SM Energy is selling around a 12.5% working interest in its non-operated acreage of Eagle Ford shale in Texas for $680 million. The new owner of the 12.5% interest of the land will be a subsidiary of Mitsui & Company.
Following the closure of the deal, SM Energy will have around 46,000 net acres in the non-operated portion of its Eagle Ford shale position. On the transaction, which is expected to close in third quarter of 2011, the seller is being advised by Bank of America Merrill Lynch.
