Resolute Energy Corporation has entered into a definitive agreement to sell its Gardendale assets in the Midland Basin of West Texas to an undisclosed buyer for a purchase price of $177.5 million. The proceeds of the sale initially will be used to reduce debt and longer term will be used to fund development activity in the Company's properties in the Delaware Basin in west Texas and Aneth Field in southeast Utah.

The transaction, which is expected to close on or about December 22, 2015, has an effective date of September 1, 2015, and is subject to customary closing conditions and purchase price adjustments, including for title and environmental defects. Under the terms of the purchase and sale agreement, the buyer has placed a purchase deposit of $15 million into an escrow account.

Tags: Resolute Energy Corporation