The following information is provided by Detring Energy Advisors LLC. All inquiries on the following listings should be directed to Detring. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.

Cornerstone Natural Resources LLC is offering for sale its Williston Basin leasehold and related assets located in Burke and Mountrail counties, N.D. The asset offers an attractive opportunity to acquire about 32,000 contiguous net acres (90% HBP) with exposure to substantial OOIP across multiple horizons. Cornerstone has retained Detring Energy Advisors as its exclusive adviser relating to the transaction.

Cornerstone Natural Resources Williston Basin Location Map (Source: Detring Energy Advisors)

Asset Highlights:

  • 32,009 Net Acres (90% HBP)
    • Large, Operated, Contiguous & HBP Acreage Position
      • Ideal for operations and extended reach laterals
      • HBP nature of the assets offers optionality on large OOIP across multiple stacked pays
    • 400 boe/d Net Production & 1.1 MMboe Net Reserves (PDP)
      • $4MM op. cash flow (NTM PDP)
      • $12MM+ PDP PV-10 Value
      • 90% liquids
    • 71 Producing Wells
      • 34 operated/37 nonop
      • Multiple refrack candidates of vintage horizontal completions
  • Proven Resource Base with 940+ MMBo Net OOIP
    • Execution-Ready Midale (Madison Group)
      • Conventional reservoir with 15% porosity and 6 MMBo/sec OOIP
      • ~70 new drill locations
    • Under-Stimulated Bakken and Three Forks Reservoirs
      • Production and core data highlight working oil play with >550 Net MMBo OOIP
      • Low historic proppant vols. (100-450 lbs/ft) present modern completion opportunity
    • Vertical SWD Conversions
      • Wells ready to convert into low-cost Dakota injectors

Process Overview:

  • Evaluation materials available via the Virtual Data Room on May 29
    • Data room presentations available upon request
  • Proposals due on June 27

For information visit detring.com or contact Melinda Faust at mel@detring.com or 713-595-1004.