Enduro Royalty Trust (NYSE: NDRO) stands to gain $50.4 million, before adjustments, on the sale of assets and roughly 2% of its daily production to multiple parties in the Permian Basin, the company said June 7.
Enduro, based in Austin, Texas, entered eight separate purchase and sale agreements to divest acreage and associated production. The buyers were not disclosed. The sales appear to be the first divestitures for Enduro in at least two years.
Enduro said it will divest 5,078 net undeveloped acres in eight counties spanning Texas and New Mexico. Of the total acreage, 3,824 acres are prospective for development in the “typical Permian Basin horizontal targets,” the company said.
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Source: Daily Dose of ShaleDirectories.com News