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SM Energy has agreed to sell a portion of its Eagle Ford Shale position for $225 million and is continuing negotions to sell other portions, the company announced today.
The sale to undisclosed buyers represents 15,400 net acres in LaSalle and Dimmit counties in Texas. There is currently no production in the three associated wells drilled on the acreage, the company said, and contain an “immaterial amount” of proved reserves.
The sale is expected to close in August.
“This agreement allows us to realize significant value for a relatively small portion of our total Eagle Ford position,” President and CEO Tony Best said.
