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Riviera Resources closes $65M sale of Arkoma properties in Oklahoma

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Riviera Resources closes $65M sale of Arkoma properties in Oklahoma

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.