Independent oil and natural gas producer Riviera Resources Inc. said Jan. 17 it has closed on the sale of its Arkoma Basin properties in Oklahoma for $65 million. The buyer was not named.
The properties, which had a third-quarter net production of 24 million cubic feet equivalent per day, covers around 37,000 net acres in Oklahoma.
The Houston-based company said it had a net profit of around $65 million from the transaction after closing adjustments and transaction costs. The proceeds will fund the earlier announced repurchase program, which amounts to $100 million.
The transaction has an effective date of Aug. 1, 2018.