Resolute Energy Corporation (“Resolute” or the “Company”) (NYSE: REN) announced today that it has entered into a definitive agreement to sell its Hilight Field assets in the Wyoming Powder River Basin to an undisclosed private party for a purchase price of $55 million. The proceeds of the sale will be used to reduce debt.
The transaction, which is expected to close on or about October 6, 2015, has an effective date of July 1, 2015, and is subject to customary closing conditions and purchase price adjustments, including for title and environmental defects.
Nicholas J. Sutton, Resolute’s Chairman and Chief Executive Officer said: “This transaction represents an important additional step in our previously announced plan to reduce debt and improve our liquidity. Upon closing this transaction, we will have completed nearly $100 million of asset sales this year, thereby significantly reducing leverage and strengthening the Company’s balance sheet.”
Petrie Partners, LLC acted as financial advisor to Resolute on this transaction.
About Resolute Energy Corporation
Resolute is an independent oil and gas company focused on the acquisition, exploration, exploitation and development of oil and gas properties, with a particular emphasis on liquids focused, long-lived onshore U.S. opportunities. Resolute’s producing properties are located in the Paradox Basin in Utah, the Permian Basin in Texas and New Mexico and the Powder River Basin in Wyoming. The Company also owns exploration properties in the Permian Basin of Texas and the Big Horn and Powder River Basins of Wyoming.