1. NEW-Adexco Production Co. et al. have retained Albrecht & Associates Inc. to sell assets in the Barnett shale in North Texas.
The package includes interests in 10 producing wells and 100 proved undeveloped locations on 6,000 gross (5,600 net) acres in Jack, Parker and Wise counties.
Net production as of April was 4.8 million cubic feet of gas and 70 barrels of oil for a total 5.2 million cubic feet equivalent per day. Net proved reserves are 208,000 barrels of oil and 104 billion cubic feet for a total 106 billion cubic feet equivalent (11 billion proved developed).
The data room is open. Offers are due June 18. The effective date is June 13. Contact Bob Albrecht, 713-951-9586.
2. NEW-Adexco Production Co. has retained Albrecht & Associates Inc. to sell assets in the Barnett shale in the Fort Worth Basin of Texas.
This second package includes interest in 9,990 gross acres (7,113 net) in Erath, Johnson, Palo Pinto, Parker and Tarrant counties of which approximately 30% is held by production. Adexco's interests cover all depths with only a few exceptions.
Total proved reserves are 101 billion cubic feet equivalent net (5.4 net proved developed producing). Net daily production is 2.6 million cubic feet equivalent per day (2.1 million cubic feet gas and 80 barrels of oil). Projected proved developed producing cash flow for the first 12 months following the effective date is $6.5 million.
The assets include 17 producing Barnett wells, two wells that are waiting on completion and three wells that are shut in. The wells that are waiting on completion have been placed in the proved developed nonproducing category even though they are expected to be producing by the effective date.
Upside includes interests in 113 proved undeveloped locations. Adexco operates five of the wells and should operate at least 105 of the locations. All of the wells and proved undeveloped locations included in the sale are horizontal. Adexco has 3-D seismic covering much of the acreage.
The data room is open. The bid due date is June 25. The effective date is July 1. Contact Harrison Williams, 713-951-9586.
3. Alamo-Palace MP 59 LLC has retained Scotia Waterous (USA) Inc. to sell its interest in the Main Pass 59 block in the eastern Gulf of Mexico continental shelf.
The package includes a 60% working interest in two leases with 17 producing wells from two separate platforms in water depths of 60 to 70 feet. MP 59 block, producing primarily oil, is on the southeast flank of MP 41 Field that produces oil and gas from multiple stacked reservoirs. Net production is approximately 1,660 barrels of oil equivalent per day. Chevron is operator with 30% and Ridgelake holds 10%.
Alamo maintains a nonoperated, controlling interest in two leases in the MP 59 Block, OCSG-3194 and OSCG- 8461. Because of prior nonconsent elections, Alamo's working interest averages 65% (54% average net revenue interest). The asset contains 17 producing wells and two platforms, the MP 59-A and MP 59-AA.
Current cash flow is $4 million per month.
The bid due date is June 24. Contact Adrian Goodisman, 713-437-5050.
4. NEW-American Eagle Oil Co. Inc. is selling a nonoperated working interest in multiple wells in the Woodford shale in Hughes, Coal and Pittsburg counties, Oklahoma, via auction at EnergyNet.com.
5. NEW-ATP Oil & Gas Corp., Houston, (Nasdaq: ATPG) has retained Scotia Waterous (USA) Inc. to sell a portion of its working interests in certain producing and undeveloped properties in the Gulf of Mexico.
ATP plans to offer working interests in a number of its holdings, consisting of properties which together constitute approximately 80% of the pre-tax PV10 value of ATP's total proved plus probable reserves, including its deepwater producing Gomez Hub (MC 711 and MC 755) and the emerging hub at Telemark (MC 941/942 and AT 63). ATP intends to continue to serve as the operator of each of its properties after the sale of partial working interests.
ATP chairman and president T. Paul Bulmahn says, "We believe material value has been created by our successful execution of development activities at ATP's offshore hubs and we will continue to execute on the development of our extensive inventory of reserves."
Contact Adrian Goodisman, 713-437-5050.
6. NEW-Berco Resources LLC has retained Meagher Oil and Gas Properties Inc. to sell assets in the Green River Basin in Sublette County, Wyoming.
