Sundance Energy Australia Ltd. acquired additional working interests in 23 gross (1.5 net) producing wells and 1,449 gross (130 net) acres in the Eagle Ford Shale in McMullen County, TX, for $7.1 million.
Production net to the acquired interests was averaging 300 boe/d. Sundance currently operates 12 of the acquired wells.
In a separate transaction, the company divested an acreage block containing 3,336 gross (2,709 net) acres located in Atascosa County, TX. The Eagle Ford acreage was undeveloped and outside the company's core development project area. Sundance received $7.1 million in cash for the acreage.
Those transactions closed last week.
In spring 2014 Sundance acquired Texas acreage prospective for the Eagle Ford and for the Georgetown Formation sold acreage in the Denver-Julesburg Basin.
According to a December investor presentation, Sundance had about 46,000 net acres in the Eagle Ford with a development inventory of 430 gross (353 net) undrilled locations. Through the third quarter the company completed 19 gross (11 net) wells and refracked five gross (4.7 net) wells during the third quarter in an alliance with Schlumberger.
The company began trading on NASDAQ on Sept. 1 under the symbol "SNDE."