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Riviera Resources to divest Mich. properties for $44.5M

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Riviera Resources to divest Mich. properties for $44.5M

Riviera Resources Inc. will sell its interest in properties located in Michigan to an undisclosed buyer for $44.5 million, according to a May 23 release.

The Houston-based independent oil and natural gas company plans to divest approximately 1,400 net wells with proved developed reserves of roughly 193 Bcfe and proved developed PV-10 of $38 million.

The company expects net proceeds of $41 million, which will be added to its cash on its balance sheet and may be used for "share repurchases under the company's previously announced share repurchase program, share tenders, dividends, and/or reinvestment in higher return projects at [Riviera subsidiary Blue Mountain Midstream LLC] or in the upstream business," the release said.

The deal is expected to close in the second quarter, subject to due diligence and the satisfaction of closing conditions.