- WildHorse Resource Development (WRD +6.3%) opens higher after agreeing to sell its north Louisiana assets to an unnamed buyers for $217M plus as much as $35M in potential contingent payments based on the number of wells spud by the buyer on the assets over the next four years.
- WRD also agrees to acquire producing and non-producing properties in Lee County, Tex., from an undisclosed seller for $19M.
- The company also provides an operational update, which says it increased proved reserves by 198% to 454.3M boe at year-end 2017 and PV-10 of proved reserves by 372% to $3.54B at year-end 2017 from $750M at year-end 2016.
- WRD projects 2018 total production of 53K-56K boe/day, representing growth of 80% Y/Y at the midpoint of guidance, operating an average of 4.8 drilling rigs in the Eagle Ford and Austin Chalk in 2018; estimated 2018 drilling and completion capex is $700M-$800M.
- Now read: Safe Yield Of 9% From A Growth MLP, Solid Dividend Coverage, Attractive At The Current Price
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