Bravo Natural Resources LLC has entered into a purchase and sale agreement with Canaan Natural Gas PE Funds. Bravo will acquire producing and gathering assets in the Arkoma Basin of southeast Oklahoma for an all-cash consideration of $250 million. Closing is expected to occur in the fourth quarter of 2014.
The transaction includes 950 operated and non-operated wells producing primarily from the Hartshorne Coal and Woodford formations. Net proved reserves are 286 BCFE and net production is 33 MMcfed of natural gas and natural gas liquids. The transaction is inclusive of 56,000 net acres prospective for horizontal, liquids-rich Woodford development.