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The company invested a total of approximately $475 million in its E&P business, including $2 million in its Ark-La-Tex division and $41 million in New Ventures.
The oily Smackover Brown Dense formation spans from northern Louisiana up into Arkansas. While oil and gas have been extracted from the formation since the 1920s, recent technological advances have renewed the overall potential of the formation. It is part of the Upper Smackover fields.
Companies with the highest Smackover Brown Dense acreage holdings include Cabot Oil & Gas, Southwestern Energy and Regency Energy Partners.