The following information is provided by Meagher Energy Advisors. All inquiries on the following listings should be directed to Meagher. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Whiting Petroleum Corp. retained Meagher Energy Advisors for the sale of its Retail upstream and midstream assets in Colorado’s Weld County.
- Unique opportunity: Shallow decline, horizontal Niobrara producing properties and wholly owned midstream assets supplement operating margins and cash flows.
- Significant production: 8,321 boe/d December net production (70% liquids) from diversified commodity mix.
- Robust cash flow: $5.4 million June 2021 net PDP cash flow forecast, $54.9 million 12-month net PDP cash flow forecast.
- Long life assets: 23,500 boe in PDP reserves representing on 8.8-year R/P ratio. Limited near-term P&A.
- Integrated midstream: Redtail plant, midstream compression and gathering systems contributes $1.1 million/month.
- Contiguous rural acreage: 69,308 net acres with regulatory and development risk mitigated through lack of urban exposure.
- Upside: 82 economic (>10% IRR) locations at current price strip identified in three types curve areas. Additional 403 locations at higher prices.
Bids are due June 2. The transaction is expected to have a June 1 effective date.
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