Some $27 million in Bakken assets have been sold by Houston, Texas-based Earthstone Energy Inc. The company announced the sale was effective Dec. 2017 and proceeds will be used to pay down debt.
The buyer was only described as “an unaffiliated party.”
Robert J. Anderson, Executive Vice President of Corporate Development and Engineering at Earthstone said the sale involved 27,000 net acres with nearly 7,000 barrels of oil equivalent a day.
“The sale of our non-operated Bakken assets represents a further step in Earthstone’s continued shift to being primarily a Midland Basin focused operator,” said Anderson. “The divestiture of our Bakken assets allows us to continue focusing our human and capital resources on our highly economic assets in the Midland Basin.”
