DENVER BUSINESS JOURNAL - Resolute Energy Corp. said it plans to sell its oil interests in southeastern Utah in a deal that could net it $195 million.
The Denver energy company (NYSE: REN) said it's selling its subsidiary that holds interests in Aneth Field in the Paradox Basin to an affiliate of Elk Petroleum Limited.
Resolute Energy said it will receive $160 million at closing plus an additional $35 million if oil prices "exceed certain levels in the next three years."
The company said it will now concentrate on oil projects in the Delaware Basin in Reeves County in west Texas.
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