Sanchez Energy Makes $105M Eagle Ford Land Sale

Houston-based oil and gas exploration company Sanchez Energy is selling 39,500 acres in the Eagle Ford Shale oil field for $105 million, the company said.

The sale involves Sanchez’s Javelina region, which stretches across La Salle and Webb counties, an area full of mostly dry natural gas.

“Over the last eighteen months we leased approximately 70,000, largely contiguous, net acres in the dry gas window of the Eagle Ford,” said Tony Sanchez, III, Sanchez Energy’s CEO. “This transaction accelerates the value of the asset, while building our liquidity and providing value to our shareholders.”

Sanchez has more than 350,000 acres in the Eagle Ford Shale.

In January, Sanchez along with Blackstone Group LP bought 318,000 acres from Houston-based oil and gas explorer Anadarko Petroleum in a $2.3 billion deal. The land — which is nicknamed “Comanche” — is located in Dimmit, Webb, La Salle, and Maverick counties.

Earlier in August, Oklahoma-based Devon Energy sold 20,000 acres and midstream assets to Houston-based Penn Virginia Corp. for $205 million. In January, Denver-based SM Energy sold at least 37,500 acres and some midstream assets in the Eagle Ford to a subsidiary of the privately-held Venado Oil and Gas LLC of Austin for $800 million.

Source: My San Antonio