Cimarex sells oil and gas assets for $326M

|About: Cimarex Energy Co. (XEC)|By:, SA News Editor

Cimarex Energy (XEC +0.9%) says it signed various purchase and sale agreements to sell $326M of oil and gas assets.

Included is the sale of 4,200 net acres and associated wells in the Texas Midland Basin for $242M, with an additional $84M of non-core properties in the Mid-Continent and Gulf Coast also being sold.

In total, the properties contain ~47B cfe of proved developed reserves (63% natural gas) and production of ~11M cfe/day.

Topeka Capital edges its XEC price target higher to $153 from $150, as the sale allows the company to redeploy additional proceeds to its high rate-of-return projects in the Delaware Basin and Cana-Woodford (Briefing.com).