Sanchez Energy Corporation (NYSE:SN) is banking US$50mln from the sale of non-core Eagle Ford shale assets to Lonestar Resources US Inc (NASDAQ:LONE).
Lonestar is paying cash for the asset, the Marquis project, which spans some 21,000 net acres in Fayette and Lavaca Counties, Texas. It has reserves amounting to 2.7mln barrels of oil equivalent and produces some 1,750 boe per day.
Sanchez highlighted that the Marquis asset has seen limited capital investment over ‘the past several years’ and the divestment continues the group’s strategy of increasing liquidity and financial flexibility.
At the same time, the company intends to focus on growing its other interests in the Eagle Ford, namely the Comanche, Catarina and Maverick areas comprising a total of 340,000 net acres.