Clayton Williams Energy sold some of its Eagle Ford and Austin Chalk wells and leases in a $71 million dollar deal in March 2014. The sale included acreage and selected wells in Wilson, Brazos, LaSalle, Frio and Robertson Counties.
In 2013, Clayton Williams grew its Eagle Ford oil production by ~430% in the fourth quarter of 2013 to 1,354 b/d. Only about 5% of the company's oil and gas production for the fourth-quarter came from the divested properties.
Read more: Clayton Williams Grew Eagle Ford Oil Production ~430% in Fourth-Quarter of 2013
The assets included in the sale only made up ~2% of the company's total proved reserves at the end of 2013, and are located outside the company's core block of Austin Chalk and Eagle Ford acreage. Net proceeds from the sale will be used to pay for outstanding debt and fund a portion of the company's capital expenditures for 2014.
In a company statement released by Clayton Williams, a buyer for these properties wasn't disclosed.
Clayton Williams Acreage Deal Highlights
- Clayton Williams sells Eagle Ford and Austin Chalk properties for $71 Million to an undisclosed buyer in March 2014
- Only ~5% of the company's oil and gas production for Q4 2013 came from divested properties
- Sold properties only made up ~2% of the company's total proved reserves in 2013
- Proceeds from sale will be directed to the 2014 capex budget and debt re-payments
Read more at claytonwilliams.com