St. Mary Land & Exploration Co. (SM) provided an update on previously announced divestiture activities in the Company's Rocky Mountain region. St. Mary has entered into agreements to sell the package of non-strategic Rocky Mountain oil properties in two separate transactions for a total of $267 million.
The company said that it entered into an agreement in late December 2009 with Legacy Reserves Operating LP, a wholly-owned subsidiary of Legacy Reserves LP (LGCY) to sell the Wyoming portion of the divestiture package for $130 million. Closing is expected to occur in February 2010.
On January 7, 2010, the company entered into an agreement to sell the North Dakota portion of the divestiture package to a private buyer for $137 million. This transaction is anticipated to close in March 2010.
On December 18, 2009, St. Mary closed the sale of all operated and non-operated properties in the Hanging Woman Basin coalbed methane project in Wyoming and Montana in a transaction with J.M. Huber Corporation. St. Mary has also recently sold or entered into agreements to sell minor asset packages of other non-strategic properties throughout the Company, the majority of those via auction. Total proceeds from these divestitures are anticipated to be about $40 million.
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