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Sales of Assets
12 Months Ended
Dec. 31, 2016
Sale Of Assets [Abstract]  
Sales of Assets
Sales of Assets
 
In December 2016, we sold substantially all of our assets in the Giddings Area in East Central Texas for cash consideration of $400 million, subject to customary closing adjustments. In September 2016, we sold certain acreage in Burleson County, Texas for cash consideration of $1.4 million. In July 2016, we sold our interests in certain wells in Glasscock County, Texas for approximately $19.4 million, subject to customary post-closing adjustments. In June 2016, we sold our interests in certain wells in Oklahoma for cash consideration of $1.5 million. In April 2016, we sold certain acreage in Burleson County, Texas for cash consideration of $2 million. In February 2016, we sold certain acreage in Burleson County, Texas for cash consideration of $0.8 million.

In December 2015, we sold certain acreage in Burleson County, Texas for cash consideration of $21.8 million. This acreage, located east of our contiguous acreage block, was sold under a three-year term assignment that may be extended beyond the stated term as long as the buyer maintains a 180-day continuous development program on the acreage. We retained our rights to all depths and formations other than the Eagle Ford formation and also retained our interest in acreage and production in all wells currently situated on the acreage. We also reserved an overriding royalty interest to the extent the net revenue interest of any assigned lease exceeds 75%. In September 2015, we sold our interests in selected leases and wells in South Louisiana for $11.8 million subject to customary closing adjustments. In June 2015, we sold certain acreage in Burleson County, Texas for cash consideration of $22.1 million. We retained our rights to all depths and formations other than the Eagle Ford formation and also retained our interest in acreage and production associated with the Porter E Unit #1, our only Eagle Ford well situated on this acreage, a reversionary interest in acreage if the buyer fails to maintain a continuous development program and an overriding royalty interest in leases to the extent the net revenue interest exceeds 75%. During the first half of 2015, we sold our interests in selected leases in Oklahoma and sold our interests in certain wells in Martin and Yoakum Counties, Texas for proceeds totaling $7.3 million.

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. 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. In May 2015, the title requirements were satisfied and the remaining proceeds were released. In February 2014, we sold a property in Ward County, Texas for $5.1 million, subject to customary closing adjustments.

Net proceeds from each of these transactions were used to repay the then-outstanding balance on the revolving credit facility and to fund a portion of our planned capital expenditures for 2016, 2015 and 2014.