Sundance Energy Australia Ltd. said June 21 it has entered into a purchase and sale agreement for the acquisition of about 5,050 net acres targeting the Eagle Ford Shale in McMullen County, Texas, for $16 million.
The acquisition includes 27 gross (9.6 net) wells, primarily operated by Sundance. The wells are expected to produce between 600 barrels of oil equivalent per day (boe/d) and 700 boepd during the remainder of 2016.
The assets have total proved reserves of about 3 MMboe, 1.4 MMboe of which are attributed to producing wells.
Assuming a successful close of the transaction, Sundance expects to achieve fourth-quarter 2016 production ranging between 8,600 boe/d and 9,500 boe/d.
The transaction’s effective date is May 1, and it is subject to customary due diligence and closing conditions. It is expected to close in late July.
Sundance Energy is an Australian-based, independent E&P company with a U.S. subsidiary located in Denver.
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