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Riviera Sells East TX Personville Field Asset $34MM

Announced Date
December 20,2019
Deal Value $
Transaction Type
Not Disclosed
Source Documents:
   Source Link
Ark-La-Tex - East Texas

United States



28 Mmcfe/d

Transaction Details: 

Riviera Resources, Inc. has signed a definitive agreement to sell its interest in properties located in the Personville field in East Texas to an undisclosed buyer for $34 million.

The Company expects the transaction will close in the first quarter of 2020.

Asset Details

Wells: 750 wells located in the Personville field in East Texas

Production: Average third quarter net production of approximately 28 Mmcfe/d.

The estimated net proceeds from the sale are expected to be added to cash on the Company's balance sheet.

Since the beginning of 2019, Riviera has inked 5 separate divestiture deals, including agreements to sell its remaining interests in properties located in the Overton field in East Texas, and its interest in properties located in the Drunkards Wash field in the Uinta Basin.

After closing the transaction, the Company will continue to own upstream assets primarily located in North Louisiana and Mid-Continent regions.

David Rottino, President and Chief Executive Officer of Riviera commented, "I am pleased to announce this sale not only because it generates additional proceeds that can be returned to shareholders, but our capability to resourcefully maximize value given the current market environment. In 2019, we generated over $500 million in proceeds through strategic monetizations, and returned over $400 million of capital to shareholders. Further, as previously announced, we will continue to find ways to return capital to shareholders using existing cash and proceeds from our announced transactions."

Other Ark-La-Tex - East Texas Region's Deals

Announced DateBuyerSellerDeal Value($mm)LocationCategory
Apr-27-2022 - - Click here Texas  E&P
Nov-09-2020 - - Click here Texas  E&P
Nov-07-2019 - - Click here Texas  E&P
Jul-29-2019 - - Click here Texas  E&P
Apr-11-2019 - - Click here Texas  E&P

Price History

Date Deal Headline Price$/acre
Nov-09-2020 US Energy Corp. Acquires East TX Assets in All-Stock Deal - -
Aug-04-2020 Range Resources Exits Ark-La-Tex; Sells Lousiana Asset for $245MM - -
Jul-29-2020 Riviera Exits Ark-La-Tex; Sells Off Louisiana Asset for $27 Million - -

Other Riviera Resources Deals

Announced DateBuyerSellerDeal Value($mm)LocationCategory
Aug-06-2020 - - Click here Oklahoma  E&P
Jul-29-2020 - - Click here Louisiana  E&P
Nov-22-2019 - - Click here Utah  E&P
Nov-07-2019 - - Click here Texas  E&P
Aug-28-2019 - - Click here Kansas  E&P