TEL Offshore Trust said June 27 it has wrapped up the sale of its remaining royalty properties offshore Louisiana to Arena Energy LP.
The sale included the company's remaining 60% overriding royalty interest and generated about $1.8 million in gross proceeds.
The divestiture was required by the Probate Court of Travis County, Texas, as part of the company's decision to terminate the trust in July 2014. Consequently, the company must hold the net proceeds from its sale in a segregated account until the court’s final resolution on all remaining manners concerning the termination.
EnergyNet was engaged by a Chevron Corp. (NYSE: CVX) subsidiary, as managing general partner, to handle the sale. The transaction closed on June 24, with an effective date of Feb. 1.
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