Alta Mesa Eagle owns certain oil and gas producing properties in the Eagle Ford Shale area and other assets.
As per the deal, Alta Mesa will receive $118m payment for all of the membership interests in Alta Mesa Eagle, subject to customary adjustments while the additional amount will be given to the company in the aggregate.
Subject to normal and customary closing conditions, the transaction is planned to be completed by the end of September 2015.
The reserves associated with oil and gas properties of Alta Mesa Eagle were 7.8 million barrels of oil equivalent, with 31% of the volumes said to be developed, as of 1 July 2015.
Primarily located in Karnes County, the properties are non-operated and comprise all of the remaining interests owned by Alta Mesa in this area.
Separately, Alta Mesa’s subsidiary Oklahoma Energy Acquisitions (OEA) signed a letter of intent with EnerVest affiliates.
Upon further negotiations, OEA is expected to be granted with an option to purchase approximately 1,700 net acres in Kingfisher County, Oklahoma in the STACK play by 31 December 2015.
In February, Alta Mesa announced its plan reduce its investment to approximately $148m in oil and natural gas sector from approximately $366m in 2014.
Alta Mesa president and CEO Hal Chappelle said earlier: "Building on the success of 2014, we have a focused capital budget that maintains our momentum in the Sooner Trend and good stewardship of our other assets."
