Marketed: White Rock Oil & Gas Operated, Nonop Michigan Asset

The following information is provided by Eagle River Energy Advisors LLC. All inquiries on the following listings should be directed to Eagle River. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.

Eagle River Energy Advisors LLC has been exclusively retained by White Rock Oil & Gas LLC to divest certain operated and nonoperated working interest assets in Michigan.

The assets provide the opportunity to acquire a mostly oil-weighted production stream of 87 net boe/d. Additionally, this package has 2,586 net acres well diversified over 29 PDP wells, with a low operating cost of $17.72/boe, Eagle River said. Lastly, this asset has a PDP PV-10 value of $7.1 million as well as a next 12-month forecasted net cash flow of about $1.6 million.

Highlights:

• Diversified Shallow Decline Oil Production
  • Production of 87 net boe/d is 87% oil (forecasted November 2022)
  • Mature and consistent production with average well age of 26 years
  • High operational control asset with 83% average working interest on operated assets
  • 29 PDP wells; 10 Operated, 19 Nonop
  • Shallow forecasted decline rate of ~9%
• Highly Profitable Asset
  • Operating costs of $17.72/boe (last 12-month average)
  • Last 12-month net cash flow = $1.3 million
  • PDP PV-10 = $7.1 million; PDP PV-20 = $4.8 million
  • Additional opportunities with waterflood installation, new horizontal drilling in Niagran Reefs, and acid cleanouts

Bids are due by 4 p.m. MT on Nov. 18. The transaction effective date is Nov. 1.

A virtual data room will be available starting Oct. 21. For information contact Chris Martina, technical director at Eagle River, at 720-726-6092 or cmartina@eagleriverea.com.