Resolute Energy Corp.
Description
As a part of Resolute Energy Corp. closing of the sale of its Aneth Field properties, Resolute is receiving cash consideration of $160 million and will receive additional cash consideration of up to $35 million if oil prices exceed certain levels in the next three years. The net proceeds received will be used to repay amounts currently outstanding under the company’s revolving credit facility. Also, as previously disclosed, in connection with the sale, the borrowing base under such facility has been reduced by $8.75 million to $210 million.