Privately held Evergreen Natural Resources LLC has signed an agreement to acquire all of the assets held by Pioneer Natural Resources Co. (PNR), Dallas, in the Raton basin in southeastern Colorado, including producing gas wells and associated infrastructure, for $79 million.
Net production from the assets averaged 84 MMcfd in this year’s first quarter, consisting entirely of natural gas.
The sale, expected to close by the end of July, should result in a pretax noncash loss of $65-75 million, PNR said.
In March, PNR agreed to sell acreage in the western portion of its Eagle Ford shale position for $102 million as part of a plan to divest properties in South Texas, Raton, and West Panhandle field to operate solely in the Permian basin (OGJ Online, Mar. 27, 2018).