Denver-based Cimarex Energy Company (XEC) closed the acquisition of Western Oklahoma assets primarily located in the Cana-Woodford shale play. Following customary purchase price adjustments, the net amount paid at closing was $238 million.
The acquisition added about 140 billion cubic feet equivalent (bcfe) of proved developed reserves, net production of 35 million cubic feet equivalent (mmcfe) per day and 50,000 net acres.
In a separate transaction, Cimarex agreed to sell producing properties in Kansas to an undisclosed buyer for $138 million. These assets include 50 bcfe of proved reserves and 15 mmcfe per day of production. The sale is expected to close by Jul 31, 2014.
Full-year 2014 production adjusted to reflect both transactions is estimated to be 835 - 860 mmcfe per day versus 822 - 847 mmcfe per day previously.
Cimarex is an independent exploration & production company. The primary activities of the company are in the Mid-Continent and Permian Basin areas of the U.S.