Cimarex Energy Co. has signed various purchase and sale agreements to sell $326 million of oil and gas assets. Included is the sale of 4,200 net acres and associated wells in the Midland Basin located in Reagan County, Texas, for $242 million. An additional $84 million of non-core properties in the Mid-Continent and Gulf Coast are also being sold.
In total, these properties contain approximately 47 billion cubic feet equivalent of proved developed reserves (63 percent natural gas) and production of approximately 11 million cubic feet equivalent per day. All sales are expected to close on or before September 30, 2014, and are subject to customary conditions and purchase price adjustments. Proceeds will be used to fund the company's ongoing capital investment program.