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SM Enters into Agreement to Divest Anadarko Assets

Source: www.gulfoilandgas.com 11/5/2013, Location: North America

SM Energy Company announces that it has entered into an agreement to divest of all of its properties in the Anadarko Basin, which includes the Company’s Granite Wash interests, to various affiliates of EnerVest, Ltd. for cash proceeds of approximately $343 million. Production from these assets for the third quarter of 2013 was approximately 8,500 BOE per day (75% natural gas), which was approximately 6% of the Company’s total production in the third quarter. The Company’s Anadarko Basin assets include approximately 58,000 net mineral acres. The effective date of this transaction is October 1, 2013, and closing is expected to occur prior to the end of 2013. The transaction is subject to closing conditions, purchase price adjustments, and transaction fees.

Tony Best, CEO, remarked, “I am pleased that we have reached an agreement to divest our Anadarko Basin assets at a very competitive price. As our portfolio continues to deepen and strengthen, we regularly look for opportunities to monetize non-core assets in order to high grade our portfolio and develop higher return assets, while preserving the strength of our balance sheet.” Wells Fargo Securities, LLC served as financial advisor to SM Energy.

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