RSS   Newsletter   Contact   Advertise with us
Post Online Media
Natural gas   Approximately 37,500 net acres

SM Energy sells non-operated Eagle Ford assets for $800 million

SM Energy CompanySM Energy Company entered into a definitive agreement with a subsidiary of Venado Oil and Gas, an affiliate of KKR, for the sale of the company's third party operated assets in the Eagle Ford.

This is including its ownership interest in related midstream assets, for a purchase price of $800 million (subject to customary adjustments).

READ MORE Sanchez Energy takes $103 million in cash for Eagle Ford acreage

The assets expected to be sold include approximately 37,500 net acres in the Maverick Basin /Eagle Ford area of south Texas and a 12.5% interest in the Springfield Gathering System.

As of year-end 2015, net proved reserves associated with these assets were 65 MMBoe (38% oil, 31% natural gas and 31% NGLs).

In the third quarter of 2016, these assets produced approximately 27,260 net Boe per day (33% oil, 33% natural gas and 34% NGLs.)

The transaction is expected to close in the first quarter of 2017, with an effective date of November 1, 2016, and the purchase price will be subject to certain closing price adjustments.

The transaction is subject to the satisfaction of customary closing conditions, and there can be no assurance that the transaction will close on time or at all.




What to read next





More inside POST
 
 

We use cookies to ensure that we give you the best experience on our website. Please allow cookies for fully-functioning website.

Allow Cookies Privacy Policy