Riviera Resources Divests Anadarko Basin Assets in Oklahoma
Riviera Resources Inc. has signed a definitive agreement to sell its interest in certain assets located in the Anadarko basin in Oklahoma for a total consideration of US$15.8 million. The buyer of the properties has not been named.
The properties sold are located across 14 counties throughout central and north-west Oklahoma, and include approximately 2,100 wells which produced approximately 28 million cubic feet equivalent per day (MMcfe/d) during Q2-2020.
In July, Riviera had signed a definitive agreement to sell its interest in properties located in North Louisiana for a contract price of US$26.5 million, subject to closing adjustments. The company had then engaged oil & gas property listing service EnergyNet.com to help sell its remaining upstream assets by Q4-2020.
Houston-based Riviera had been spun off from LINN Energy Inc. in August 2018, and held a portfolio of upstream assets across the NW STACK play in Oklahoma as well as the Arkoma, East Texas, North Louisiana, Illinois and the Uinta basins. After the completion of these divestitures, Riviera will no longer be involved in upstream oil & gas operations. However, the company will continue to own Blue Mountain Midstream LLC, a midstream company that focuses on the Merge play of the Anadarko basin.
The divestiture of the Anadarko basin upstream assets is subject to customary closing conditions, including the completion of due diligence, and is expected to close in Q4-2020.