SM Energy to divest assets in Williston basin

DENVER, Colorado -- SM Energy has engaged Petrie Partners to explore the sale of certain leasehold assets in the Williston basin. The assets to be sold include approximately 54,500 net acres, consisting of the Raven/Bear Den acreage and effectively all lease-holdings in the basin outside of the company’s Divide County program.

President and CEO Jay Ottoson said, “We have outlined a simple strategy to focus on our Tier 1 assets in the Permian basin and operated Eagle Ford. As part of this strategy, we are continuing to core up our portfolio, such that we can concentrate investment dollars in the highest return programs and bring that value forward through accelerated activity. Raven/Bear Den is a terrific asset that provides attractive full-cycle returns, and we believe it will be of more value to a company that will actively pursue its near-term development.”

Separately, the company has completed its previously reported divestitures in New Mexico, North Dakota, Montana, and Wyoming, with associated net production of approximately 3,300 boed, for net proceeds after purchase price adjustments and fees of approximately $186.7 million.