WildHorse Resource to sell north Louisiana assets for $217M

Seeking Alpha

Feb. 12, 2018 9:43 AM ET|About: WildHorse Resource Development (WRD)|By: Carl Surran, SA News Editor

WildHorse Resource Development (WRD +6.3%) opens higher after agreeing to sell its north Louisiana assets to an unnamed buyers for $217M plus as much as $35M in potential contingent payments based on the number of wells spud by the buyer on the assets over the next four years.

WRD also agrees to acquire producing and non-producing properties in Lee County, Tex., from an undisclosed seller for $19M.

The company also provides an operational update, which says it increased proved reserves by 198% to 454.3M boe at year-end 2017 and PV-10 of proved reserves by 372% to $3.54B at year-end 2017 from $750M at year-end 2016.

WRD projects 2018 total production of 53K-56K boe/day, representing growth of 80% Y/Y at the midpoint of guidance, operating an average of 4.8 drilling rigs in the Eagle Ford and Austin Chalk in 2018; estimated 2018 drilling and completion capex is $700M-$800M.

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The buyer is Tanos Exploration.

http://tanosexp.com/

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