WPX Energy Inc. (NYSE: WPX) said April 8 it has completed the sale of its Piceance Basin assets to private equity backed Terra Energy Partners LLC for $910 million.

In February, the Tulsa, Okla.-based company entered into an agreement to sell its subsidiary WPX Energy Rocky Mountain LLC to Terra Energy.

Assets included about 200,000 net acres with 11,000 gross drilling locations in Colorado. Production is about 500 million cubic feet equivalent per day.

Proceeds from the sale should help ease concerns over the company’s leverage and motivate investors, according to the release.

WPX said it has a variety of options for the Piceance proceeds beyond paying debt, including additional drilling, infrastructure investments to its Permian gathering system and buying out of any retained transportation obligations including obligations associated with Piceance operations.

In March, WPX also closed the sale of its San Juan Basin gathering system for $309 million. Additionally, the company strengthened its liquidity by amending its revolving credit facility. WPX received $1.2 billion of commitments on a senior secured facility, with an initial borrowing base of $1.025 billion.

WPX has re-shaped its portfolio following more than $5 billion of transactions over the past two years. The company now boasts acreage in the core of two prolific oil-dominant areas—the Permian’s Delaware Basin and North Dakota’s Williston Basin—along with a leading position in the San Juan Basin, the release said.

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