For the sale of its shallow Arkoma Basin assets, the private-equity firm Canaan Resources LLC retained the investment banking firm Energy Capital Solutions LLC, the company said June 26.

The assets sit on 64,144 HBP net acres across Haskell, Hughes, McIntosh and Pittsburgh counties, Okla. and contain 560 producing wells. These produce 11 million cubic feet equivalent per day (MMcfe/d), Canaan said. The assets mainly produce from the Hartshorne Coal Formation between 2,000 and 2,500 feet, the company said. There is also production in the Bartlesville, Booch, McAllister and Savanna Formations, Canaan said. The assets also include additional HBP acreage, infrastructure and proprietary 3-D seismic, the company added.

Interested parties must submit nonbinding interest indications by July 25, the company said.

In 2013’s net revenue from the assets’ net production—12.8MMcfe/d, more than 99% of it gas—was $12 million, Canaan said.

At year-end 2013, cash flow from production was $373,200, Canaan said, noting that in April of this year, cash flow from production was $607,200. Current cash flows can support additional drilling, the company noted.

Netherland, Sewell & Associates Inc. had created the reserve report at year- end 2013, Canaan said.

The assets will benefit from increased gas prices, the company said, noting that a price increase to $6 per million British thermal units could increase the proved reserves to 47.1 Bcfe with a PV-10 value of $57.3 million.

Canaan Resources LLC is based in Oklahoma City, and Energy Capital Solutions LLC is based in Dallas.