The package includes 100% working interest in 18,246 gross acres (16,024 net) in 67 Draw Field in the Big Piney project area targeting the Mesaverde and Baxter formations with additional targets in the Second Frontier, Mowry and Dakota trends. The holdings are a large contiguous block of which 59% is fee acreage and a majority of non-held-by-production acreage expires in 2011 and beyond.
The assets include 11 existing wellbores producing about 990,000 cubic feet per day. Proved reserves are still being evaluated. Average monthly net cash flow from January through March was $78,000.
Berco owns a new 5-million-cubic-feet-per-day CO2 removal and dehydration facility with the capability to increase to 10,000 per day, and a six-mile gathering system that connects to Williams' Opal facility.
The bid due date is June 4. The effective date is June 1. The closing date is June 30. Contact Julia Foster, 303-721-6354 ext. 229.
7. NEW-Caddoa Creek Ranch LLC is selling 11,844 net undeveloped mineral acres in the Denver Basin in Bent County, Colorado, via auction at EnergyNet.com.
8. NEW-Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) has retained Meagher Oil & Gas Properties Inc. to sell all of its remaining properties in the Arkoma Basin Woodford shale.
The package includes approximately 85,000 net acres in Hughes, Pittsburg, Coal and Atoka counties in Oklahoma. Production is approximately 40 million cubic feet equivalent per day. Potential net reserves are more than 2 trillion cubic feet equivalent.
The sale is part of the company's plan to monetize assets to fund increased capex. Chesapeake anticipates receiving more than $1.5 billion from the sale.
Contact Teri Williams, 918-481-5900, ext. 224.
9. NEW-Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) has retained Meagher Oil and Gas Properties Inc. to sell properties in the Woodford shale in Canadian and Blaine counties, Oklahoma.
The package includes a 34% average working interest in 47,292 net acres within the Watonga-Chickasha trend distributed across 216 sections in 15 townships, with controlling interest in nine sections. The Woodford shale rights only are being sold.
The assets include 10 producing horizontal Woodford shale wells (three operated) with 20.1 million cubic feet of net sales and $138,080 net cash flow projected for June. Estimated proved developed producing reserves are 1.8 billion cubic feet.
Eight rigs are currently drilling within the play. An additional 50 wells (10 operated) are scheduled to be drilled by year-end 2009.
Some 88% of acreage is producing or held by operations. Lease terms exist beyond 2008 for more than 99% of the net acreage.
The effective date is June 1. Contact Teri Williams, 918-481-5900 ext. 224.
10. NEW-Chevron USA Inc. is selling producing overriding royalty interest and mineral rights in Mocane Field in Beaver County, Oklahoma, via auction at EnergyNet.com.
11. Contango Oil & Gas Co., Houston, (AMEX: MCF) has retained Merrill Lynch & Co. to obtain proposals for the sale of the Dutch and Mary Rose discoveries in the Gulf of Mexico.
Contango holds 47.05% working interest in Dutch (38.12% net revenue interest) and 53.21% average working interest in Mary Rose (39% average net revenue interest). Estimated proved reserves in each discovery are now 254 billion cubic feet equivalent (280 billion proved plus probable). The company is drilling Mary Rose #2 well and expects to be at logging point by late April to mid-May. A second rig has arrived and spudded Mary Rose #4.
Contango chairman and chief executive Kenneth R. Peak says, "If Contango obtains an acceptable proposal to acquire its Dutch and Mary Rose discoveries, we would likely structure the disposition through the sale of Contango by its shareholders with the simultaneous spin-off of the remaining Contango assets to our shareholders in a new company, Contango Energy Co. This structure would allow Contango shareholders to have an interest in any future exploration efforts at our other Gulf of Mexico leases."
Contact Peak, 713-960-1901.
12. NEW-Eetradeco LLC and Anderson O&G Inc. have been retained to sell certain interests in Harris County, Texas.
The package includes operated working interests (75-84%) in four units (approximately 480 gross acres) in Sralla Road Field. Current net production is approximately 58 barrels of oil and 250,000 cubic feet per day from four producing wells. Estimated net proved reserves are approximately 275,000 barrels of oil and 950 million cubic feet.
