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Southwestern Energy sells oil and gas assets

Staff writer |
Southwestern Energy Company has executed a definitive agreement with a private buyer to sell Southwestern Energy's conventional oil and gas assets located in East Texas and the Arkoma Basin for approximately $218 million.

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The proceeds from the transaction will be used to reduce debt. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2015.

"Combined with the already announced divestiture of our northeast Pennsylvania gathering system, this transaction achieves the net divestiture proceeds targeted as part of the acquisition financing plan," remarked Steve Mueller, chairman and chief executive officer of Southwestern Energy.

"With the acquisition financing now complete, we will continue our focus on extracting the long-term value from our premier assets for our shareholders for years to come."

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