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(Alliance News) - Diversified Energy Co PLC on Friday said it will net around USD37.3 million from the divestment of its interest in the Haynesville acreage in Texas.
Oaktree Capital Management LP will also be divesting its interest in the acreage, with the total sum of both divestments coming in at around USD72.8 million.
Diversified Energy is a FTSE 250-listed energy company focused on the acquisition of "mature, low-decline and low-risk" wells.
"This transaction exemplifies our strategy of efficiently managing our producing assets and extracting maximum value from predominantly undeveloped resources," Diversified Chief Executive Rusty Hutson said.
"The sale proceeds enhance our liquidity as we evaluate other value-accretive opportunities. We remain focused on completing the integration our central region acquisitions, delivering operational and administrative synergies and implementing our ESG initiatives and Smarter Asset Management programme across the portfolio."
For Diversified, the sale includes around USD33.7 million for 22,729 acres of predominantly undeveloped Haynesville Shale leasehold in Harrison, Leon, Panola, Robertson and Rusk counties, and USD3.6 million for 38 Haynesville Shale wells on the acreage.
Diversified said it will retain an overriding royalty interest on some of the undeveloped leaseholds in the Panola and Rusk counties, along with the development rights to all geologic formations other than the Haynesville Shale in the divested acreage.
Diversified shares were down 0.4% to 102.19 pence each in London on Friday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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