Houston-based Sanchez Energy Corp. (NYSE: SN) said it closed the sale of its Javelina assets in the Eagle Ford Shale for about $105 million in cash, on Sept. 19.
Sanchez Energy sold the acreage, largely in La Salle and Webb counties, Texas, to Vitruvian Exploration IV LLC, according to filings with the U.S. Securities and Exchange Commission.
In January 2017, the company said it has about 45,000 net acres in the Javelina area and in early August had doubled its leasehold to 68,000 net acres with an average working interest of 100% in the position.
Sanchez's Javelina position also includes more than 450 net drilling locations with estimated capital costs of $6 million to $7.5 million—generally about twice as expensive as its Maverick, Comanche and Catarina positions. The company said in August it did not plan to drill wells on the position in 2017.
Sanchez retained Citigroup Global Markets Inc. as the sole adviser to handle the transaction.
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