Resolute Energy Corporation has entered into a definitive agreement to sell its Hilight Field assets in the Wyoming Powder River Basin to an undisclosed private party for a purchase price of $55 million. The proceeds of the sale will be used to reduce debt.
The transaction, which is expected to close on or about October 6, 2015, has an effective date of July 1, 2015, and is subject to customary closing conditions and purchase price adjustments, including for title and environmental defects.
Nicholas J. Sutton, Resolute's Chairman and Chief Executive Officer said: 'This transaction represents an important additional step in our previously announced plan to reduce debt and improve our liquidity. Upon closing this transaction, we will have completed nearly $100 million of asset sales this year, thereby significantly reducing leverage and strengthening the Company's balance sheet.'