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Battalion Oil Corp. has completed the sale of certain of its Northern West Quito Assets to Point Energy Partners Operating, LLC for cash proceeds of $26.3 million.
The divested Northern West Quito Assets accounted for less than 5% of the Company's average daily net oil production during the quarter ended September 30, 2020.
As of December 31, 2020, the Company had $31.6 million of liquidity consisting of $27.3 million available under its revolving line of credit and $4.3 million of cash on hand.
Richard Little, the Company's Chief Executive Officer, commented "The Northern West Quito sale significantly enhanced our liquidity at year end and positioned us well to execute on our 2021 plan. We remain focused on execution and capital discipline as we look to grow the company while remaining free cash flow positive. We are very pleased with the operational progress made thus far in early 2021, and look forward to sharing results of that hard work in the next quarter. "
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