Newpek Announces Sale of Wilcox Assets

Source Press Release
Company ALFA, S.A.B. de C.V 
Tags Asset Deals, Deals, Upstream Activities
Date October 31, 2018

ALFA, S.A.B. de C.V. (ALFA), announced today that its subsidiary Newpek, LLC (“Newpek”) has signed a purchase and sale agreement with an undisclosed third party to sell approximately 725 net acres in the Wilcox field for net proceeds of US$33 million, subject to normal closing adjustments. The transaction is expected to close during the fourth quarter of 2018, subject to the satisfaction of customary closing conditions.

The acreage is located in Live Oak County, Texas and averaged net production of approximately 775 barrels of oil equivalent per day during the second quarter of 2018. The assets being sold represent all of Newpek’s interests in the field, including all of its producing wells and the associated infrastructure. 

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