The following information is provided by Detring Energy Advisors. All inquiries on the following listings should be directed to Detring Energy Advisors. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
ConocoPhillips Company (“ConocoPhillips” or “Seller”) has retained Detring Energy Advisors to market for sale certain of its operated oil and gas leasehold, producing properties, and related assets located in Ector County, Texas. The assets provide an attractive opportunity to acquire: (i) 290 Boed of low-decline net production (70% liquids) from 18 producing vertical wells; (ii) high working and net revenue ownership in 5 contiguous, HBP, operated sections; and (iii) material horizontal upside in the Mississippian (Barnett, Meramec, and Woodford) and Wolfcamp/Dean which adds meaningful value beyond PDP.
Asset highlights:
- Liquids-Rich Production Base | 290 Boed | 70% Liquids | 13% decline
- 18 producing wells (6 shut-in)
- Cash Flow: $2.1MM (NTM)
- PV10: $8MM
- Net Reserves: 680 MBoe
- Attractive cost structure and netback at $15/Boe lifting costs (LTM)
- Shut-in wells offer several near-term workover opportunities
- 18 producing wells (6 shut-in)
- Contiguous 2,900+ Net Acres | 100% HBP | 99% WI | 85% NRI
- Legacy assets, fully HBP with well-established production histories
- Contiguous, operated, HBP footprint with high WI/NRI offers ideal platform to execute horizontal development
- Includes deep rights below Grayburg-San Andres (~5,000’)
- Legacy assets, fully HBP with well-established production histories
- Upside Across Multiple Horizontal Targets
- 2,688 net acres in deeper Mississippian targets, which are analogous to recent successful Barnett wells in the area
- 16 locations (8 Barnett + 8 Wolfcamp) with an avg. ~12,000’ lateral length offer material medium-term growth
- 3P PV10: $107MM
- 3P Net Reserves: 10.4 MMBoe
Bids are due at Friday, June 23. For complete due diligence information, please visit Detring.com or PetroDivest.com, or email Linda Fair at Linda@Detring.com.
Recommended Reading
Blue Racer Midstream Prices Senior Notes Offering
2024-05-15 - Net proceeds from the sale of senior notes will be used to pay off debt and other general corporate purposes.
Petrobras CEO Prates to Step Down
2024-05-15 - Brazil’s President Luiz Inácio Lula da Silva has requested that Petrobras CEO Jean Paul Prates resign following a dispute over dividend payments.
Pembina Pipeline to Renew Share Repurchase Program
2024-05-14 - Pembina Pipeline has approval from the Toronto Stock Exchange to purchase up to 5% of its outstanding common shares.
ProPetro Adds Exxon Designee Volkov to Board
2024-05-14 - Alex Volkov is currently the transition executive tasked with planning the integration of Pioneer Natural Resources and Exxon Mobil.
MidOcean Appoints Lumens to CFO
2024-05-14 - Armand Lumens most recently served as the group CFO of Neptune Energy, where he helped develop the company’s financial and IT strategies.