Sanchez Energy Announces Sale of Non-Core Marquis Asset in the Eagle Ford Shale
June 16 2017 - 6:45AM
Sanchez Energy Corporation (NYSE:SN) (“Sanchez Energy” or the
“Company”) today announced that the Company has sold its non-core
Marquis asset in the Eagle Ford Shale to Lonestar Resources US,
Inc. (Nasdaq:LONE) (“Lonestar”) for approximately $50 million of
cash, subject to the January 1, 2017, effective date and other
normal and customary pre and post-closing adjustments.
Additionally, the Company received Lonestar preferred stock that is
structured to be converted into 1.5 million shares of common
stock.
Transaction Highlights:
- Cash consideration of $50 million and Lonestar preferred stock
that is structured to convert into 1.5 million shares of common
stock;
- Assets consist of approximately 21,000 net acres primarily
located in Fayette and Lavaca Counties, Texas;
- Net proved reserves of 2.7 MMBoe (100% developed); and
- Net production of approximately 1,750 barrels of oil equivalent
per day (“Boe/d”) (74% oil) from 104 gross (65 net) wells.
The Marquis asset, located in the eastern
portion of the Eagle Ford Shale has seen limited capital investment
by the Company over the past several years. The divestiture
of the non-core Marquis asset continues the Company’s strategy of
increasing its liquidity and financial flexibility to focus on the
growth of the Comanche, Catarina and Maverick areas of the Western
Eagle Ford, where Sanchez Energy has accumulated over 340,000 net
acres.
ABOUT SANCHEZ ENERGY
CORPORATIONSanchez Energy Corporation (NYSE:SN) is an
independent exploration and production company focused on the
acquisition and development of U.S. onshore unconventional oil and
natural gas resources, with a current focus on the Eagle Ford Shale
in South Texas where the Company has assembled approximately
340,000 net acres. For more information about Sanchez Energy
Corporation, please visit our website:
www.sanchezenergycorp.com.
COMPANY CONTACT:
Kevin Smith
VP Investor Relations
(281) 925-4828
Cham King
Investor Relations & Capital Markets
(713) 756-2797
General Inquiries: (713) 783-8000
www.sanchezenergycorp.com