The following information is provided by TenOaks Energy Advisors LLC. All inquiries on the following listings should be directed to TenOaks. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Legacy Reserves LP retained TenOaks Energy Advisors and Barclays in connection with the potential sale of a portfolio of overriding royalty interests (ORRI) located in the Permian Basin.
- ORRI portfolio (90% HBP) spanning active development areas of the Delaware and Midland Basins
- Delaware Basin: ~2,200 NRA
- Midland Basin: ~2,800 NRA
- Material existing cash flow provides immediate yield
- ~$14 million of NTM cash flow (96% PDP and DUCs)
- Track record of continued growth across the position with decades of future development inventory targeting proven benches
- ~150 spuds across the position over the last two years
- Near-term DUCs and Permits and >1,500 quantified remaining locations
- Controlled by high-quality, well-capitalized Permian operators who are rapidly developing their positions
- Top operators include Double Eagle / Pioneer, Devon, and Diamondback
- All Legacy operators running a combined ~100 rigs in the Delaware/Midland
Bids are due May 13. The potential transactions is expected to have an effective date of April 1.
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