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.