Clayton said that the sold properties are located outside its core block of Austin Chalk and Eagle Ford acreage.
The company plans to use the net proceeds from the sale to repay the outstanding balance on the revolving bank credit facility and to fund a portion of its planned capital expenditures for 2104.
The divested assets have accounted for around 5% of the firm’s oil and gas production for the quarter ended 31 December 2013 and about 2% of its total proved reserves.
Clayton is engaged in the exploration and production of oil and natural gas in Texas, New Mexico and Louisiana.
