Tulsa, Okla.-based Bravo Natural Resources LLC entered a purchase and sale agreement with Oklahoma City-based Canaan Natural Gas PE Funds for Arkoma Basin assets, Bravo said Sept. 24.
The producing and gathering assets will be acquired for $250 million in cash, and the agreement is scheduled to close in this year’s fourth quarter, the company added.
The assets have 950 operated and nonoperated wells producing in the Hartshorne Coal and Woodford formations. Net proved reserves are 286 billion cubic feet equivalent (Bcfe), and net production is about 33 MMcfe/d, of natural gas and liquids, Bravo said. There are 56,000 net acres that are prospective for horizontal, liquids-rich Woodford development, the company added.
“We are pleased with the opportunity to purchase an excellent set of assets from Canaan that include long-lived natural gas producing assets combined with approximately 56,000 net acres of potential development in the liquids-rich horizontal Woodford Formation in the Arkoma Basin of Oklahoma. The entire Bravo team looks forward to another highly successful venture,” said CEO Charlie Stephenson.
Bravo Natural Resources LLC was formed in 2013 with equity from Natural Gas Partners’ NGP Natural Resources X LP fund. It works in North American onshore basins.
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