Texas American Resources LLC has closed on the sale of its South Texas properties to an undisclosed buyer for $135 million. The sale includes the company's existing production, proved reserves, and Eagle Ford and Austin Chalk oil development opportunities on its approximate 55,000 net acres of leasehold in Dimmit, Frio, La Salle, and Zavala counties, Texas. The Austin, Texas-based company intends to use the net proceeds from the sale to repay debt, flow back equity to its partners, and accelerate development on its oily Texas Panhandle assets.
Post its South Texas asset sale, TAR owns and operates over 100 producing wells in the Texas Panhandle with net production of approximately 2,400 BOEPD that is 85% oil and NGLs.
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