Privately held Red Bluff Resources LLC and its partner Bricktown Energy are working with an investment bank to find buyers for their Anadarko basin assets that could fetch more than $500 million in total, a source familiar with the matter said.

The companies together hold around 80,000 net acres of land in the Anadarko basin of Oklahoma and have forecast a total 2022 production of around 17,000 barrels of oil equivalent per day (boepd), according to a marketing document seen by Reuters.

The source requested anonymity as the sale discussions were confidential. Red Bluff and Bricktown did not immediately respond to requests for comment.

A supply crunch has driven oil prices in recent months to levels not seen since the financial crisis of 2008, accelerating dealmaking in the industry. That has given private teams a rare window to exit investments profitably, with prices of global benchmark Brent crude trading around $100 a barrel on Wednesday.

Those elevated levels have prompted a call for U.S. shale producers to boost production, bringing back to prominence higher-cost basins like the SCOOP and STACK of Oklahoma, where Red Bluff and Bricktown operate.

Red Bluff estimates its 2022 production will average 13,000 boepd, while Bricktown expects 4,000 boepd of output for the year, according to the marketing document.

The two Oklahoma City-based producers together have interests in around 1,031 producing wells, the document shows. The owners of the two companies are open to selling them together or separately, according to the document.