Rosetta Resources Inc. declared the completion of divestitures in the DJ Basin in Yuma County, Colorado and the Sacramento Basin in California for a total purchase price of $255 million, subject to customary closing adjustments. The closings were concluded on March 31, 2011 and April 15, 2011, respectively, with an effective date of January 1, 2011.

"These sales represent the final step in our strategy shift to an unconventional resource player," said Randy Limbacher, chairman, CEO and president. "The proceeds provide us the option of redeploying considerable amounts of capital to our high-return growth program in the Eagle Ford shale and in the Southern Alberta Basin."

Under the terms of the sale agreement for the Sacramento Basin properties, $43.6 million of funds associated with a certain portion of the assets have been placed in escrow pending receipt of appropriate consents for assignment. Once approval is granted, the titles will be released to the purchaser and funds held in escrow remitted to Rosetta. The remaining portions of the Sacramento Basin transaction are anticipated to occur in the third quarter of 2011.

Tags: Rosetta Resources Inc.