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Riverside Energy retained EnergyNet Indigo for the sale of a 4,411 well package comprising overriding royalty interest (ORRI) in certain natural gas properties in Michigan’s Antrim Shale through a sealed-bid offering closing April 22.
The ORRI assets are located in Michigan’s Alcona, Alpena, Antrim, Charlevoix, Crawford, Kalkaska, Manistee, Montmorency, Oscoda and Otsego counties.
Highlights:
- Offering 5% ORRI on Riverside's Interests in 4,411 Operated Wells
- Unique Opportunity to Acquire Mature and Predictable Low Decline ORRI Assets Within the Antrim Shale Formation
- Attractive Diverse Position Across 10 Michigan Counties
- Long Life Low Risk Reserves - Average 2%-4% Terminal Decline
- Six-Month Average Gas Sales: 93,280 Mcf/d
- Six-Month Average Net Income: $224,411/Month
- Next 12-Month Cash Flow (Net) on ORRI: $3.2 million
- Strong Operations with Riverside Energy Following Previous Operator Chevron
- Production from Antrim Shale w/ Further Production Enhancement Potential
- PDP PV 4: $49.5 million
- PDP PV 5: $43.4 million
- PDP PV 8: $31.2 million
Bids are due by 4 p.m. CDT April 22. For complete due diligence information visit indigo.energynet.com or email Heidi Epstein, manager of business development, at Heidi.Epstein@energynet.com, or Denna Arias, vice president of corporate development, at Denna.Arias@energynet.com.
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