BTO Venture Inc. has retained Energy Spectrum Advisors Inc. to sell certain operated, long-life oil properties in North Texas. The properties are located in the prolific KMA Oil field in Wichita County, Texas.
The package includes ownership in approximately 170 producing wells with a 100% working interest (approximately 81% net revenue interest) across 2,349 gross/net contiguous acres (100% held by production). Net production is 350 bo/d (100% oil) from shallow sands ranging from 200 – 4500 ft.
Net operating cash flow has averaged approximately $790,000 per month. The sale also includes BTO’s 50% ownership in a profitable gas processing plant and three workover rigs that service the properties.
Proved producing reserves are 1.4 MMbo. Proven upside includes over 200 low cost recompletion and new drill opportunities that can be funded entirely out of cash flow.
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