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Resolute Energy: Announces Closing Of Powder River Basin Sale And Redetermination Of Its Borrowing Base

The following excerpt is from the company's SEC filing.

Denver, Colorado –

October 8, 2015 – Resolute Energy Corporation (“Resolute” or the “Company”) (NYSE: REN) announced today that it has closed the sale of its Hilight Field assets in the Powder River Basin to a private party for a purchase price of $55 million. The transaction has an effective date of July 1, 2015. The net proceeds of the sale have been used to pay down amounts outstanding under the Company’s revolving credit facility.

Resolute also announced today the completion of its fall borrowing base redetermination under the Company’s revolving credit facility. Reflecting a reduction of $15 million attributable to the Powder River Basin assets sold, the borrowing base was set at $165 million. As of September 30, 2015, the Company had $140 million outstanding under its revolving credit facility. Pro forma for paydown of debt with the net proceeds from the Powder River Basin sale, amounts outstanding under the credit facility were approximately $85 million, providing the Company with approximately $80 million of availability under its revolving credit facility.

Nicholas J. Sutton, Resolute’s Chairman and Chief Executive Officer said: “With the closing of the Powder River Basin asset sale, we now have completed nearly $100 million of asset sales in 2015, significantly reducing leverage and strengthening the Company’s balance...