There are four identified shallow drilling locations as well as Yegua deep potential. Contact Tom Ervin, 214-363-2401.
13. NEW-Encore Acquisition Co., Fort Worth, Texas, (NYSE: EAC) has retained Lehman Brothers Inc. to explore strategic alternatives including a sale or merger of the company.
Encore focuses onshore U.S., with interests in properties in the Cedar Creek anticline in the Williston Basin of Montana and North Dakota; the Permian Basin of West Texas and southeastern New Mexico; the Rockies including assets in the Williston, Big Horn and Powder River basins of Montana, North Dakota and Wyoming and Paradox Basin of southeastern Utah; and the Midcontinent area including the Arkoma and Anadarko basins of Oklahoma, the North Louisiana Salt Basin and the East Texas Basin.
Proved reserves are 231 million barrels of oil equivalent. Production during first-quarter 2008 was 38,196 barrels of oil equivalent per day. Upside potential includes 35 enhanced oil-recovery projects representing more than 450 million barrels equivalent and an additional 2,500 drilling locations.
Encore president and chief executive Jon S. Brumley says, "Encore has sizeable and scalable projects in some of the most significant onshore domestic oil and natural gas plays which include the Bakken shale play, the Haynesville shale play, our West Texas joint venture with ExxonMobil, our Rocky Mountain CO2 opportunities and our newest oil shale play, the Tuscaloosa Marine shale."
Encore currently has 10,000 net acres in the Haynesville discovery in Elm Grove and Greenwood Waskom fields with two successful wells currently producing near the company's current acreage position.
"It is our belief that Encore's current share price is not reflective of our record operating results and our ability to efficiently fund these projects through our upstream MLP, Encore Energy Partners. We are determined to have the value of these opportunities recognized for our shareholders," he adds.
Contact Bob Reeves, 817-339-0918.
14. NEW-Energy Listings is marketing Texas Barnett shale minerals for lease in the Benjamin F. Smith A-1377 Survey. Go to EnergyListings.com.
15. NEW-Energy Listings is marketing 528 net royalty acres in Madison and Robertson counties, Texas, currently leased to Leor Energy, Chesapeake Energy and XTO Energy. Go to EnergyListings.com.
16. NEW-Energy Listings is marketing a drilling prospect in the Texas Gulf Coast area. The package includes multiple stacked pay potential within expansion growth faults with reserve estimate of 1 trillion cubic feet. Go to EnergyListings.com.
17. NEW-Epic Oil and Gas Inc. has retained PLS Inc. to sell nonoperated interests in Duval County in South Texas.
The package includes a 14% working interest (10% net revenue interest) in 960 gross acres in Luigi and Strake Deep fields with two active wells producing from the Wilcox zone.
Gross production is 34 barrels of oil and 1.6 million cubic feet gas per day. (197,000 cubic feet equivalent net). Total net proved developed producing reserves are 102 million cubic feet equivalent. Estimated net revenues are $38,000 per month.
Contact Richard Martin, 713-650-1212.
18. NEW-Forest Oil Corp. has retained Scotia Waterous (USA) Inc. to sell certain assets in the Rockies and San Juan Basin regions. Contact Edward Katterhagen, 713 437-5064.
19. NEW-Griffon & Associates is offering producing properties in Billings and McKenzie counties, North Dakota, via The Oil & Gas Asset Clearinghouse auction on June 11. The assets include 11 wells producing 172 barrels of oil and 350,000 cubic feet per day. Cash flow is approximately $200,000 per month. Go to ogclearinghouse.com.
20. NEW-J-W Cohort Energy Co. has retained Meagher Oil & Gas Properties Inc. to sell a prospect in Red Desert Basin in Sweetwater County, Wyoming.
The package includes 80,000 gross contiguous acres (38,000 net) offering control of operations with dominant leasehold interests (80% net revenue interest) in the Battle prospect tight gas play. Objectives involve Fort Union (coalbed methane), Fort Union sands (strat traps), Lance, Lewis, Almond and Ericson. Two federal exploratory units have been established, covering almost 50,000 acres with a drilling permit acquired for one.
