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Alta Mesa Announces Sale of Alta Mesa Eagle, LLC

Source: www.gulfoilandgas.com 9/22/2015, Location: North America

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Alta Mesa Holdings, LP announced has entered into an agreement to sell its subsidiary Alta Mesa Eagle, LLC which owns certain oil and gas producing properties in the Eagle Ford Shale area and other assets, to EnerVest, Ltd and its affiliates, for a total price of $125 million, subject to customary purchase price adjustments. Alta Mesa will initially be paid $118 million for all of the membership interests in Alta Mesa Eagle, LLC, subject to customary adjustments, with additional payments of an estimated $7 million in the aggregate, to be made upon the occurrence of certain events. The closing is expected to occur by the end of September 2015 and is subject to normal and customary closing conditions. The transaction has an effective date of July 1, 2015. As of the effective date, the reserves associated with Alta Mesa Eagle's oil and gas properties were 7.8 million barrels of oil equivalent, with 31% of the volumes classified as proved developed. The properties, primarily located in Karnes County, are non-operated and consist of all of the remaining interests that Alta Mesa has in this area.

In a separate transaction, Alta Mesa's subsidiary, Oklahoma Energy Acquisitions LLC (OEA) has entered into a Letter of Intent with affiliates of EnerVest, Ltd., under which the parties have agreed to negotiate definitive documentation that will grant OEA an option to purchase approximately 1,700 net acres in Kingfisher County, Oklahoma in the STACK play by December 31, 2015.

Wells Fargo Securities acted as the financial adviser to Alta Mesa on the transaction.

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