Completion of the sale is based on meeting of customary terms and conditions and is anticipated to occur in the third quarter of the year.
The transaction according to Sanchez Energy CEO Tony Sanchez III illustrates the value creation that the company’s grass roots leasing program has produced.
Sanchez III added: “Over the last eighteen months we leased approximately 70,000, largely contiguous, net acres in the dry gas window of the Eagle Ford.
“This transaction accelerates the value of the asset, while building our liquidity and providing value to our shareholders.”
Based in Houston, Texas, Sanchez Energy is an exploration and production company which is focused on buying and developing onshore unconventional oil and natural gas resources in the US. Currently, the company is focusing on the Eagle Ford Shale where it has gathered nearly 356,000 net acres.
In mid-June, Sanchez Energy raised about $50m by divesting its non-core Marquis asset in the Eagle Ford Shale to Lonestar Resources US.
The Texas-based company started the year with the acquisition of 155,000-acre Comanche asset in the Eagle Ford for $2.3bn from Anadarko Petroleum through a 50/50 partnership with energy-focused private equity business Blackstone Energy Partners.
Sanchez Energy then said that the $2.3bn acquisition would increase its resource potential by more than 550MMBoe while providing a path for strong growth within projected cash flow. The Comanche transaction was successfully closed by Sanchez Energy and Blackstone Energy in early March.
