The divested properties are located in southwest Gonzales County, Texas, which the Eagle Ford Shale-focused company said is a significant distance away from its main acreage block.
The Denver company said it will use proceeds from the sale to pay down outstanding borrowings under its revolving credit facility.
Anchorage already owns a third of the Beluga River Unit’s interest and is considering adding 5,700 acres ConocoPhillips is divesting. The purchase has encountered little opposition.
The Calgary, Alberta company plans to use proceeds from the sale of its 9.5% nonoperated working interest in the unit to reduce its senior debt.
“We had trouble competing because we were not willing to buy in to and underwrite deals based on what we viewed to be substantial price upside on the oil side,” said Scott R. Smetko, director, in a webcast at EnerCom’s The Oil & Gas Conference.
Denver’s Resolute, battling back debt, could gain $158- to $237 million from the sale of its acreage in the Gardendale area of West Texas, an analyst said.
Torchlight Energy Resources Inc. (TRCH) said Sept. 29 it has entered into a $50 million joint venture (JV) to develop its Orogrande Project mainly in the Texas Permian Basin.
As part of the JV, Founders Oil and Gas LLC will buy 50% working interest in the project for $45 million in developmental capital to be deployed during the next two years.
After reaching the total agreed expenditure, Torchlight and Founders plan to fund future development costs equally on a "heads up" AFE basis.
Featuring exclusive video with Torchlight COO Will McAndrews III.
The company said the decrease in its capex is a result of reduced drilling times for XRL wells in the Northeast Wattenberg area in the D-J Basin.
Low decline rates and predictability put conventional assets at the top of this acquirer’s shopping list. Throw in a solid hedging strategy and cost control, and returns can be very attractive.
Parsley said Sept. 17 it is acquiring 1,908 net Permian acres as part of a $39 million acquisition in Reagan and Upton counties, Texas.
Wexpro, Questar's subsidiary, said it expects to spend $60- to $70 million on an 80-well drilling program targeting the Mesaverde Formation.
Also, the company said that the borrowing base under its senior secured revolving credit facility was increased to $1billion from $725 million in a regular semiannual redetermination.