SM Energy Co. (SM) said June 1 it closed the sale of its Arkoma Basin properties for $270 million.
SM, based in Denver, said in ealry May it entered into two agreements to sell assets in the Arkoma Basin in Oklahoma and the Ark-La-Tex area of East Texas and North Louisiana for $324 million.
The company expects the pending separate divestiture of its assets in the Ark-La-Tex area to close by the end of the second quarter of 2015.
Lenders under the company’s credit agreement have agreed not to reduce the company’s $2.4 billion borrowing base due to these divestitures.
RBC Richardson Barr was adviser to SM Energy in these transactions. The effective date of the divestiture was March 1.
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