Sanchez Production Partners Closes the Sale of Operated Assets in Oklahoma and Kansas
July 18 2016 - 6:58PM
Business Wire
Sanchez Production Partners LP (NYSE MKT:SPP) (“SPP” or the
“Partnership”) today announced that the Partnership has closed the
sale of substantially all of its operated oil and natural gas
wells, leases and associated assets and interests in Oklahoma and
Kansas. After the sale, the Partnership continues to own operated
assets located in Osage County, Oklahoma, which are associated with
the Partnership’s concession agreement with the Osage Nation, as
well as interests in non-operated oil and natural gas wells and
leases in Oklahoma and Kansas.
MANAGEMENT COMMENTARY
“The sale of these legacy production assets represents another
stride in our continuing efforts to focus on opportunities that are
more closely aligned with Sanchez Oil & Gas Corporation’s
operational platform,” said Gerry Willinger, Chief Executive
Officer of the general partner of SPP. “The assets, initially
offered for sale in March 2015, are considered non-core to the
business of SPP. With the sale, which comes on the heels of our
second midstream transaction with Sanchez Energy Corporation (NYSE:
SN), our asset mix now more closely matches our long-term
investment thesis for the Partnership.”
ABOUT THE PARTNERSHIP
Sanchez Production Partners LP (NYSE MKT: SPP) is a
publicly-traded limited partnership focused on the acquisition,
development, ownership and operation of midstream and other energy
production assets. The Partnership owns an oil and natural gas
gathering and processing system located in the Eagle Ford Shale in
Dimmit, Webb and La Salle Counties, Texas. The Partnership also
currently owns producing reserves in the Eagle Ford Shale in South
Texas, the Gulf Coast region of Texas and Louisiana, and across
several basins in Oklahoma and Kansas. For more information about
Sanchez Production Partners LP, please visit our website:
www.sanchezpp.com.
FORWARD-LOOKING STATEMENTS
This press release contains, and the officers and
representatives of the Partnership and its general partner may from
time to time make, statements that are considered forward–looking
statements within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934. These forward-looking statements
are subject to a number of risks and uncertainties, many of which
are beyond our control, which may include statements about our
business strategy; acquisition and disposition strategy; future
operating results; and plans, objectives, expectations, forecasts,
outlook and intentions. All of these types of statements, other
than statements of historical fact included in this press release,
are forward-looking statements. In some cases, forward-looking
statements can be identified by terminology such as “may,” “will,”
“could,” “should,” “expect,” “plan,” “project,” “intend,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“pursue,” “target,” “continue,” the negative of such terms or other
comparable terminology.
The forward-looking statements contained in this press release
are largely based on our expectations, which reflect estimates and
assumptions made by our management. These estimates and assumptions
reflect our best judgment based on currently known market
conditions and other factors. Although we believe such estimates
and assumptions to be reasonable, they are inherently uncertain and
involve a number of risks and uncertainties that are beyond our
control. In addition, management’s assumptions about future events
may prove to be inaccurate. Management cautions all readers that
the forward-looking statements contained in this press release are
not guarantees of future performance, and we cannot assure any
reader that such statements will be realized or the forward-looking
events and circumstances will occur. Actual results may differ
materially from those anticipated or implied in the forward-looking
statements due to factors listed in the “Risk Factors” section in
our U.S. Securities and Exchange Commission (“SEC”) filings, which
are available on our website (www.sanchezpp.com) and the SEC’s
website (www.sec.gov) and elsewhere in those filings. The
forward-looking statements speak only as of the date made, and
other than as required by law, we do not intend to publicly update
or revise any forward-looking statements as a result of new
information, future events or otherwise. These cautionary
statements qualify all forward-looking statements attributable to
us or persons acting on our behalf.
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version on businesswire.com: http://www.businesswire.com/news/home/20160718006378/en/
Sanchez Production Partners LPCharles C. Ward, 877-847-0009Chief
Financial Officer
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