With Resolute Energy Corp.’s (NYSE: REN) focus on the Delaware Basin, the company’s other long-term assets are becoming expendable — including the Aneth Field in Utah’s Paradox Basin.
Resolute is exploring a sale of the field, which analysts said could sell for $200 million to $325 million. In the Delaware, the company has shown success with an 80-acre spacing pilot, recently acquiring additional acreage and planning to add a third rig.
In March, Resolute extended its Delaware Basin position with a $160 million deal, increasing its holdings in Reeves County, Texas, by 28% or 4,600 net acres in the Orla and Southwest Rim project areas.
“With the results of our successful acquisition, divestiture and drilling programs, Resolute has transitioned to a Delaware Basin-focused operator,” CEO Rick Betz said. “To complete our repositioning as a pure-play company, Resolute’s board of directors has directed management to explore and take preparatory steps toward a disposition of the company’s Aneth Field assets.”