Sign up USA
Proactive Investors - Run By Investors For Investors

Sanchez Energy sells Eagle Ford shale asset to Lonestar Resources for US$50mln

Sanchez highlighted that the divestment continues the group’s strategy of increasing liquidity and financial flexibility.
Onshore oil drilling
Production from Marquis amounts to 1,750 boepd

Sanchez Energy Corporation (NYSE:SN) is banking US$50mln from the sale of non-core Eagle Ford shale assets to Lonestar Resources US Inc (NASDAQ:LONE).

Lonestar is paying cash for the asset, the Marquis project, which spans some 21,000 net acres in Fayette and Lavaca Counties, Texas. It has reserves amounting to 2.7mln barrels of oil equivalent and produces some 1,750 boe per day.

Sanchez highlighted that the Marquis asset has seen limited capital investment over ‘the past several years’ and the divestment continues the group’s strategy of increasing liquidity and financial flexibility.

At the same time, the company intends to focus on growing its other interests in the Eagle Ford, namely the Comanche, Catarina and Maverick areas comprising a total of 340,000 net acres.

Jamie_55a91591db06b.jpg


Register here to be notified of future SN Company articles
View full SN profile View Profile

Related Articles

onshore oil operation
March 16 2017
“We are now in the process of starting to unlock the inherent value in our asset base,” said chief executive Andrew Knott.
onshore drilling operation
September 23 2016
DT Ultravert is on test with the oil field services giant Schlmberger and potentially solves the problem of ‘bashing’.
Egyptian pyramids
June 01 2017
The AIM-listed group transformed itself at the start of the year with the US$30mln acquisition of the Egyptian and Moroccan assets of failed fellow AIM firm Circle Oil
Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use