Early today Earthstone Energy, Inc. (Ticker: ESTE) completed the sale of its Bakken assets. According to the company’s press release, the assets were sold to an unaffiliated party for about $27 million in cash. The effective date of the transaction is December 1, 2017. Earthstone Energy plans to use the proceeds from this transaction to pay down debt under its secured revolving credit facility.
The sale of Earthstone Energy’s Bakken assets allows the company to shift its emphasis toward becoming a primarily Midland basin operator. Earthstone recently established a position in the Midland basin with approximately 27,000 net acres and producing roughly 7,000 barrels of oil equivalent per day. Liquifying the company’s Bakken assets allows the company focus its resources on assets in the Midland Basin.
Source: Earthstone Energy, Inc.
