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Riviera Resources sells off assets in Michigan

May 28, 2019
1 min read
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U.S. independent Riviera Resources announced it has signed a definitive agreement to sell its interest in assets located in Michigan to an undisclosed buyer for a contract price of US$44.5 million.

The properties to be sold consist of 1,400 net wells located in Michigan with proved developed reserves of approximately 193 BCFE1 and proved developed PV-10 of approximately $38 million. Riviera said it will retain all of its properties located in Illinois.

The deal is expected to close in the second quarter of 2019 and is subject to satisfactory completion of due diligence, as well as the satisfaction of closing conditions.