Utah: Resolute, Navajos buy Denbury's Aneth interest

By OGJ editors

Resolute Energy Corp. and the Navajo Nation Oil & Gas Co. have acquired nonoperated assets in giant Greater Aneth oil field in the Paradox basin of Utah from Denbury Resources Inc., Plano, Tex., for $75 million.

Denbury estimated the proved reserves related to the assets sold at 6.4 million bbl of oil equivalent, 98% oil and 58% proved developed producing, at the end of 2011. The company’'s previously issued 2012 production guidance assumed production from the assets to be 650 boe/d.

At the end of February 2012, Denbury completed the previously announced sale of noncore Gulf Coast assets for $155 million. Taking into account their respective closing dates, the asset sales will reduce Denbury’s 2012 production guidance by 1,625 boe/d. The company also sold Vanguard Natural Resources units in January 2012 for $83.5 million.

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