The following information is provided by EnergyNet. All inquiries on the following listings should be directed to EnergyNet. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Empire Petroleum Corp. retained EnergyNet for the sale of certain oil and gas properties and related assets located in North Dakota’s Bottineau County. The offering includes working interest, either operated or nonoperated, in the Starbuck Madison Unit plus leasehold acreage.
- View Executive Summary on EnergyNet.com
- Option 1: Nonoperated Working Interest in the Starbuck Madison Unit:
- 47.98% Working Interest / 41.32% Net Revenue Interest
- 12-Month Average Net Income: $12,027/Month
- 3,177.00 Net Leasehold Acres
- Option 2: Operated Working Interest in the Starbuck Madison Unit:
- 95.97% Working Interest / 82.64% Net Revenue Interest
- 12-Month Average Net Income: $24,054/Month
- 6,354.00 Net Leasehold Acres
- Six-Month Average 8/8ths Production: 96 bbl/d of Oil
- Next 12-month: $1.4 million Gross (with PUD development)
- 13 Producing Wells | Five Active Injection Wells
- Production Incline for the Better Part of a Decade (7%-8% Incline)
- Optimal simulation calls for the addition of five acceleration wells
- Simulation results show an immediate substantial increase in production:
- ~3,300 to 7,700 barrels of oil per month
Bids are due by 4 p.m. CST March 17. The transaction is expected to have a March 1 effective date of sale.
For complete due diligence information on either package visit energynet.com or email Emily McGinley, manager of business development, at Emily.McGinley@energynet.com, or Denna Arias, vice president of corporate development, at Denna.Arias@energynet.com.
Editor’s note: The bid date, originally March 10, has been extended due to the recent severe winter storm in Texas.
SPACs have taken Wall Street by storm, raising billions for as-yet unidentified acquisition targets—but will they return to save the oil and gas space?
The NorTex Midstream deal follows the acquisition of Tall Oak II and III by Tailwater Capital last month in Oklahoma’s Arkoma STACK.
Daniel Rice, former CEO of Rice Energy who now sits on the EQT board, addressed the elephant in the room earlier this month at Hart Energy’s Energy Capital Conference.