Upland Exploration Inc. is offering certain Denver-Julesburg (D-J) Basin assets in the South Wattenberg area in a sale handled by UBS Securities LLC.
The offer consists of nonoperated interests in Wattenberg acreage and producing horizontal wells in Adams and Weld counties, Colo.
In addition, UBS said the offer includes development opportunities in the Codell and Niobrara A, B and C formations with strong well economics from low gas-oil ratios, initial rates and EURs of up to 950,000 barrels of oil equivalent (boe).
Highlights:
- Nonoperated interest in about 3,800 net acres in the South Wattenberg area of the D-J Basin;
- Net production of 940 boe/d from seven horizontal wells;
- Five additional wells currently being completed and expected to be brought to production by second-quarter 2017; and
- Area recently opened to development with new crude and natural gas pipelines that are estimated to be completed second-quarter 2017, according to UBS.
Upland and Ward Petroleum Corp. share an area of mutual interest (AMI) agreement in which Upland participates in 50% of Ward's leasing/acquisition program and mutually agrees to capex and a drilling schedule, UBS said.
Upland’s preference is to sell the properties in a single cash transaction.
Data rooms open early April. The sale is expected to have an April 1 effective date.
Bids are due by early May. For information contact Miles Redfield, UBS managing director, at 713-331-4685.
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