Getting your player ready...
Denver-based . said Tuesday that it has signed an agreement with an undisclosed buyer to sell a portion of its largely undeveloped acreage position located in the Permian Basin of West Texas for approximately $35 million.
The transaction includes 58,200 gross acres located in Crockett County, Texas.
The sale is expected to close on or before Sept. 10.
The company intends to use the proceeds to reduce outstanding borrowings under its bank credit facility. Following the closing of the transaction, Forest will retain its Permian acreage position of approximately 68,250 gross acres located in Pecos and Reeves counties, Texas.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or twitter.com/howardpankratz
