SM paid unnamed sellers about $100 million in cash and agreed to trade 7000 non-core acres in another area of the basin.
The acreage, which was acquired in two separate agreements, is adjacent to SM's existing holdings and concentrated primarily in Converse County, with some properties scattered in nearby Natrona, Johnson and Campbell counties.
Once the deals close, SM will hold a total of 161,000 acres in the Powder River basin, about 122,000 of which is prospective in the Frontier formation, an Upper Cretaceous sandstone.
The
