Delphi Energy Corp. has entered into a purchase and sale agreement to sell its working interests in producing properties, facilities and infrastructure and undeveloped land in the greater Hythe area for $12.0 million, subject to normal course closing adjustments.
Details of the divested assets are as follows:
•Production for the seven months ending July 31, 2015 averaged approximately 1,050 barrels of oil equivalent per day , consisting of approximately 5.9 million cubic feet per day of natural gas and 64 barrels per day of natural gas liquids (11 bbls/mmcf of NGL's).
•Total undeveloped land in the greater Hythe area of 78,508 net acres.
The transaction is expected to close in November 2015. The net proceeds from the disposition will be applied to reduce the Company's bank indebtedness.