Empire Energy Group sold its US oil and gas assets for up to US$9.1 million ($13.9 million), signalling a shift towards focusing on its Beetaloo Basin operations in Australia.

The deal includes an upfront cash payment of US$5.9 million ($9 million) and deferred payments of US$3.2 million ($4.9 million).

The sale enables Empire to repay its US Macquarie Bank credit facility fully and leaves US$2.2 million ($3.4 million) for further development in the Beetaloo Basin. Empire will retain a 3.75% carried working interest in the sold assets.

The transaction eliminates US$38 million ($58.1 million) in debt against the US assets and returns over US$2 million ($3.1 million) in cash to support Empire’s Beetaloo-focused strategy.