SM Energy looks to sell assets in North Dakota’s Divide County
DENVER, Colorado -- SM Energy has engaged Tudor, Pickering, Holt & Co. to run a formal bid process for the sale of the company's Divide County area assets in the Williston basin.
Assuming an acceptable offer is received, the company expects to close the sale around the middle of the year.
Jay Ottoson, president and CEO, said, "Over the next few years, we intend to focus on generating significant high margin production growth from our operated acreage positions in the Midland basin and Eagle Ford. We expect that the sale proceeds from this planned exit of the Williston basin and from the pending sale of our non-operated Eagle Ford assets will allow us to fully fund our drilling program, while providing us with significant liquidity and the ability to reduce our outstanding debt."
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