SM Energy Completes $329 Million Divestiture In Anadarko Basin

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
329MM
Description

Bought an Anadarko Basin package with 8,500 BOE/d of production estimated for 3Q13.

SM Energy Co. (NYSE: SM) announced Dec. 30 that it has closed its previously announced Anadarko Basin divestiture package to various affiliates of EnerVest Ltd. for $329 million.

Production from the assets for the third quarter of 2013 was approximately 8,500 barrels of oil equivalent per day (BOE/d), 75% of which is natural gas. The production constituted about 6% of the Denver-based SM’s total production in the third quarter of 2013.

Proceeds will be used for additional liquidity to fund the company’s 2014 capital program. Final divestiture proceeds will be subject to post-closing adjustments, which the company expects to be completed within 120 days of closing. The effective date of the divestiture was Oct. 1.

Wells Fargo Securities LLC served as financial advisor to SM Energy.