Resolute Energy Corporation Announces Agreement to Sell Aneth Field for Up to $195 Million Including $160 Million Cash Plus Up to $35 Million of Contingent Consideration
RESOLUTE ENERGY (REN)
Last resolute energy earnings: 11/5 04:15 pm
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US:NYSE Investor Relations:
resoluteenergy.com/investors-overview
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Source: GlobeNewswire
DENVER, Sept. 14, 2017 (GLOBE NEWSWIRE) -- Resolute Energy Corporation (“Resolute” or the “Company”) (NYSE:REN) announced today that it has entered into a definitive agreement to sell its subsidiary which holds interests in Aneth Field in the Paradox Basin of Southeastern Utah for total potential consideration of $195 million to an affiliate of Elk Petroleum Limited (ASX:ELK). Under the terms of the agreement, Resolute will receive cash consideration of $160 million at closing and additional cash consideration of up to $35 million if oil prices exceed certain levels in the next three years. Rick Betz, Resolute’s Chief Executive Officer, said: “This sale is the final step in our previously announced strategy to transform Resolute into a pure-play Delaware Basin company. Closing this transaction will significantly improve our cost structure, strengthen our balance sheet and position the Company to accelerate the development of our prolific Delaware Basin property and continue our
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