DENVER, June 30, 2014 /PRNewswire/ -- Cimarex Energy Co. (NYSE: XEC) today announced the closing of its previously announced 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 approximately 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 July 31.
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.
About Cimarex Energy
Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent and Permian Basin areas of the U.S.
This communication contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding 2014 estimated reserves and production. These statements are based on current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are more fully described in SEC reports filed by Cimarex. While Cimarex makes these forward-looking statements in good faith, management cannot guarantee that anticipated future results will be achieved. Cimarex assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law. Actual results may differ materially from Cimarex projections and can be affected by a variety of factors outside the company's control including the risks and uncertainties described in the company's SEC reports.
SOURCE Cimarex Energy Co.
