Resolute Energy to sell Hilight field assets

Resolute Energy Corp., Denver, agreed to sell its Hilight field oil and gas properties in the Powder River basin in Wyoming to an undisclosed buyer for $55 million.

The pending transaction marked the second large asset divestiture by the company this year, following a $42-million sale of Permian basin assets.

The additional liquidity from this recent sale marked a continued effort by Resolute management to repair a heavily distressed balance sheet, Raymond James & Associates said in a research note.

Closing is expected Oct. 6. The deal implied a rough valuation of $37,000/bbl. Estimated production was 6 MMcfd of gas and 500 b/d of oil.

“Of note, the company has liquidated roughly $100 million in assets year to date,” Resolute said Sept. 17. “In addition to the added liquidity directly resulting from sale proceeds, the company should see roughly $1-2 million in capital savings that were tied into maintenance,” in Hilight field.

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