Riviera Resources Announces Sale of Certain Hugoton Basin Non-Operated Properties for $31 Million, New Blue Mountain Midstream Third Party Dedication to its Merge System, and First Quarter 2019 Earnings Conference Call on Thursday, May 9, 2019
Asset Sales Update
The Company has signed a definitive agreement to sell its interest in certain non-operated properties located in the
The properties to be sold consist of approximately 2,300 non-operated wells located in
The sale is expected to close in the second quarter of 2019 with an effective date of
Blue Mountain Third-Party Dedication
Blue Mountain finalized an agreement with an undisclosed third party to dedicate a portion of its leasehold position in the Merge as an additional customer for natural gas gathering and processing services on Blue Mountain’s system. The dedicated acreage is located in Canadian, Grady, and McClain counties, Oklahoma. The agreement provides a long-term acreage dedication with the potential for incremental volumes as drilling activity advances within the dedicated acreage footprint.
First Quarter Earnings Conference Call
The Company will host a conference call
Investors and analysts are invited to participate in the call by dialing (866) 416-7462, or (409) 217-8223 for international calls using Conference ID: 5959866. Interested parties may also listen over the internet at www.rivieraresourcesinc.com. A replay of the call will be available on the Company’s website.
Statements made in this press release that are not historical facts are “forward-looking statements.” These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. These statements include, among others, statements regarding our 2019 guidance, planned capital expenditures, increases in oil and gas production, the number of anticipated wells to be drilled or completed after the date hereof, future cash flows and borrowings, our strategic objectives with respect to Blue Mountain Midstream, our financial position, business strategy and other plans and objectives for future operations. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to the Company’s financial and operational performance and results, low or declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to hedge future production, ability to replace reserves and efficiently develop current reserves, the capacity and utilization of midstream facilities and the regulatory environment. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read “Risk Factors” in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events.
¹ Proved developed reserves are as of year-end 2018, rolled forward to the effective date (
Source: Riviera Resources, Inc.