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REN > SEC Filings for REN > Form 8-K on 18-Jan-2013All Recent SEC Filings

Show all filings for RESOLUTE ENERGY CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for RESOLUTE ENERGY CORP


18-Jan-2013

Other Events


Item 8.01 Other Events

Closing of Sale of Working Interests in Greater Aneth Field to NNOG

Resolute Energy Corporation ("Resolute") today announced that it had closed the transfer of 5% of Resolute's interest in Greater Aneth Field to Navajo Nation Oil and Gas Company ("NNOG"). Resolute and NNOG entered into a purchase and sale agreement in April 2012 pursuant to which NNOG exercised an option to purchase 10% of the interest owned by Resolute in Greater Aneth Field. This option was exercised for cash consideration of $100 million, including a $10 million performance deposit and subject to customary purchase price adjustments. The purchase and sale agreement provided that the transaction would be closed and paid for in two equal transfers of 5% each, scheduled for July 2012 and January 2013. The first of these two transfers was consummated on July 2, 2012 and Resolute received cash of approximately $45 million (including purchase price adjustments) for the 5% interest that was transferred at that time. The second of these transfers was consummated on January 18, 2013 and Resolute received approximately $48 million (including purchase price adjustments) for the 5% interest that was transferred at that time. Please refer to Resolute's press release dated April 11, 2012, for further information on the transaction.


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