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Title : SM Energy Company To Exit The Bakken -- Foreshadowing Back In January, 2017 -- April 5, 2018
link : SM Energy Company To Exit The Bakken -- Foreshadowing Back In January, 2017 -- April 5, 2018

SM Energy Company To Exit The Bakken -- Foreshadowing Back In January, 2017 -- April 5, 2018

From an earlier post:
History: from my notes over at the "Bakken Operator page":
SM (previously St Mary Land and Exploration)

• Daily activity report: 156 SM Energy wells transferred to Oasis 
• Is SM Energy exiting the Bakken completely? It appears so. January 25, 2017.
• Oasis - SM Energy deal, October, 2016: SM Energy sells 55,000 non-Divide County acres to Oasis; $785 million deal 
• 3Q14: 238,000 net acres in the Williston Basin; new acreage in Gooseneck prospect in central Divide
• 202,000 + 7,0000 acres = 209,000 acres; sells non-core assets; now down to about 159,000 net acres in the Bakken
• Filloon says SM has 202,000 net acres (4Q11)
• 2 rigs; a third sometime late 2011 
• 4Q11: 8,200 boepd
• 3Q11: 5,300 boepd
• Was a natural gas company; moving to oil; still (4Q11) 56% natural gas

Now, today over at Zacks:

SM Energy Company has inked two definitive agreements for the sale of assets in the Williston Basin and Upton County. The company did not reveal the buyers. A cumulative amount of $292.3 million is expected from the transactions.

The first agreement relates to the sale of remaining assets in the Williston Basin located in Divide County, ND. This comprises net acreage of about 119,400 acres, which are primarily contiguous. It also includes net proved reserves as of year-end 2017 of 28.8 million barrels of oil equivalent, of which 52% are proved undeveloped. In December 2017, net production from the assets to be sold was about 6,100 boe per day, of which 83% was oil.

The second relates to the sale of its third-party operated assets known as Halff East located in Upton County, TX. The assets likely to be sold in Upton County comprises a 60% working interest in third-party operated assets, a net acreage of about 5,400 and 1.6 MMBoe net proved reserves as of year-end 2017, of which 0% is proved undeveloped. In December, net production from these assets was about 1,025 Boe per day, of which 72% oil.

Unfortunately the two deals were combined with regard to total amount received ($292.3 million). But the Upton County was only 5,400 acres vs almost 120,000 acres in North Dakota. So, let's just go with $292 million / 119,400 acres = $2,500 / acre.

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