Marjo Reserves LLC is looking for a buyer or partner for its South Fort Supply waterflood project in Woodward County, Okla., in a sale handled by Meagher Energy Advisors.
The project includes extensive core analyses, an engineering study and geological mapping and five existing wells completed in the target Oswego Lime interval. Marjo owns an estimated 88% working interest and 69% net revenue interest in the unit.
Highlights:
Operations
- Five wells;
- Average 81.5% working interest and 65.11% net revenue interest; and
- Current gross production 12.6 barrels per day (bbl/d) of oil, 60,000 cubic feet per day and 8 bbl/d of water.
Upside Potential
- Marjo expects 639,000 bbl incremental secondary recovery;
- $2 million investment for supply well, surface equipment and conversion; and
- Analogous 1.465 MMbbl waterflood unit three miles away.
Land/Leasehold
- Waterflood plan comprises about 1,760 acres in portions of five sections;
- Company currently owns about 46% of the unit area; and
- Minimal investment required to lease remaining open acreage.
Bids are due March 7. The sale is expected to close April 4 with a March 1 effective date.
For information visit meagherenergyadvisors.com or contact Matt Williams, business development manager with Meagher, at 918-481-5900.
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