A Denver energy company has canceled plans to sell its assets in North Dakota, blaming the "uncertainty" of oil prices.
SM Energy Company (NYSE: SM) earlier this year said it wanted to sell its Divide County area assets in the Williston Basin in northern North Dakota, and retained an investment bank to help make the sale.
But on Tuesday, SM Energy called off the sale.
"We have concluded that current market uncertainty around forward oil prices is not conducive to realizing a sales price that meets our deleveraging objective," said Jay Ottoson, SM Energy CEO, in a statement.
Read more at the Denver Business Journal: http://bit.ly/2qNAc07