Resolute Energy Corporation has closed the sale of its Gardendale assets in the Midland Basin of West Texas to a private party for a purchase price of $177.5 million. The transaction has an effective date of September 1, 2015.

The net proceeds of the sale will be used to repay $95 million under the Company's revolving credit facility, representing all amounts currently outstanding under that facility, although the facility will remain in place. In connection with the sale, the borrowing base under the Company's revolving credit facility has been reduced by $20 million to $145 million.

Tags: Resolute Energy Corporation