An unidentified explorer has bought the Denver-based company's West Tavaputs assets in the Uinta basin.
The purchase price includes $46 million of lease financing obligations pertaining to compressor units on the property.
The deal is expected to be finalised by the end of the year. Cash proceeds of $325 million will be used to pay down debt.
The transaction includes approximately 35,000 net acres, 300 producing wells, 265 billion cubic feet equivalent of net proven reserves and 68 million cubic feet equivalent per day of net production.
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