Enhanced Oil Resources says its subsidiary Ridgeway Arizona Oil Corp. completed the sale of its St. Johns helium and CO2 field in eastern Arizona and western New Mexico to Kinder Morgan CO2 Company for $29.7 million.
The CO2 is intended to be piped to New Mexico and Texas for use in enhanced oil recovery projects.
Helium is in short supply globally and used in a variety of industrial applications.
[Right, map of St. Johns field. Credit, EOR]
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