Apache reached an agreement with Davis Oil.

Apache Petroleum Corp., a limited partnership that explores for, develops and produces oil and natural gas, will acquire the interest of Davis in the assets that APC, Apache and Davis acquired from Occidental Petroleum. The firms had jointly agreed to acquire the assets from Occidental on June 30 for $444 million. APC then entered into an agreement to purchase Davis’ 50% interest by Dec. 31 for $222 million. APC intends to finance the acquisition with the proceeds from the sale of convertible debentures, expansion of its existing credit facilities and through a private placement of non-recourse notes with various pension funds.