Gathering and processing infrastructure is in place. Drilling density is for 80 to 160 acres.
The bid due date is June 25. The effective date is July 1. The closing date is July 25. Contact Julia Foster, 303-721-6354 ext. 229.
21. Kochergen Enterprises has retained Smart Brothers LLC to offer royalty and mineral interests in Beckham County, Oklahoma.
The package includes a 1.035% royalty interest in 26.5 net acres with current daily gross production of 6.8 million cubic feet. The assets include three producing wells with one new well proposed. The three-sixteenths lease reverts to one-quarter on payout. The seller additionally has one-acre participation in all wells. Additional acreage is available.
Contact Tom Smart, 405-478-0404.
22. NEW-Marathon Oil Co. is offering a nonproducing prospect in the Barnett shale in Texas via The Oil & Gas Asset Clearinghouse auction on June 11. The prospect includes approximately 56,000 net acres in Erath, Bosque and Hamilton counties. Go to ogclearinghouse.com.
23. NEW-Meagher Oil & Gas Properties Inc. has been retained to sell undeveloped acreage in Eureka, Nye and White Pine counties, Nevada. The package includes 100% working interest (87.5 net revenue interest) in 83,800 gross and net acres for all depths on federal lands. Contact Julia Foster, 303-721-6354 ext. 229.
24. NEW-MS Land & Development is offering mineral rights in central Mississippi via PetroSales. The package includes three wells on 368 gross acres (184 net) in Rankin County from Goshen Springs Field. Monthly cash flow is $20,150. Contact David Smart, 281-468-9053.
25. Paloma Partners I LLC has retained Albrecht & Associates Inc. to sell its interest in producing properties targeting the Wilcox Lobo trend in Zapata County, Texas.
The package includes 18,451 gross acres (17,338 net) with 10 producing wells (99% operated) and one well waiting on a pipeline. Upside exists with five proved behind-pipe opportunities, 46 proved undeveloped locations and 43 probable locations. Proved reserves are 81.2 billion cubic feet equivalent net.
Current net production is approximately 10 million cubic feet and 13 barrels of oil per day. Due to the steep initial declines common with new wells in this area, net production on the effective date is projected to be 8 million cubic feet and 11 barrels of oil per day, including an estimated 2.3 million cubic feet per day from the well waiting on a pipeline.
Projected cash flow for the first 12 months following the effective date is $15.5 million for the 10 producing wells and $5.1 million for the well waiting on pipeline, expected to begin production in June.
The bid due date is June 4. The effective date is July 1. Contact Harrison Williams, 713-9519586.
26. NEW-Petrobridge Investment Management is offering a 2.28% overriding royalty interest in La Sal Vieja Field in Willacy County, Texas, via The Oil & Gas Asset Clearinghouse auction on June 11. Production is 2.37 million cubic feet and 554 barrels of oil per day. Behind-pipe potential exists. XTO Energy Inc. is operator. Go to ogclearinghouse.com.
27. Petrosearch Energy Corp., Houston, (OTCBB: PTSG) is considering strategic alternatives for all of its assets including the possible sale.
Petrosearch recently offered its 5.5% interest with DDjet, a partnership involving ExxonMobil Corp., Irving, Texas, (NYSE: XOM) and Harding Co., Dallas, formed in December 2006 to develop gas in the Barnett shale with assets including leasehold acreage, existing wells, equipment, pipelines and rights of way in the Fort Worth Basin.
Additional Petrosearch assets include a 100% working interest in 1,755 acres in the Quinduno Field in Roberts County in the Anadarko Basin in the Texas Panhandle. The project is focused on infill drilling and waterflooding. Ryder Scott has estimated 1.5 million barrels proved reserves extractable by waterflood, with an additional 5 million barrels probable and possible. Potential may exist below the waterflood target.
The Southwest Garwood project targeting the Wilcox trend in Colorado County, Texas, involves a 16% working interest in 640 acres; a 16% after-payout working interest in 640 acres; and an 87.5% before-payout and 75.5% after-payout working interest in 438 acres. Three wells have been drilled with one being completed.
