The following information is provided by Detring Energy Advisors. All inquiries on the following listings should be directed to Detring Energy Advisors. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
ConocoPhillips Company (“ConocoPhillips” or “Seller”) has retained Detring Energy Advisors to market for sale certain of its operated oil and gas leasehold, producing properties, and related assets located in Ector County, Texas. The assets provide an attractive opportunity to acquire: (i) 290 Boed of low-decline net production (70% liquids) from 18 producing vertical wells; (ii) high working and net revenue ownership in 5 contiguous, HBP, operated sections; and (iii) material horizontal upside in the Mississippian (Barnett, Meramec, and Woodford) and Wolfcamp/Dean which adds meaningful value beyond PDP.
Asset highlights:
- Liquids-Rich Production Base | 290 Boed | 70% Liquids | 13% decline
- 18 producing wells (6 shut-in)
- Cash Flow: $2.1MM (NTM)
- PV10: $8MM
- Net Reserves: 680 MBoe
- Attractive cost structure and netback at $15/Boe lifting costs (LTM)
- Shut-in wells offer several near-term workover opportunities
- 18 producing wells (6 shut-in)
- Contiguous 2,900+ Net Acres | 100% HBP | 99% WI | 85% NRI
- Legacy assets, fully HBP with well-established production histories
- Contiguous, operated, HBP footprint with high WI/NRI offers ideal platform to execute horizontal development
- Includes deep rights below Grayburg-San Andres (~5,000’)
- Legacy assets, fully HBP with well-established production histories
- Upside Across Multiple Horizontal Targets
- 2,688 net acres in deeper Mississippian targets, which are analogous to recent successful Barnett wells in the area
- 16 locations (8 Barnett + 8 Wolfcamp) with an avg. ~12,000’ lateral length offer material medium-term growth
- 3P PV10: $107MM
- 3P Net Reserves: 10.4 MMBoe
Bids are due at Friday, June 23. For complete due diligence information, please visit Detring.com or PetroDivest.com, or email Linda Fair at Linda@Detring.com.
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