SM Energy Co. (NYSE: SM) will hang on to its Bakken assets in Divide County, N.D., after offers from potential buyers failed to meet the company’s expectations for the 123,570-net acre position.
The main culprit appears to be the price of oil, which has not risen enough to generate a palatable offer for SM. That’s despite the position’s core status and annual production of about 1.3 million barrels of oil equivalent.
The sale, meant to deleverage Denver-based SM’s portfolio, has been “postponed indefinitely,” the company said.
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Source: Daily Dose of ShaleDirectories.com News