ConocoPhillips Co. has retained TenOaks Energy Advisors for the sale of certain operated and non-operated properties located in the Delaware Basin. The package includes a net production of 1,600 boe/d.

TenOaks Energy Advisors
(Source: TenOaks Energy Advisors)

Opportunity highlights:

  • Premier Delaware Basin footprint in Lea County, New Mexico
  • 5,970 gross / 4,100 net acres with majority operational control (100% HBP)
  •  NTM Avg. Net Production:  ~1,600 Boepd / NTM OCF:  $30MM
  •        2024E OCF:  $63MM with an exit rate of ~4,500 Boepd (net) assuming a 1-rig program
  • High return drilling program with exceptional IRRs and type curves reaching >1,100 MBoe with ample well control.
  •  132 gross / 50 net drilling locations remaining with an average lateral length of ~8,750'
  • Significant production from the 1BS, 2BS, 3BS/WCA on and immediately offset the position / additional targets include the Middle WC and Penn Shale

Bids are due Nov.9. For complete due diligence, please visit tenoaksenergyadvisors.com or email B.J. Brandenberger, partner, at bjbrandenberger@tenoaksadvisors.com or Forrest Salge, vice president, at forrest.salge@tenoaksadvisors.com