North Dakota assets include Gruman Field in Stark County targeting Lodgepole reef. In October production averaged 127 barrels of oil and 394 barrels of water per day. Proved developed reserves as of Dec. 31, 2007, were 215,000 barrels of oil and 68 million cubic feet of gas, estimated by McCartney Engineering LLC.
Mississippi assets include 725 net acres in five Tuscaloosa oil prospects in the Mississippi Inland Salt Basin in Yazoo County, comprising a maximum of 2,295 acres and up to 18 potential drilling locations. Approximately 55% of the entire prospect acreage has been leased. Petrosearch owns 100% of the prospect before farmout. Total targeted gross reserves are approximately 10 million barrels of oil equivalent.
Contact Richard Dole, 713-334-5123.
28. NEW-Plains Exploration & Production Co. is offering North Dakota Bakken shale acreage with some production via The Oil & Gas Asset Clearing-house auction on June 11. The lots include 85,000 gross acres (66,000 net) in Dunn, Divide and Williams counties. Production is 57 barrels of oil and 71,000 cubic feet per day. Go to ogclearinghouse.com.
29. NEW-Prodigy Oil and Gas has retained PLS Inc. to sell nonoperated properties in East and South Texas.
The package includes a 19% nonoperated working interest (14% net revenue interest) in 14 wells in 10 fields in Jackson, Jefferson, Kleberg, Lavaca, Willacy and Wharton counties in South Texas and Panola County in East Texas. South Texas properties produce from the Miocene, Frio, Hackberry and Wilcox formations. The East Texas properties produce from the Vicksburg and Cotton Valley trends.
Gross production is 41 barrels of oil and 4.3 million cubic feet per day (513,000 cubic feet net). Net proved reserves are 9,000 barrels of oil and 955 million cubic feet of gas. Net revenue is $115,000 to $130,000 per month. Upside potential exists behind pipe.
Contact Richard Martin, 713-650-1212.
30. R&P Production LLC, Tyler, Texas, is offering producing properties in Smith and Pearl River counties in Mississippi via Energy Listings.
The package includes 100% working interest (77% net revenue interest) producing 305 barrels of oil and 1.7 million cubic feet per day net from four wells targeting the Sligo/Rodessa and Tuscaloosa formations. Upside includes up to five additional locations. Net cash flow is $800,000 per month.
Go to EnergyListings.com.
31. NEW-Resource Reserves Co. has retained Lantana Oil & Gas Partners to sell nonoperated working interests, overriding royalty interests and royalty interests in some 200 properties mostly in Texas and Oklahoma.
Total proved reserves are estimated to be 390,800 barrels of oil and 4.47 billion cubic feet, or 1 million barrels equivalent (196,200 barrels and 3 billion cubic feet proved developed producing). Current cash flow is approximately $200,000 per month (60% from gas).
The package will be available May 15. The effective date is June 1. Contact David Nini, 713-426-9001.
32. Riviera Energy Corp. has been retained to sell operated properties in West Texas.
The package includes 75% to 100% working interest (75% net revenue interest) in 23,000 acres in Tom Green and Irion counties. Current production from 14 wells with multiple pay is 3 million cubic feet and 70 barrels of oil per day. Net monthly income is $800,000.
Producing formations are the Cisco, Canyon, Strawn and Ellenburger. Additional pay includes San Andres, San Angelo sand and Clearfork.
Contact Jeffrey Longbotham, 432-686-9400.
33. NEW-Roundtree & Associates has retained The Oil & Gas Asset Clearinghouse to sell operated and nonoperated producing properties in Jones and Jasper counties, Mississippi, and Choctaw County, Alabama.
The package includes 5% to 76% working interest (4% to 60% net revenue interest) in nine producing wells from the Hosston, Rodessa and Smackover formations. Net daily production is estimated for July 2008 at approximately 412 barrels of oil and 184,000 cubic feet gas per day (93% oil).
The data rooms opens the first week in June. The bid due date is June 24. The effective date is July 1. Contact Linda Gero, 281-873-4600.
34. NEW-Salado Oil Co. is selling a six-well package with operations in Caldwell County, Texas, via auction at EnergyNet.com.
