SANCHEZ ENERGY CORPORATION (OTCMKTS:SNZYP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On August17, 2017, SN Cotulla Assets, LLC (“SNC”), a wholly-owned subsidiary of Sanchez Energy Corporation (the “Company”), entered into that certain Purchase and Sale Agreement (the “Purchase Agreement”) with Vitruvian Exploration IV, LLC (“Purchaser”) to sell certain oil and gas interests and associated assets located in LaSalle County and Webb County, Texas (the “Assets”) for total consideration of approximately $105 million in cash, subject to normal and customary closing adjustments (the “Transaction”). The effective time of the Transaction is August1, 2017, at 12:01 a.m.local time where the Assets are located.
The Purchase Agreement contains customary representations and warranties by the parties, and the parties have agreed to customary indemnities relating to breaches of representations, warranties and covenants and the payment of assumed and excluded obligations.
The consummation of the transactions contemplated by the Purchase Agreement is subject to the satisfaction of customary closing conditions, including, among other things, the performance by the parties, in all material respects, of their respective covenants and agreements as set forth in the Purchase Agreement and the accuracy, in all material respects, of their respective representations and warranties as set forth in the Purchase Agreement. The transactions contemplated by the Purchase Agreement are expected to close in the third quarter of 2017, subject to satisfaction of the closing conditions.
