Marketed Chevrons Waterflood SOHOT Assets In Oklahoma

Chevron Corp. (NYSE: CVX) is selling Oklahoma assets within the Anadarko Basin in two, separate sealed-bid offering handled by EnergyNet.

In the first offer, a Chevron subsidiary is selling its interests in the Velma Waterflood properties in Stephens County, Okla. The assets include 587 wells—172 producing—with a six-month average net income of about $771,000 per month.

In addition, Chevron subsidiaries are offering interests in its operated, nonoperated and royalty assets within the Southern Oklahoma Hoxbar Oil Trend (SOHOT) in Caddo, Grady and Stephens counties.

Bids for both packages are due by 4 p.m. CT May 11. For information visit energynet.com or contact EnergyNet’s Chris Atherton at 832-654-6612.

Velma Waterflood

Chevron U.S.A. Inc. is offering interests in the Velma Waterflood properties in the Sho-Vel-Tum Field in Stephens.

The offer includes operations, overriding royalty interests, royalty interests, HBP leasehold, mineral and surface fee and covers 7,237 gross (6,785 net) leasehold acres.

Highlights:

  • Six-month average monthly net income of $770,628 per month;
  • Six-month average 8/8ths production of 1,185 barrels per day (bbl/d) of oil and 1.478 million cubic feet per day (MMcf/d) of gas;
  • 587 total wells;
    • 172 producing, 24 injectors, 164 shut-in, 55 temporarily abandoned and 172 plugged and abandoned;
  • Operated 54.38%-100% gross working interests and 40.8488%-93.75% net revenue interests;
  • Royalty and overriding royalty interests of 3.0908%-6.25%;
  • Mineral fee of 326.2475 gross/net acres; and
  • Fee simple absolute of 6.667 gross/net acres.

SOHOT Play

Chevron U.S.A. Inc. and Union Oil Co. of California are offering interests in 4,862 net acres of property in the SOHOT Play.

The offer includes company-operated, nonoperated and royalty assets located in Caddo, Grady and Stephens counties, Okla.

Highlights:

  • Six-month average monthly net income of $128,900 per month;
  • Six-month average 8/8ths production of 22.617 MMcf/d of gas and 278 bbl/d of oil;
  • 161 total wells;
    • 122 producing, two shut-in and 37 plugged and abandoned;
  • Operated 64.807%-100% gross working interests and 3.4986%-93.75% net revenue interests;
  • Nonoperated 0.1236%-42.173% gross working interests and 0.1081%-36.9014% net revenue interests;
  • Royalty and overriding royalty interests of 0.0185%-12.5%;
  • Mineral fee of 360.083216 gross/net acres.