SM Energy has engaged Petrie Partners to explore a sale of its leasehold assets in the Williston Basin region of the US.
The assets to be sold include about 54,500 net acres, comprising the Raven / Bear Den acreage and all lease-holdings in the basin outside of its Divide County programme.
SM Energy president and CEO Jay Ottoson said: “We have outlined a simple strategy to focus on our Tier 1 assets in the Permian Basin and operated Eagle Ford.
“As part of this strategy, we are continuing to core up our portfolio, in order that we can concentrate investment dollars in the highest return programmes and bring that value forward through accelerated activity.
“Raven / Bear Den is a terrific asset that provides attractive full-cycle returns, and we believe it will be of more value to a company that will actively pursue its near-term development.”
The company has also completed previously announced the sale of assets in New Mexico, North Dakota, Montana, and Wyoming, along with associated net production of about 3,300 barrels of oil equivalent (boe) per day for approximately $186.7 million.
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By GlobalDataIn August this year, SM Energy signed agreements to sell two separate packages of non-core assets for $172.5 million.
One package consists primarily of waterflood assets in New Mexico and the second one includes producing assets in North Dakota and Montana.
Net proved reserves associated with these assets at the end of last year reached approximately 9.5 million boe.
