Diversified divests Texas acreage
London-listed Diversified Energy announced on November 12 that the company and its partner Oaktree Capital Management had sold their interest in mostly undeveloped Haynesville acreage in Texas for $72.3mn.
Diversified will net $33.7mn from the sale of undeveloped acreage in the Harrison, Leon, Panola, Robertson and Rusk counties, and $3.6mn for 38 wells in the area that flow 1.7mn ft3/day of natural gas. It did not identify the buyer.
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"I am proud of our team's actions to enhance the value of our recent Tanos acquisition, significantly reducing our net purchase price by successfully monetising these assets," Diversified CEO Rusty Hutson Jr said in a statement. "This transaction exemplifies our strategy of efficiently managing our producing assets and extracting maximum value from predominantly undeveloped resources."
Hutson said the sale would boost Diversified's liquidity, noting the company remained focused on completing its acquisitions in the Central region.