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.
Birch Operations Inc. is offering for sale its vertical Midland Basin wellbore-only operated interests in Howard, Martin and Midland counties, Texas.
The assets offer an attractive opportunity to acquire 89 liquids-rich wellbores (85% liquids) in the Permian Basin producing 975 boe/d (net) and generating a resilient, high-margin cash flow stream driven by efficient operations, according to Detring Energy Advisors LLC, which Birch has retained as its exclusive adviser related to the transaction.
- Robust Operating Cash Flow ($5 million NTM PDP) and Production (975 boe/d | 85% Liquids)
- Five+ years of production history provides confidence in forecast volumes and cash flow
- Resilient cash flow stream ensured by low operating expenses and healthy margins
- ~$16.21/boe operating cash margin
- PV-10 of $19 million
- Midland: 22%
- Martin: 58%
- Howard: 22%
- Net reserves of 3.2 million boe
- Midland: 16%
- Martin: 59%
- Howard: 25%
- High ownership interest and operational control
- Average Working Interest: 98% | Average Lease Net Revenue Interest: 77%
- 89 PDP wells
- Midland: 7
- Martin: 62
- Howard: 20
- This is a wellbore-only package
- Evaluation materials available via the Virtual Data Room on May 10
- Proposals due on June 9
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