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.
Stephens Natural Resources, LLC & Stephens Energy Group, LLC (“Stephens”) are offering for sale their oil & gas producing properties, leasehold, and related assets located in Blaine, Kingfisher, Garfield, Payne, and Logan Counties, Oklahoma. The assets offer an attractive opportunity to acquire a large, contiguous, and HBP ~21,900 net acre majority operated position underpinned by a balanced production base garnering ~$10MM of annual cash flow, coupled with a highly economic drill-ready development program targeting multiple de-risked formations. Stephens has retained Detring Energy Advisors as its exclusive advisor relating to the transaction.
Asset Highlights:
- Substantial Production Base | ~1.4 MBoed & $10MM Operating Cash Flow
- Balanced net production comprised of ~300 Bod (oil), 4.0 MMcfd (gas), and 460 Bbl/d (NGL) (52% liquids)
- PDP PV10: $50MM
- PDP Net Reserves: 6.0 MMBoe
- Well Count: 111 current producers
- Sizeable base of predictable, high-margin cash flow
- $10MM NTM (PDP Only)
- Healthy returns with an operating cash flow margin of $21/Boe at current commodity prices
- 78 operated producers account for 95% of PDP value (average 58% WI)
- Balanced net production comprised of ~300 Bod (oil), 4.0 MMcfd (gas), and 460 Bbl/d (NGL) (52% liquids)
- ~21,900 Net Leasehold Acres | 100% Held By Production
- Majority operated and concentrated position allows for ease of operations and capital budget control
- Extensive and high-quality infrastructure in place
- High-quality operated SWD pipeline system with nine SWD wells supporting on-going operations
- Robust Upside Inventory | >150 Mississippian Locations
- Stacked-pay with multiple de-risked targets across the position
- Drill-ready development program focuses on the prolific Mississippian with further upside potential in the Oswego reservoir
- 150+ highly-economic development locations (avg. 45% WI) generating >100% IRRs + >2x ROI (Disc. 10%)
- 3P PV10: $122MM
- 3P Net Reserves: 25 MMBoe
- Stacked-pay with multiple de-risked targets across the position
Bids are due on April 12. Evaluation materials available via the Virtual Data Room (“VDR”) on Wednesday, March 15th. For complete due diligence information or to request a confidentiality agreement, please contact Melinda Faust, managing director, at mel@detring.com.
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