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Sanchez Energy to drop down $107M worth of processing, production assets to MLP

SanchezProduction Partners LP will acquire certain oil and gas assets,including a 50% stake in Carnero Processing LLC, from , in a $107 milliondrop-down transaction expected to increase the company's liquidity.

Sanchez Production will acquire a 50% stake in CarneroProcessing for an initial payment of about $47.7 million in cash and theassumption of the remaining capital commitments worth around $32.3 million,according to an Oct. 6 news release.

The partnership will also purchase certain non-coreproducing oil and gas assets in south Texas for total consideration of $27million, prior to closing adjustments. This includes working interests in 23producing Eagle Ford Shale wellbores along with escalating working interests in11 additional producing wellbores and the option to acquire leasehold for aproperty from a unit of Sanchez Energy.

Proceeds from the transactions, which are expected to closein the fourth quarter of 2016, are expected to "enhance" the company'sliquidity.

Carnero Processing is a joint venture between Sanchez Energyand Targa Resources Corp.

Jefferies LLC acted as sole financial adviser and RichardsLayton & Finger PA served as counsel to the board's audit committee. AkinGump Strauss Hauer & Feld LLP negotiated on behalf of Sanchez Energy.