Boulder, Colorado-based Ellora Energy Inc. has retained Bank of America Merrill Lynch to seek strategic alternatives including a sale or merger of the company or the sale of all or a substantial part of its assets.
Ellora holds more than 90% working interest in 903,000 gross acres (835,000 net) in southwestern Kansas in Hugoton Field area and in East Texas and Louisiana in the James lime and Haynesville shale plays. The company reports total proved reserves of 194 billion cubic feet equivalent (45% proved developed; 74% gas). Production is approximately 45.2 million cubic feet equivalent per day. Upside includes 1,059 drilling locations.
The Kansas and Colorado assets include 764,000 net acres with production of approximately 29 million cubic feet per day. Proved reserves are 87 billion cubic feet with 481 identified drilling locations.
The East Texas/Louisiana assets include 71,000 net acres (77,000 gross) with 53,000 in Shelby County, Texas. with production of 16 million cubic feet equivalent per day. Proved reserves are 107 billion cubic feet with 578 identified drilling locations.
Ellora Energy also owns and operates the English Bay Pipeline consisting of 100 miles of gas gathering lines, gas pipelines and liquid extraction facilities. Ellora is backed by Yorktown Energy Partners.
Contact the company at 303-444-8881.
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