Rosetta Resources Announces Asset Sale Agreement Worth $255M

Rosetta ROSE has entered into two separate purchase and sale agreements for its assets in the Sacramento Basin in California and the DJ Basin in Colorado. The two operating areas hold a total of 80 Bcfe of proved reserves and currently produce about 40 MMcfe/d. The combined purchase price for the properties totals $255 million, subject to customary closing adjustments based on an effective date in both transactions of January 1, 2011, with both transactions expected to close by the end of the second quarter. The favorable timing of the divestitures will allow the Company the option to accelerate development in the Eagle Ford, acquire additional leasehold in and around our core areas, and/or accelerate exploration in the Southern Alberta Basin.