Deals - Acquisition, Mergers, Divestitures
SM Energy Closes On Bakken Non-Op Deal with Petro-Hunt
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SM Energy Company announced today that it closed the previously announced sales of its remaining assets in the Williston Basin located in Divide County, North Dakota, and third-party operated assets known as Halff East located in Upton County, Texas, for an aggregate of $292.3 million to Petro-Hunt
After taking into account the January 1, 2018 effective date for each transaction, the net cash proceeds received by the Company was $249.2 million, subject to final purchase price adjustments. Both divestitures closed during May 2018 and have an effective date of January 1, 2018.
First quarter 2018 net production from these assets averaged approximately 7,300 Boe per day (82% oil). The Company plans to use the sale proceeds for general corporate purposes, including debt reduction.
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