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Sales of Assets
9 Months Ended
Sep. 30, 2014
Sale Of Assets [Abstract]  
Sale of Assets
Sales of Assets
 
In September 2014, we sold our interests in approximately 7,500 net acres in the Delaware Basin in Ward and Winkler Counties, Texas to an unaffiliated third party for $29.3 million. Proceeds from this sale were used to repay a portion of the outstanding balance on our revolving credit facility.

In March 2014, we closed a transaction to sell our interests in selected wells and leases in Wilson, Brazos, La Salle, Frio and Robertson Counties, Texas for $71 million, subject to customary closing adjustments. At closing, $6.8 million of the total proceeds was placed in escrow pending resolution of certain title requirements, $4.3 million of which was released in June 2014. If the remaining title requirements are not satisfied, waived or extended, some or all of the remaining $2.5 million of retained proceeds may be returned to the buyer. To the extent we are able to satisfy any of the remaining title requirements, we may recognize additional net proceeds from the sale in future periods. In February 2014, we sold a property in Ward County, Texas for $5.1 million, subject to customary closing adjustments. Net proceeds from these sales were used to repay the then outstanding balance on our revolving credit facility and to fund a portion of our planned capital expenditures for 2014.

In April 2013, we closed a transaction to monetize a substantial portion of our Andrews County Wolfberry oil and gas reserves, leasehold interests and facilities (the “Assets”). At closing, we contributed 5% of the Assets to a newly formed limited partnership in exchange for a 5% general partner interest, and a unit of GE Energy Financial Services contributed cash of $215.2 million to the limited partnership in exchange for a 95% limited partnership interest. The limited partnership then purchased 95% of the Assets from us for $215.2 million, subject to customary closing adjustments. Upon the attainment by the limited partner of predetermined rates of return, our general partner interest in the partnership may increase. Proceeds from this transaction were used to repay a portion of the outstanding balance on our revolving credit facility.

In April 2013, we sold a 75% interest in our rights to the base of the Delaware formation in approximately 12,000 net undeveloped acres in Loving County, Texas to an unaffiliated third party for $6.8 million. In December 2013, we sold our remaining interest in the same acreage for $34.5 million, subject to customary closing adjustments. Proceeds from this sale were used to repay a portion of the outstanding balance on our revolving credit facility.