Sundance Energy Limited (ASX:SEA)
has agreed to pay New Standard Energy Limited (ASX:NSE)
$24 million for its United States and Cooper Basin assets.
Sundance will acquire the Colorado County project in the US and indirectly purchase the Atascosa project and interest in Cooper Basin permit PEL 570 through the purchase of subsidiaries.
The deal leaves New Standard free of debt and able to explore options for the future development of its onshore assets in Western Australia.
New Standard shareholders still have to vote to approve the deal.
Sundance Energy reported a full year net profit of $18.68 million for the 2014 calendar year.