Murphy Oil sells all properties in Ecuador

Murphy Oil Corp. announced Friday that it had sold all of its oil-producing properties in Ecuador - with cash proceeds estimated at $87 million.

The El Dorado-based company says it sold the property to Repsol YPF (nyse: REP - news - people ) Ecuador S.A., an oil producer based in Quito, Ecuador.

Murphy says the holdings produced close to 6,000 barrels of oil per day, out of their worldwide daily production of close to 180,000 barrels.

Murphy says the gain from the sale will be recorded in the company's first quarter of 2009, pending post-closing adjustments.

[Source: AP in Forbes, NY, 13Mar09]

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