Seeking Alpha

WPX Energy to sell certain working interests to Legacy Reserves for $355M

  • WPX Energy (WPX) +2.2% AH after agreeing to sell a working interest in certain of its existing Piceance Basin wells to Legacy Reserves (LGCY) for $355M plus a portion of LGCY's newly-created incentive distribution units.
  • The working interests represent 279B cfe of reserves, or ~9% of WPXs year-end 2013 Piceance proved reserves.
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