Endeavor Closes Sale Of Certain Midland Basin Assets
Endeavor Energy Resources, LP (Endeavor) closed the previously announced contract to sell a portion of its interests in certain Midland Basin assets including leases and production.
Assets sold include approximately 22,400 gross acres and 14,500 net leasehold acres in Martin County, Texas along with approximately 900 Boe per day production. The production constituted approximately 3% of Endeavor production during 2015.
Total net proceeds were $385 million of which $192 million was received at closing and another $193 million is contracted to be received in January, 2017. Endeavor continues to maintain its liquidity position with $245 million of short term investments after investment of the proceeds received at closing and no amounts drawn on its $400 million committed borrowing base revolving credit facility.