Sun­dance En­ergy Aus­tralia an­nounces Ea­gle Ford trans­ac­tions

DEMM Engineering & Manufacturing - - NEWS -

Sun­dance En­ergy Aus­tralia

Lim­ited has ac­quired ad­di­tional work­ing in­ter­ests in 23 gross (1.5 net) pro­duc­ing wells and 1,449 gross (130 net) acres in McMullen County, Texas for USD7.1 mil­lion. As of the ef­fec­tive date of the trans­ac­tion pro­duc­tion from these wells, net to the ac­quired in­ter­ests, was av­er­ag­ing ap­prox­i­mately 300 boepd. Sun­dance cur­rently op­er­ates 12 of the ac­quired wells.

In a sep­a­rate trans­ac­tion, the Com­pany di­vested an acreage block con­tain­ing 3,336 gross (2,709 net) acres lo­cated in Atas­cosa County, Texas. The Ea­gle Ford acreage was un­de­vel­oped and out­side the Com­pany’s core de­vel­op­ment project area. Sun­dance re­ceived cash pro­ceeds of $ 7.1 mil­lion for the acreage.

These trans­ac­tions were closed on 21 and 22 De­cem­ber 2016, re­spec­tively.

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