The following information is provided by Detring Energy Advisors LLC. All inquiries on the following listings should be directed to Detring. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Rubicon Oil & Gas II LLC retained Detring Energy Advisors LLC to market for sale its oil and gas leasehold and related interests located in Winkler County, Texas.
The assets offer an attractive opportunity to acquire (i) resilient, high-margin cash flow due to low operating costs and consistent, distributed production from 49 wellbores; (ii) an oil-weighted production base generating about 1,600 boe/d (~80% oil) on a predictable decline profile; and (iii) a turn-key development program with proven results and substantial remaining inventory, including saltwater disposal infrastructure, primed to take advantage of improving oil prices.
- Robust Production (~1,600 boe/d) and Net Cash Flow (~17 million Next 12-Month)
- High-margin, oil rich production and cash flow generated from 49 PDP wells (46 horizontal and three vertical)
- Average 51% Working Interest and 38% Royalty Interest
- Net PV-10 and reserves of $75 million and 5.3 million boe, respectively (PDP)
- Highly Concentrated Position (~11,400 Net Acres, ~70% HBP)
- Blocky, contiguous position provides ease of operations and development
- One remaining 2021 well to complete acreage drill-to-earn program
- Proven and De-risked Wolfcamp Turn-key Development
- 60 total Wolfcamp horizontal development locations across the position provide ample new-drill inventory
- Net PV-10 and reserves of $170 million and 17.7 million boe, respectively (3P)
- Rock quality, well performance, and lack of interference support future infill drilling at 160 acre spacing
- Attractive economics across the position at 20%-60%+ IRR’s
- Track record of successful execution, including recent offset COP 23 1H (~250 boe/d/Mft peak rate)
- Evaluation materials available via the Virtual Data Room on April 5
- Proposals due on May 5
The deal would create the largest pure-play northern Midland Basin E&P with a 73,000-net-acre position and 12,000 boe/d of production that is expected to more than double through 2020.
Pin Oak Energy closed a transaction with a Shell affiliate to acquire roughly 43,000 acres prospective for Utica Shale development in northwestern Pennsylvania.
In an unpredictable market, newly minted E&Ps have abandoned the old models of building ready-to-drill assets and instead are forging ahead with new models, operating strategies and leaders.