Burk Royalty Co., Ltd. has retained Energy Spectrum Advisors Inc. to sell certain operated oil properties in the Permian Basin. The properties are located in the World Field in northern Crockett County, Texas.
The package includes ownership in 65 producing wells with a 100% working interest (approximately 80% net revenue interest) on 4,632 gross / 4,562 net contiguous acres (100% HBP). Recent net production is 302 barrels of oil per day (100% oil) from the Grayburg formation. The Company owns and is selling leasehold rights down to the deepest producing formation which ranges from 2,700' to 4,500' across the position.
Proved reserves are 2.7 million barrels of oil (55% Proved Developed) with an additional 0.75 million barrels of Probable reserves. Proved upside includes 80 in-fill undeveloped Grayburg locations while Probable upside includes another 40 in-fill locations.
The Data Room opens September 10. Bids are due October 11.
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