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Published December 14, 2010, 03:45 PM

Occidental Buys ND Land for $1.4 billion

Occidental Petroleum has announced a billion-dollar purchase of oil-producing land in North Dakota. The California-based company bought 180,000 net contiguous aces from a private seller for $1.4 billion.

By: Associated Press,

WILLISTON, N.D. (AP) — Occidental Petroleum has announced a billion-dollar purchase of oil-producing land in North Dakota.

The Williston Herald reports that the California-based company bought 180,000 net contiguous aces from a private seller for $1.4 billion.

Occidental said it expects to increase oil production on the land from the current 5,500 barrels a day to 30,000 barrels a day within five years.

The purchase boosts Occidental's total holdings in the Williston Basin to more than 200,000 acres.

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