SM Energy to divest Anadarko basin assets to EnerVest
DENVER -- SM Energy has entered into an agreement to divest of all of its properties in the Anadarko Basin, which includes the Company’s Granite Wash interests, to various affiliates of EnerVest, Ltd. for cash proceeds of approximately $343 million. Production from these assets for the third quarter of 2013 was approximately 8,500 boepd (75% natural gas), which was approximately 6% of the Company’s total production in the third quarter.
The Company’s Anadarko Basin assets include approximately 58,000 net mineral acres. Tony Best, CEO, remarked, “I am pleased that we have reached an agreement to divest our Anadarko basin assets at a very competitive price. As our portfolio continues to deepen and strengthen, we regularly look for opportunities to monetize non-core assets in order to high grade our portfolio and develop higher return assets, while preserving the strength of our balance sheet.”