35. NEW-Samson Resources is offering six producing lots in the West Texas Spraberry trend in Midland, Irion, Upton and Glascock counties, Texas, and two producing Kansas lots in Clark and Morton counties via The Oil & Gas Asset Clearinghouse auction on June 11. Go to ogclearinghouse.com.
36. Smart Brothers LLC has been retained to sell the Hurricane Creek prospect in Franklin and Crawford counties, Arkansas.
The package includes 12,827 net acres with numerous locations and re-entries. Upside include proved undeveloped locations and multiple zones behind pipe. Target formations are Boone, Wedington, Fayetteville and Hale.
Contact Paul Smart, 405-478-0404.
37. NEW-Sonic Petroleum is offering producing properties in West Texas, South Texas, Oklahoma, Kansas, New Mexico, Louisiana and Arkansas in 37 lots via The Oil & Gas Asset Clearinghouse auction on June 11. Go to ogclearinghouse.com.
38. London-based Sterling Energy Plc (London AIM: SEY) has retained BMO Capital Markets to sell its U.S. interests primarily onshore Gulf Coast and shallow-water Gulf of Mexico.
Sterling's U.S. operations include low-risk development and exploration projects. Proved plus probable reserves are 111 billion cubic feet equivalent (18.5 million barrels of oil equivalent). Proved reserves constitute approximately 65%. Possible reserves are 70 billion equivalent (11.6 million barrels of oil equivalent). U.S. net production is approximately 32 million cubic feet equivalent (5,333 barrels of oil equivalent).
In March Sterling made a gas discovery from Marlin #1, which has since come on stream at initial rates of more than 4.5 million cubic feet equivalent (750 barrels of oil equivalent) net. An offset to this well is scheduled to be drilled in May.
Other projects in South Texas, Southeast Texas and state waters offshore Texas, some of which have recently been farmed out, will be drilled in the near-term.
Sterling will focus on higher impact exploration prospectsin Madagascar, Kurdistan, Gabon, AGC (a joint exploration zone between Senegal and Guinea Bissau) and Cameroon.
Sterling chief executive Graeme Thomson says, "We believe that this is a very opportune time to sell our U.S. business, against a background of growing production and rising gas prices. The sale will leave Sterling financially well positioned, adequately resourced and more sharply focused on high impact 'company making' exploration prospects."
Contact Stewart Frankel, 713-546-9704.
39. Privately held Virgin Oil Co. Inc., New Orleans, has retained Scotia Waterous (USA) Inc. to sell assets primarily on the Gulf of Mexico shelf.
The package involves interest in 18 federal blocks offshore in 40- to 200-feet depths and one onshore Louisiana state lease. Approximately 75% of total proved reserves are operated by Virgin which holds 86,543 gross acres.
Total net proved reserves are approximately 83 billion cubic feet equivalent (66% gas), with net probable reserves of 24 billion and 150 billion possible. Average net production is approximately 12.3 million cubic feet equivalent per day from six producing wells (60% gas). Behind-pipe potential exists.
The data room is open. The bid due date is June 16. Contact Shaun Finnie, 832 476 6407.
40. NEW-W.B. Osborn Oil & Gas Operations Ltd. has retained Albrecht & Associates Inc. to sell assets in the Barnett shale in North Texas.
The package includes interests in 30 producing wells, a saltwater disposal system, four water supply wells, one proved behind pipe opportunity and 32 proved undeveloped locations on 9,946 gross leasehold acres (8,616 net) in Montague and Cooke counties. The assets are 100% operated.
Net production as of March was 210 barrels of oil and 2.4 million cubic feet of gas per day. Net proved reserves are approximately 2 million barrels of oil, 2.3 million barrels of gas liquids and 11.8 billion cubic feet of gas for a total 5.4 million barrels of oil equivalent.
The data room is open. Offers are due by June 13. The effective date is July 1. Contact Bob Albrecht, 713-951-9586.
41. NEW-XCO Production Co. is selling a nonoperated working interest in a multiple-well package in Second Bayou Field in Cameron Parish, Louisiana, via auction at EnergyNet.com.
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