ConocoPhillips Co. has retained TenOaks Energy Advisors for the sale of certain operated and non-operated properties located in the Delaware Basin. The package includes a net production of 1,600 boe/d.

TenOaks Energy Advisors
(Source: TenOaks Energy Advisors)

Opportunity highlights:

  • Premier Delaware Basin footprint in Lea County, New Mexico
  • 5,970 gross / 4,100 net acres with majority operational control (100% HBP)
  •  NTM Avg. Net Production:  ~1,600 Boepd / NTM OCF:  $30MM
  •        2024E OCF:  $63MM with an exit rate of ~4,500 Boepd (net) assuming a 1-rig program
  • High return drilling program with exceptional IRRs and type curves reaching >1,100 MBoe with ample well control.
  •  132 gross / 50 net drilling locations remaining with an average lateral length of ~8,750'
  • Significant production from the 1BS, 2BS, 3BS/WCA on and immediately offset the position / additional targets include the Middle WC and Penn Shale

Bids are due Nov.9. For complete due diligence, please visit or email B.J. Brandenberger, partner, at or Forrest Salge, vice president, at