Vanguard Natural Resources Inc. said Sept. 13 it exited Arkansas with the sell of its Arkoma Basin properties plus sold Denver-Julesburg (D-J) assets in two deals worth about $14.5 million.
For the Arkoma transaction, an undisclosed company agreed to acquire operated and nonop working interest with current production of about 8 million cubic feet per day of natural gas. The Arkoma properties comprise all of Vanguard’s interest in Arkansas and the company expects to close the sale in early fourth-quarter 2018.
In the D-J Basin, Vanguard said it closed the divestment of five producing wells and associated undeveloped acreage in Weld County, Colo., to an undisclosed buyer.
Vanguard also continued to progress other noncore asset sales with the launch this week of its Greater East Haynesville divestment package, the company said Sept. 13.
The company’s divestitures are part of a plan Vanguard announced following its exit from Chapter 11 bankruptcy in August 2017 to sell nearly 10% of its sprawling 774,000 net acres. The company’s assets spanned nearly every major basin in the Lower 48.
Net proceeds from the sale of these properties will be used to further reduce debt under Vanguard’s revolving credit facility, according to the company press release.
Vanguard has engaged RBC Richardson Barr to assist with the Haynesville transaction. The properties include operated and nonoperated working interests, with current production of about 2,500 barrels of oil equivalent per day and associated development rights in East Texas and North Louisiana.
2023-09-29 - Analysts said some measures show capex spending might be significantly underfunded and that “critical amounts of investment” are needed.
2023-09-28 - SM Energy Co.’s board of directors approved a quarterly cash dividend of $0.15 per share of common stock outstanding.
2023-09-28 - Net proceeds from the offering are expected to be used to fund a portion of the aggregate purchase price for Western Midstream’s pending $885 million acquisition of Meritage Midstream Services II LLC.
2023-09-27 - Ovintiv received approval from the Toronto Stock Exchanged to purchase up to 26.7 million common shares, or about 10% of its public float, over a 12-month period.
2023-09-27 - Proceeds from the notes offering will be used to pay down existing debt, Sitio Royalties said.