Southwestern Energy (SWN) Completes Sale of Arkansas Western Gas; Agrees to Sell Oil and Gas Leases and Wells in Permian Basin for $225M
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Southwestern Energy Company (NYSE: SWN) announced today that it has closed the previously announced sale of its utility, Arkansas Western Gas Company, to SourceGas, LLC for approximately $230 million.
In addition, the company announced that it has recently entered into definitive purchase and sale agreements for the sale of the oil and gas leases and wells held by the company in the Permian Basin for approximately $225 million in cash. The sales include approximately 60 Bcfe of the company's proved reserves as of December 31, 2007.
Including the utility sale, the transactions scheduled to close in the third quarter of 2008 are expected to result in gross proceeds of approximately $390 million.
Southwestern Energy Company, an independent energy company, engages in the exploration for and production of natural gas in the United States.
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