LSB sells oil and gas assets
LSB Industries Inc. has announced the sale of its oil and gas assets. It reported May 15 that on May 11, LSB subsidiary, Zena Energy LLC, agreed to sell to BKV Chelsea LLC, a Delaware company, all of its assets, including Zena’s right, title, and interest in all of its oil and natural gas properties located in Wyoming County, Penn., for a purchase price of $16,250,000, subject to customary adjustments to reflect the operation of the properties prior to closing. Upon completion of the sale, the company will no longer own any material oil and natural gas assets. The sale was expected as LSB had previously announced plans to shed noncore assets, including its oil and gas stake.