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Cimarex Energy entered into an agreement to sell its operated working interest in the Riley Ridge Federal Unit and gas plant located in southwestern Wyoming.
Cimarex will sell its 57.5 percent interest for $191 million. The sale is expected to close in July and is subject to satisfactory completion of due diligence.
The company said the sale does not impact Cimarex’s expected 2011 production estimates, as the plant was not expected to come online until late this year.
Proceeds from the divestiture are expected to be re-invested in Cimarex’s capital program. The company expects 2011 capital expenditures of about $1.5 billion.
