Petro Harvester Oil & Gas LLC is selling certain operated properties in the Central Louisiana Wilcox play through an offering handled by advisory firm TenOaks Energy Advisors LLC.
The offer comprises roughly 7,000 net acres in legacy fields including the Reddell, Pine Prairie, Port Barre, Mamou/Beacon’s Gully, Iberia and Leleux fields. The assets, which have a monthly net cash flow of $1.3 million, are located in Evangeline, St. Landry, Vermilion and Iberia parishes, La.
Highlights:
- 9,268 gross (7,019 net) acres (100% HBP);
- Operational control with ownership interests;
- Net production of 1,900 barrels of oil equivalent per day from 71 wells (50% oil), TenOaks said in early November;
- Stacked targets from the Cook Mountain to the resource-rich Wilcox sands;
- About 3,000 feet of total Wilcox section in Pine Prairie/Reddell fields;
- Stacked targets from the Cook Mountain to the resource-rich Wilcox sands;
- Net cash flow of $1.3 million per month ($15.6 million annualized), TenOaks said in November;
- High netbacks with premium pricing and low lifting costs, according to TenOaks;
- Total proved reserves-to-production ration of about 16 years (assuming projected 2018 average net daily production); and
- Internal rate of return of 25% to more than 100%.
Offers are due by Dec. 14. For information visit tenoaksenergyadvisors.com or contact TenOaks’ B.J. Brandenberger at 214-420-2323.
Recommended Reading
Diamondback Energy to Acquire Permian’s Endeavor for $26B
2024-02-11 - Diamondback Energy will acquire Endeavor Energy in a cash-and-stock agreement that will create a Permian juggernaut with a combined value of more than $52 billion in a merger of near equals.
Analysts: Diamondback-Endeavor Deal Creates New Permian Super Independent
2024-02-12 - The tie-up between Diamondback Energy and Endeavor Energy—two of the Permian’s top oil producers—is expected to create a new “super-independent” E&P with a market value north of $50 billion.
Diamondback Prices Senior Notes to Help Cover Endeavor Deal Cost
2024-04-10 - Diamondback Energy’s notes will help cover cash consideration for the pending acquisition of Endeavor Energy as well as repaying debt owed by Endeavor.
Vital Energy's ‘Wildly Successful’ 2023 ‘Small Ball’ M&A Now in ‘Moneyball’ Mode
2024-02-23 - The operator added big runs in $1.6 billion of 2023 deals. Now Vital is looking to make more out of its hits via geology and geophysics, including steals “for free.” Still, it might pick up big consolidators’ cast-offs.
Is Double Eagle IV the Most Coveted PE-backed Permian E&P Left?
2024-04-22 - Double Eagle IV is quietly adding leases and drilling new oil wells in core parts of the Midland Basin. After a historic run of corporate consolidation, is it the most attractive private equity-backed E&P still standing in the Permian Basin?