Marketed Nonop Permian Basin Assets Fasken Oil

Fasken Land and Minerals Ltd. is selling nonoperated interests in Permian Basin wells in Lea County, N.M., through a sealed-bid offering handled by EnergyNet.

The offer includes working interests plus overriding royalty interests (ORRI) in five wells operated by a subsidiary of Legacy Reserves LP (NASDAQ: LGCY). The sale also includes federal leasehold acreage.

Highlights:

  • 39.32967% working interest and various net revenue interests, plus fluctuating ORRI, in four horizontal wells;
  • 33.331942% working interest in one saltwater disposal well;
  • Two proposed horizontal wells (seller has elected to participate);
  • Six-month average 8/8ths production of 334 barrels per day of oil and 343,000 cubic feet per day of gas;
  • Seven-month average net income of $109,321 per month;
  • Operated by Legacy Reserves Operating LP;
  • 251.885 net leasehold acres;
    • Federal lease NM 84651—45.96 net acres;
    • Federal lease NM 84652—45.87 net acres; and
    • Federal lease NM 129733—160.055 net acres.

Offers are due by 4 p.m. CT March 15. For information visit energynet.com or contact EnergyNet’s Lindsay Ballard at 432-547-0424.