Sanchez Energy acquires Eagle Ford assets from Hess for $265 million
HOUSTON -- Sanchez Energy, an independent oil and gas company targeting the liquids-rich Eagle Ford Shale, Pearsall Shale, Austin Chalk, and Buda Limestone, has executed a definitive agreement to purchase assets in the Eagle Ford trend of south Texas consisting of approximately 13.4 MMboe of proved reserves, 4,500 boepd of current production and approximately 43,000 net acres in Dimmit, Frio, LaSalle, and Zavala Counties, Texas from Hess Corporation for approximately $265 million in cash, subject to customary adjustments.
Tony Sanchez, III, President and Chief Executive Officer, said, "The Eagle Ford assets we are acquiring are highly strategic and accretive on a variety of metrics. Our current plans call for continuous drilling of development locations on this asset with one rig while we further assess the additional upside potential across the entire asset base."
Sanchez Energy has approximately 95,000 net acres targeting the liquids-rich Eagle Ford Shale, Pearsall Shale, Austin Chalk, and Buda Limestone.