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Riviera Resources inks deal to sell East Texas properties for $34M

Riviera Resources Inc. entered into an agreement to sell its interest in properties in the Personville field in East Texas to an unnamed buyer for $34 million.

Under the deal, the company will sell about 750 wells that had an average third-quarter net production of about 28 MMcfe/d, according to a Dec. 20 news release. Riviera Resources said it plans to use the proceeds as an addition to cash on its balance sheet.

Riviera Resources also previously signed an agreement to sell its interest in properties in the Overton field of East Texas to an undisclosed buyer for a contract price of $18.5 million and interests in properties in the Drunkards Wash field in the Uinta Basin to an undisclosed buyer for $4.5 million.

All the deals are slated to close in the first quarter of 2020. Proceeds from the asset sales plus existing cash will be used to return capital to shareholders, Riviera said.

Riviera Resources is an independent oil and gas company that operates in two segments: a gas gathering and processing business through subsidiary Blue Mountain Midstream LLC and an upstream business.