Earlier this year, Southwestern launched plans to reposition its portfolio to focus on its position in the Appalachian Basin, where it holds more than 475,000 net acres prospective for Upper and Lower Marcellus, Upper Devonian and Utica/Upper Point Pleasant development. Bill Way, president and CEO of Southwestern Energy, said the company's transaction with Flywheel is a "significant milestone" in advancing its strategic plan. "The sale of Fayetteville represents a pivotal and deliberate step towards fulfilling our promise to reposition Southwestern Energy to capture greater returns from our higher margin Appalachia assets," Way said in a statement. Southwestern said it anticipates closing the sale in December. The transaction, which has an effective date of July 1, was unanimously approved by Southwestern's directors. J.P. Morgan Securities LLC was financial adviser to Southwestern, and Latham & Watkins LLP was the company's legal adviser.