Prospectors take note: Deals large and small in the Marcellus, Permian Basin and Eagle Ford are to be had for the right price as companies look to shuffle capital to other projects or cash in following Winter Nape.

Most buzz at the expo surrounded the Tuscaloosa Marine Shale (TMS) as EOG Recourses Inc. (NYSE: EOG) apparently put its 193,000-acre block up for sale, said Mike Kelly, senior analyst for Global Hunter Securities. Results for Goodrich Petroleum Corp.’s (NYSE: GDP) TMS well, Weyerhaeuser 51-1, are hotly anticipated. The Goodrich wells are on 185,000 acres acquired from Devon Energy Corp. (NYSE: DVN).

A number of properties are also for sale just outside of what would be considered tier-1 Permian acreage in the Northern Midland Basin and the Delaware Basin, Kelly said.

Shale resources continue to be keenly sought following 2012 and 2013 transactions. In 2013, the Eagle Ford saw the most activity, followed by the Permian Basin and Bakken. Upstream shale related deals were mostly split between upstream at $24.1 million and midstream at $25 million. Downstream and oilfield equipment made up an additional $4.1 million of shale deals.

Chronic seller Chesapeake Energy (NYSE: CHK) is offering a seemingly endless inventory of acreage in plays across the United States. But mid-cap companies and private operators are also trying to entice buyers.

TMS Shakeup?

EOG Resources intends to sell 193,000 net acres in the Tuscaloosa Marine Shale. EOG has an average 77.5% net revenue interest (NRI). The majority of the holdings are believed to be located west of the core portion of the TMS – EOG acreage covers mainly Avoyelles Parish, La., Kelly said.

“We expect a potential sale here to fetch a minimal price per acre, as EOG’s success on the acreage has been minimal at best,” Kelly said.

The company’s 30-day rates range from 236 to 479 barrels of oil equivalent per day (BOE/d) on 4,700-6,500 foot laterals, especially when compared to results in the epicenter of the play.

EOG likely wants to sell the acreage within the first six months of the year, Kelly said.

On the buyer’s side, Halcón Resources Corp. (NYSE: HK) is rumored to be adding acreage in the TMS and may unveil more than 200,000 net acres in the core of the play.

“Get ready for some volatility in the TMS names,” Kelly said.

Near Goodrich Petroleum and Encana Corp.’s (NYSE: ECA) wells, private company Kew Drilling is marketing a 28,500 net-acre package in Amite County, Miss. prospective for the TMS. Kew aims to get $2,000 per acre from potential buyers.

Texas Plays

Texas buyers and sellers are keenly interested on Eagle Ford and Permian acreage, with some East Texas land also being shopped.

In South Texas, Chesapeake plans to sell two packages totaling 106,000 net acres and 41 million cubic feet equivalent per day (MMcfe/d) of associated production, Kelly said. The sales are to unwind Chesapeake’s existing volumetric production payment agreements (VPPs). One Chesapeake package consists of 60,800 net acres producing 31 MMcfe/d with 18.1 billion cubic feet equivalent (Bcfe) remaining through 2017. The second package is 45,100 net acres with 10 MMcfe/d from the Wilcox that is unencumbered by the VPP. Chesapeake opened a data room Feb. 7 and expects to close by April 30.

In the Eagle Ford, Chesapeake has another 62,200 net undeveloped acres across Dimmit, Frio and Zavala counties with Austin Chalk, Buda and Pearsall upside. Chesapeake estimates the acreage has more than 500 potential locations on the acreage, Kelly said. Recent Buda completions nearby have posted IPs as high as 800 BOE/d without fracing.

In East Texas, Chesapeake has something to offer, namely 183,900 net acres in Robertson, Houston, Cherokee, Nacogdoches, Sabine and Shelby counties and parishes in northern Louisiana. Production is a reported 48.9 MMcfe/d and Chesapeake plans to retain mineral and royalty interests. The company plans to open a virtual data room on March 10, collect bids by April 18 and close May 31.

In the Permian, Pioneer Natural Resources (NYSE: PXD) was apparently successful in selling 30,000 of its northernmost acres in the Midland Basin, Kelly said. The likely buyer of this acreage would have to keep three active rigs running in order to maintain the leasehold, meaning a company with access to meaningful capital, he said.

Pioneer has touted internal rate of returns (IRRs) as high as 125% at $95 oil on 800 MBOE wells in its core northern Wolfcamp position.

Other Permian offerings include:

• Big Star Oil & Gas LLC, a private company, targeting $150 million for 10,500 net acres. The land offers about 1,100 BOE/d and is located in the northern Midland Basin primarily in Howard and Dawson counties.

• Private E&P Cholla Petroleum is marketing 5,000 net acres in Dawson for $2,500 per acre. The acreage is in close proximity to operators such as Diamondback Energy Inc. (Nasdaq: FANG) and private Parsley Energy. The acreage is located to the east of SM Energy Co.’s (NYSE: SM) 53,500 net-acre Buffalo prospect where results from the first Wolfcamp B horizontal are expected to be released with earnings on Feb. 18.

• Privately held Red Willow Production has 18,700 net acres for sale in the Northern Midland basin across Borden and Terry counties. The acreage is believed to be prospective for the Wolfberry trend as well as several other formations. However, Kelly noted that Callon Petroleum Co.’s (NYSE: CPE) attempts to date in Borden have been unimpressive.

Make an offer

Outside of Texas, Chesapeake is looking to sell or trade 1 million net acres across large swaths of the Mississippi Lime in Kansas and Oklahoma. The divestiture area has 10 active horizontal rigs and 20 vertical.

In the East, the Marcellus also has properties up for sale – again by Chesapeake. The company wants to part with 87,300 net acres in the company’s joint venture area with Statoil in central Pennsylvania, predominantly across Lycoming and Clinton counties. Kelly said the assets are largely operated by Anadarko Petroleum Corp. (NYSE: APC), which has two rigs active with net associated production to Chesapeake and Statoil of 100 MMcfe/d from 215 wells. Management expected to receive bids by Feb. 14 and close by March 31.

Also in the Marcellus, Aubrey McClendon’s American Energy Partners is offering a 50% working interest in 21,000 net acres in Huntingdon County, Penn., for $1,250 per acre. The company has largely been in acquisition mode in the Utica.

And in the Bakken, SM Energy is dangling oily Williston Basin operated assets located primarily in Sheridan County, Mont. The assets have proved and probable (2P) reserves of 7.5 million barrels of oil equivalent (MMBOE) and a PV10 value of $88.3 million.

The assets are being offered as part of SM’s portfolio rationalization program. BMO Capital Markets is the exclusive financial advisor to SM Energy for the transaction. SM prefers to sell the properties in a single cash transaction.

The properties produce 507 BOE/d net (92% oil) with net cash flow of $835,000 per month. Of the 10,265 net acres available, 94% is held by production. SM is offering 27 proved developed producing oil wells, four operated saltwater disposal wells and associated water gathering pipelines.