Cimarex Entered Into An Agreement To Sell Its Interest In RIley Ridge Federal Unit and Gas Plant

- Cimarex Entered Into An Agreement To Sell Its Interest In RIley Ridge Federal Unit and Gas Plant



Jun 28, 2011

Cimarex (NYSE:XEC) announced that it entered into an agreement to sell for $191 million its 57.5% operated working interest in the Riley Ridge Federal Unit and gas plant located in southwestern Wyoming. The sale is expected to close in July and is subject to satisfactory completion of customary due diligence.

The sale does not impact the company's expected 2011 production estimates, as the plant was not expected to come online until later this year.

Cimarex Energy has a potential upside of 39.2% based on a current price of $86.76 and an average consensus analyst price target of $120.73.

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