One-Page Deal Sheet
WPX to Sell Piceance Property to Legacy Reserves
Legacy Reserves Lp WPX Energy, Inc.
Announced Date
May 07,2014
Effective Date
January 01,2014
Close Date
June 04,2014
Transaction Type
Property
Enterprise Value (EV)($MM)
355
Asset/Basin:
{"Piceance Basin"}
TargetZones:
{"Williams Fork"}
% Oil:
Proved Reserves
Location
Region
Rockies - Piceance/Uinta
Country
United States
State
Colorado
Play
Production & Reserves Production
Reserves
Transaction Details: Subscribe to see
WPX Energy has announced it signed an agreement to sell a working interest in certain of its existing Piceance Basin wells to Legacy Reserves LP, a Midland-based master limited partnership, for $355 million cash subject to closing adjustments.
The agreement also provides WPX with 10 percent ownership in a newly created class of incentive distribution rights (IDR) with Legacy.
WPX has the opportunity to increase its ownership to 30 percent, contingent upon completing other transactions in the future. This would include the potential to partner on third-party acquisitions.
The parties expect to…
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