Cimarex Energy Announces Closing of Cana-Woodford Acquisition
Updates Production Guidance
DENVER, June 30, 2014
DENVER, June 30, 2014 /PRNewswire/ --Cimarex Energy Co. (NYSE: XEC) today
announced the closing of its previously announced acquisition of Western
Oklahoma assets primarily located in the Cana-Woodford shale play. Following
customary purchase price adjustments, the net amount paid at closing was $238
The acquisition added approximately 140 billion cubic feet equivalent (Bcfe)
of proved developed reserves, net production of 35 million cubic feet
equivalent (MMcfe) per day and 50,000 net acres.
In a separate transaction, Cimarex agreed to sell producing properties in
Kansas to an undisclosed buyer for $138 million. These assets include 50 Bcfe
of proved reserves and 15 MMcfe per day of production. The sale is expected
to close by July 31.
Full-year 2014 production adjusted to reflect both transactions is estimated
to be 835 – 860 MMcfe per day versus 822 – 847 MMcfe per day previously.
About Cimarex Energy
Denver-based Cimarex Energy Co. is an independent oil and gas exploration and
production company with principal operations in the Mid-Continent and Permian
Basin areas of the U.S.
This communication contains statements that constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995 including statements regarding 2014 estimated reserves and
production. These statements are based on current expectations and beliefs
and are subject to a number of risks, uncertainties and assumptions that could
cause actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties are more fully
described in SEC reports filed by Cimarex. While Cimarex makes these
forward-looking statements in good faith, management cannot guarantee that
anticipated future results will be achieved. Cimarex assumes no obligation and
expressly disclaims any duty to update the information contained herein except
as required by law. Actual results may differ materially from Cimarex
projections and can be affected by a variety of factors outside the company's
control including the risks and uncertainties described in the company's SEC
SOURCE Cimarex Energy Co.
Contact: Cimarex Energy Co.Karen Acierno, 303.285.4957; or Mark Burford,
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