Anadarko Completes Lease Offering of Non-Core Interests in Arkansas
Anadarko Petroleum says that the lease offering by auction of Anadarko's open and unleased mineral interests in Arkansas, including positions in the Fayetteville Fairway and Arkoma Basin, has been completed. Bids were accepted on approximately 30,000 net acres of minerals and generated more than $82 million in lease bonus proceeds, along with a minimum 12.5 % royalty, subject to customary closing adjustments.
"We remain focused on our core operating areas and unlocking value in our portfolio of assets," said Al Walker, Anadarko Sr. Vice President, Finance and CFO. "We have accelerated the realization of value from these non-core, non-producing minerals through this innovative leasing approach, while capitalizing on the competition, energy and interest that a live auction provides."
Leases were awarded solely on a highest bid-per-lot basis, and post-sale title adjustments must be asserted within 90 days. The auction was conducted by The Oil & Gas Asset Clearinghouse in Houston, Texas.
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