Sanchez Production Partners LP (NYSE: SPP) said July 18 it closed the sale of operated assets in Oklahoma and Kansas. The buyer and value of the transaction weren't disclosed.
The sale included substantially all of the Houston company's operated oil and natural gas wells, leases and associated assets and interests in the two states. The assets were initially offered for sale in March 2015, the release said.
Following the sale, SPP continues to own operated assets located in Osage County, Okla. The assets are associated with the company's concession agreement with the Osage Nation. SPP also still holds nonoperated interests in Oklahoma and Kansas wells and leases.
Early in July, SPP closed the acquisition of 50% interest in an Eagle Ford midstream joint venture from Sanchez Energy Corp. (NYSE: SN). SPP is owned by Sanchez Energy affiliates.
The Oklahoma and Kansas assets sold were considered noncore to SPP's business, said Gerry Willinger, CEO of the company's general partner.
"With the sale, which comes on the heels of our second midstream transaction with Sanchez Energy, our asset mix now more closely matches our long-term investment thesis for the partnership,” Willinger said in a statement.
RELATED: Sanchez Adds To War Chest With Eagle Ford Midstream Sale
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