Vanguard buys LRR Energy’s Permian and Arkoma assets, including 1,290 gross producing wells and about 158,000 net acres. LRR’s proved reserves were about 203 Bcfe in December 2014.
The purchased acreage, which is entirely undeveloped, represents a natural bolt-on to Gulfport's existing position in the shale play and translates to $12,700 per acre.
After Shell’s $70 billion deal, ExxonMobil and Chevron are in the hunt with several large U.S. E&Ps. But in the Permian Basin, the bid-ask spread remains too wide for deals.
The company, based in St. Marys, W.Va., and its joint venture partner will continue to own a combined 27,800 net acres in Marshall and Marion counties.
TenOaks is a new Dallas-based A&D firm led by former executives from Energy Spectrum Advisors—Lindsay Sherrer, B.J. Brandenberger and Jason Webb.
The structure of the transaction may become a repeatable model for the Houston company in order to fund growth in higher rate of return drilling opportunities and other projects.
The Denver company’s sale in the Permian Basin could be followed by a deal for the Denton Field in Lea County, N.M., to chip away at $785 million debt.
The MLP and its private equity backer Quantum Energy team up for acquisitions in a distressed market, but A&D may not kick into high gear until second-half 2015.
Whitecap Resources pays $115,200 per boe/d for production in the Viking, a highly economical oil asset near the Kerrobert area of west central Saskatchewan.
With acreage the Barnett Shale, Delaware Basin and Horn River Basin, the company wants to reorganize and is continuing to pay vendors, maintain payroll.
Deal activity flounders as Cabot Oil & Gas Corp., Energen Corp., Diamondback Energy Inc., Gulfport Energy Corp. and others are said to be companies that may be targeted for deals but would command premiums, analyst says.
Operators in the Utica, Eagle Ford and other prominent shales have raised an average $429 million, some with an eye toward buying core assets in a down market.