Sanchez Energy has sold its non-core Marquis asset in the Eagle Ford shale to Lonestar Resources in a cash plus stock deal.
The deal will net the Texas-based firm $50 million in cash, plus Lonestar preferred stock which will be converted to 1.5 million shares of common stock.
The assets are made up of about 21,000 net acres primarily located in the Fayette and Lavaca counties in Texas.
The assets have net proved reserves of 2.7 million barrels of oil equivalent, and net production of about 1,750 barrels of oil equivalent per day from 104 gross (64 net) wells.
In a statement the company said that the sale continues its strategy of increasing its liquidity to focus on the growth of the Comanche, Catarina and Maverick areas of the Western Eagle Ford.
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