Atlas Resource Partners LP (NYSE: ARP) completed a $420 million acquisition of reserves in Colorado’s Rangely Field, the company said June 30.
It acquired about 47 million barrels of oil equivalent (boe) of reserves in the mature CO2 field that has low-decline oil production, the company said. Of the total number of acquired reserves, about 25 MMboe are proved developed producing, the company noted.
The transaction’s effective date was April 1, Atlas Resource said.
A “stable, high-margin cash flow” is expected from the acquired assets, the company said, noting that the assets are in a tertiary oil recovery project. The project's production is 90% oil with a remainder of NGL.
The company has a nonoperating net working interest of about 25%, while Chevron Corp. (NYSE: CVX) is the operator, Atlas Resource said.
Deutsche Bank Securities Inc. was Atlas Resource’s financial advisor, while Jones Day was its legal advisor, the company said.
Pittsburgh-based Atlas Resource Partners LP is an upstream MLP with interests in domestic natural gas and oil. It is a subsidiary of Atlas Energy LP (NYSE: ATLS).
Recommended Reading
Santos’ Pikka Phase 1 in Alaska to Deliver First Oil by 2026
2024-04-18 - Australia's Santos expects first oil to flow from the 80,000 bbl/d Pikka Phase 1 project in Alaska by 2026, diversifying Santos' portfolio and reducing geographic concentration risk.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.
Tethys Oil Releases March Production Results
2024-04-17 - Tethys Oil said the official selling price of its Oman Export Blend oil was $78.75/bbl.
Exxon Mobil Guyana Awards Two Contracts for its Whiptail Project
2024-04-16 - Exxon Mobil Guyana awarded Strohm and TechnipFMC with contracts for its Whiptail Project located offshore in Guyana’s Stabroek Block.