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SM Energy exits Williston Basin with closing of $292.3M asset divestiture

SM Energy Co. closed its $292.3 million sale of assets in Divide County, N.D., marking the oil and gas producer's exit from the Williston Basin of North Dakota.

The divestiture also included third-party operated assets in Upton County, Texas, known as Halff East. Both asset sales closed in May with an effective date of Jan. 1. The assets had about 7,300 barrels of oil equivalent per day of net production in the first quarter, composed of 82% oil.

SM Energy received net cash proceeds of $249.2 million from the deal, which it plans to use for general corporate purposes, including debt repayment, according to a May 31 news release.