DENVER, Sept. 4, 2018 /PRNewswire/ — Cimarex Energy Co. (NYSE: XEC) today announced the August 31, 2018 closing of the previously announced sale of assets in Ward County, Texas, for $544.5 million, adjusted to reflect the resolution of all asserted defects. Proceeds from the sale will be reinvested into the company’s high-return capital program over the next two to three years.
Taking into account the $28.5 million deposit received in May and $5.9 million of post effective date net revenue and expenditures, Cimarex received $510.1 million in cash at closing. Final settlement, which will reflect any other post-closing adjustments, will occur within 120 days of closing.
Scotiabank served as exclusive financial advisor to Cimarex on this transaction.
About Cimarex Energy
Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent and Permian Basin areas of the U.S.