Vanguard Natural Resources has completed sale of its ownership in natural gas properties and associated midstream assets in the Potato Hills field in the Arkoma Basin in the US for $22.9m.
Image: Onshore drilling. Photo: courtesy of Stuart Miles/Freedigitalphotos.net.
The properties included approximately 5,500 Mcf per day of production and was 100% natural gas.
The Company has also recently closed two additional transactions for combined gross proceeds of $5.5 million. These properties included primarily non-operated working interests in over 145 wells in multiple counties in Texas and Louisiana.
As previously stated, the Company is in the process of marketing its Arkoma basin properties in Arkansas, which comprise all of its interests located within the state.
The properties include operated and non-operated working interests, with current production of approximately 8 MMcfe per day, and associated development rights.
Additionally, the Company has begun marketing its ownership in five producing wells and associated undeveloped acreage in the DJ Basin in Weld County, Colorado, on EnergyNet.
The Company continues to progress other non-core asset sale processes and is actively preparing additional assets for potential divestment, including certain assets in the Midcontinent and the Gulf Coast areas.
The net proceeds from the sale of these properties will be used to further reduce debt under the Company’s revolving credit facility.
Source: Company Press Release