiana and Mississippi.

Statements made in this news release, including those relating to the future drilling, property acquisitions, deliverability and economics are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the availability of drilling equipment, the timing and results of drilling activity and higher than expected production costs and other expenses and personnel. The Company undertakes no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in the Company's filings with the Securities and Exchange Commission, which are incorporated by this reference as though fully set forth herein.

SOURCE: XTO Energy Inc.

July 6, 2006