April 11, 2012 (FinancialWire) -- Independent oil and gas company Resolute Energy (NYSE: REN) said it has entered into two transactions regarding its interest in the Greater Aneth field, in Utah, through which Resolute and Navajo Nation Oil & Gas will consolidate their interests in the field "to strengthen and clarify their strategic relationship."
In the first transaction, Resolute reportedly entered into an agreement with affiliates of Denbury Resources, pursuant to which Resolute and Navajo Nation acquired all of Denbury's interests in Aneth Field for total cash consideration of $75 million. The working interests, located in the Aneth unit and the Ratherford unit, were acquired by Resolute and Navajo on a 50%-50% basis and were the last significant ownership interests in the field that were not owned by Resolute and Navajo Nation, according to Resolute.
Along with the Aneth-Rutherford transaction, Resolute and Navajo Nation also reportedly entered into an amendment to a cooperative agreement. Among other changes, the amendment allowed Navajo Nation to exercise an option to purchase 10% of the interest owned by Resolute in the Greater Aneth field before giving effect to the Denbury transaction.
This purchase option was exercised for a cash consideration of $100 million, according to the companies.
Resolute Energy Corp. (approx. market cap. US$ 630.1 mil.) engages in the acquisition, exploration, exploitation and development of oil and gas properties in the United States. The company is based in Denver, Colorado.
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ORIGINAL ARTICLE: http://www.financialwire.net/issues/2012_04/11/ren-navajo-venture.htm
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Stocks: Resolute Energy Corporation (NYSE: REN)
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