Marketed Nonoperated Permian Basin Interests EnergyNet

Two private companies are selling nonoperated working interest in Permian Basin assets located throughout West Texas in two separate sealed-bid offerings handled by EnergyNet.

The first offer is comprised of Foundation Energy Fund II LLC’s nonop interest in 17 wells in Andrews, Midland and Winkler counties, Texas. Operators include subsidiaries of Devon Energy Corp. (NYSE: DVN) and ExxonMobil Corp. (NYSE: XOM).

In addition, Texoak Energy - Project 1C LLC is offering for sale its nonop working interests in 43 wells in Glasscock County, Texas. The assets are operated by Apache Corp. (NYSE: APA) and Laredo Petroleum Inc. (NYSE: LPI).Texas Andrews Midland Winkler Counties Map

Foundation Energy:

  • 2,700 gross (330 net) leasehold acres;
  • 17 wells;
    • 13 producing wells;
    • Four non-producing wells;
  • 3.54195% to 42.5% gross working interest (nonoperated);
  • 2.789349% to 36.86875% net revenue interest;
  • 12-month average net income of $4,293 per month;
  • Six-month average 8/8ths production of 145 barrels per day (bbl/d) of oil and 1.893 million cubic feet per day (MMcf/d); and
  • Operators include Devon Energy Production Co. LP, XTO Energy Inc., Impetro Operating LLC and Sundown Energy Inc.

Offset activity consists of 33 rigs with 3,936 well permits issued in the last 12-month period, EnergyNet said.

The company is managed by Dallas-based Foundation Energy Management LLC, which currently operates on more than 935,000 net acres across 12 states, according to its website.

Offers are due by 4 p.m. CT March 8. For information visit energynet.com or contact EnergyNet's Michael Baker at 972-898-5358.Texas Glasscock County Map

Texoak Energy:

  • 43 wells;
  • 7.85295% to 43.22338% working interest (nonoperated);
  • 5.889713% to 32.417533% net revenue interest;
  • Six-month average net income of $133,883 per month;
  • Six-month average 8/8ths production of 583 bbl/d of oil and 2.521 MMcf/d; and
  • Operators include Apache and Laredo Petroleum.

Offers are due by 4 p.m. CT March 9. For information visit energynet.com or contact EnergyNet's Ethan House at 405-255-5444.