Southwestern To Sell Conventional Assets In East Texas, Arkoma For $218 Mln

(RTTNews) - Southwestern Energy Co (SWN) on Friday said it has executed a definitive agreement with a private buyer to sell Southwestern Energy's conventional oil and gas assets located in East Texas and the Arkoma Basin for about $218 million.

The company said the proceeds from the transaction will be used to reduce debt. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2015.

"Combined with the already announced divestiture of our northeast Pennsylvania gathering system, this transaction achieves the net divestiture proceeds targeted as part of the acquisition financing plan," said Steve Mueller, CEO of Southwestern Energy. "With the acquisition financing now complete, we will continue our focus on extracting the long-term value from our premier assets..."