SM Energy Company announced today that they are exploring the sale of certain Bakken assets in the Williston Basin.
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SM Energy has hired Petrie Partners to explore the sale as part of a strategy to change focus to its 'Tier 1' assets in the Permian Basin and the Eagle Ford Shale in Texas. The sale will include approximately 54,500 net acres consisting of the Raven/Bear Den acreage and effectively all lease-holdings in the basin outside of the Company’s Divide County program in North Dakota.
“As part of this strategy, we are continuing to core up our portfolio,such that we can concentrate investment dollars in the highest return programs and bring that value forward through accelerated activity.”
For the second quarter of 2016, SM Energy reported Bakken production of 2.6 MMBoe and completion of 17 gross/14 net wells.