HOUSTON, Sept. 22, 2015 (GLOBE NEWSWIRE) — Alta Mesa Holdings, LP announced today that it has entered into an agreement to sell its subsidiary Alta Mesa Eagle, LLC which owns certain oil and gas producing properties in the Eagle Ford Shale area and other assets, to EnerVest, Ltd and its affiliates, for a total price of $125 million, subject to customary purchase price adjustments. Alta Mesa will initially be paid $118 million for all of the membership interests in Alta Mesa Eagle, LLC, subject to customary adjustments, with additional payments of an estimated $7 million in the aggregate, to be made upon the occurrence of certain events. The closing is expected to occur by the end of September 2015 and is subject to normal and customary closing conditions. The transaction has an effective date of July 1, 2015. As of the effective date, the reserves associated with Alta Mesa Eagle’s oil and gas properties were 7.8 million barrels of oil equivalent, with 31% of the volumes classified as proved developed. The properties, primarily located in Karnes County, are non-operated and consist of all of the remaining interests that Alta Mesa has in this area.
In a separate transaction, Alta Mesa’s subsidiary, Oklahoma Energy Acquisitions LLC (OEA) has entered into a Letter of Intent with affiliates of EnerVest, Ltd., under which the parties have agreed to negotiate definitive documentation that will grant OEA an option to purchase approximately 1,700 net acres in Kingfisher County, Oklahoma in the STACK play by December 31, 2015.
Wells Fargo Securities acted as the financial adviser to Alta Mesa on the transaction. Additional details related to this transaction can be found in Alta Mesa’s associated Form 8-K filed with the Securities and Exchange Commission which is available on the Company’s website at www.altamesa.net.
Alta Mesa Holdings, LP is a privately held company engaged in onshore oil and natural gas acquisition, exploitation, exploration and production whose focus is to maximize the profitability of our assets in a safe and environmentally sound manner. We seek to maintain a portfolio of lower risk properties in plays where we identify a large inventory of drilling, development, and enhanced recovery and exploitation opportunities in known resources. We maximize the profitability of our assets by focusing on advanced engineering analytics, enhanced geological techniques including 3-D seismic analysis, and proven drilling, stimulation, completion, and production methods. Alta Mesa Holdings, LP is headquartered in Houston, Texas.
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