21 May 2014
Royal Dutch Shell plc (“Shell”) announced today it has agreed to sell its 100 percent working interest in approximately 106,000 net acres in Dimmit, LaSalle, and Webb Counties, Texas to Sanchez Energy Corporation for approximately $0.639 billion, subject to closing.
The sale includes approximately 176 operated producing wells and associated field facilities and infrastructure. Net production in Q1 2014 was approximately 24,000 barrels of oil equivalent per day, with approximately 60 percent crude and natural gas liquids.
The agreement is effective January 1, 2014 and is expected to close at the end of the second quarter of this year.
This transaction is part of Shell’s restructuring of its North Americas resources plays (shale oil and gas) portfolio, to focus on acreage positions that can reach the scale required by Shell. In addition to this sale, Shell previously divested its acreage position in the Mississippi Lime in Kansas, its Utica shale position in Ohio and a portion of its acreage in the Sandwash Niobrara basins in Colorado as part of this strategy.
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