An unknown buyer entered into a definitive agreement to acquire several non-core assets including Arkoma basin properties from Jones Energy, Inc. for $70 million.

An unknown buyer entered into a definitive agreement to acquire several non-core assets including Arkoma basin properties from Jones Energy, Inc. (NYSE:JONE) for $70 million on June 22, 2017. Under the terms, Jones Energy would sell its Arkoma Basin properties for $67.5 million of which $65 million would be in cash plus up to a $2.5 million contingent payment based on improving natural gas prices. The consideration is subject to customary closing adjustments. Subject to customary closing conditions, the Arkoma transaction is expected to be completed during the third quarter of 2017. As of August 1, 2017, Jones Energy completed the sale of Arkoma basin properties. Jones Energy expects to use net proceeds to repay outstanding borrowings under its revolving credit facility. The transaction is expected to be accretive for Jones Energy. Detring Energy Advisors acted as exclusive financial advisor to Jones Energy.