Cimarex Announces Property Sale

Nov 06, 2012, 06:00 ET from Cimarex Energy Co.

DENVER, Nov. 6, 2012 /PRNewswire/ -- Cimarex Energy Co. (NYSE: XEC) announced today that it has entered into an agreement to sell for $294 million certain non-core long-lived oil and gas properties in Texas.  The sale is expected to close before year-end 2012 and is subject to satisfactory completion of customary due diligence.

The properties have current production of approximately 2,550 barrels equivalent per day (75% oil) and proved reserves of 9.4 million barrels equivalent. 

About Cimarex Energy Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent, Permian Basin and Gulf Coast areas of the U.S.

This communication contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements are based on current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are more fully described in SEC reports filed by Cimarex. While Cimarex makes these forward-looking statements in good faith, management cannot guarantee that anticipated future results will be achieved. Cimarex assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.

SOURCE Cimarex Energy Co.