July 2, 2012
/PRNewswire/ -- Resolute Energy Corporation ("Resolute" or the "Company") (NYSE: REN) today announced that it had closed the sale of 5% of its interest in Greater Aneth Field to Navajo Nation Oil and Gas Company ("NNOG").
Resolute and NNOG previously announced that they had entered into a purchase and sale agreement in
pursuant to which NNOG exercised an option to purchase 10% of the interest owned by Resolute in Greater Aneth Field. This option was exercised for cash consideration of
, including a
performance deposit and subject to customary purchase price adjustments. The purchase and sale agreement provided that the transaction would be closed and paid for in two equal transfers of 5% each, scheduled for
and January 2013. The first of these two transfers was consummated on
, 2012. Resolute received cash of approximately
for the 5% interest that was transferred. Resolute paid down amounts owed under its credit facility with the proceeds of the sale. Refer to Resolute's press release dated
April 11, 2012
, for further information on the transaction.
About Resolute Energy Corporation
Resolute is an independent oil and gas company focused on the acquisition, exploration, exploitation and development of oil and gas properties, with a particular emphasis on liquids-focused, long-lived onshore U.S. opportunities. Resolute's producing properties are located in the Paradox Basin in
, the Powder River Basin in
, the Permian Basin in
and the Bakken trend of North Dakota. The Company also owns exploration and exploitation properties in the Permian Basin of
and Powder River Basins of Wyoming.
HB JuenglingVice President - Investor Relations Resolute Energy Corporation303-534-4600
SOURCE Resolute Energy Corporation