PXA Onshore Corp., Tulsa, Okla., which has a large percentage of its stockholders and directors in Utah, was the successful bidder for varying working and overriding interests in 193 producing oil and gas wells in Oklahoma and Texas.

PXA president John Pilkington said the properties were purchased from Continental Illinois National Bank and control about 3,850 acres in the Anadarko Basin.With increased density drilling for natural gas reservoirs, Pilkington said the purchase will give the company an excellent opportunity to increases its reserve base.

"It's our feeling there are excellent buys out there, and we are pushing to acquire as many producing properties as possible. Even though we are currently seeing a downturn in oil prices, PXA is using this window of opportunity, based on anticipation of an upturn in prices in the coming year," Pilkington said.