Antero Resources closes sales of Woodford assets
Antero Resources today that it has closed the previously announced sale of its midstream assets, located in the Woodford Shale area of the Arkoma Basin, to Cardinal Midstream, LLC ("Cardinal") for $270 million, after giving effect to working capital adjustments.
The sale to Cardinal included a 60% membership interest in Centrahoma Processing LLC, which is a joint venture with MarkWest Energy Partners, L.P. that operates two cryogenic processing plants in the Arkoma Basin with 100 MMcfd of natural gas processing capacity. In addition, Antero sold to Cardinal approximately 50 miles of gathering pipeline and an amine treating plant with 42 MMcfd of capacity.
Following the midstream closing and application of proceeds to the repayment of bank debt, Antero has $532 million of available and undrawn borrowing capacity under its new bank credit facility and $49 million of cash on hand resulting in total liquidity of $581 million.
11/08/2010