Burk Royalty Co., Ltd. has retained Energy Spectrum Advisors Inc. to sell certain operated oil properties in the Permian Basin. The properties are located in the World Field in northern Crockett County, Texas.
The package includes ownership in 65 producing wells with a 100% working interest (approximately 80% net revenue interest) on 4,632 gross / 4,562 net contiguous acres (100% HBP). Recent net production is 302 barrels of oil per day (100% oil) from the Grayburg formation. The Company owns and is selling leasehold rights down to the deepest producing formation which ranges from 2,700' to 4,500' across the position.
Proved reserves are 2.7 million barrels of oil (55% Proved Developed) with an additional 0.75 million barrels of Probable reserves. Proved upside includes 80 in-fill undeveloped Grayburg locations while Probable upside includes another 40 in-fill locations.
The Data Room opens September 10. Bids are due October 11.
Recommended Reading
US Oil, Gas Rig Count Falls to Lowest Since January 2022
2024-05-03 - The oil and gas rig count, an early indicator of future output, fell by eight to 605 in the week to May 3, in the biggest weekly decline since September 2023.
Pemex Reports Lower 2Q Production and Net Income
2024-05-03 - Mexico’s Pemex reported both lower oil and gas production and a 91% drop in net income in first-quarter 2024, but the company also reduced its total debt to $101.5 billion, executives said during an earnings webcast with analysts.
Chouest Acquires ROV Company ROVOP to Expand Subsea Capabilities
2024-05-02 - With the acquisition of ROVOP, Chouest will have a fleet of more than 100 ROVs.
SLB, OneSubsea, Subsea 7 Sign Collaboration Deal with Equinor
2024-05-02 - Work is expected to begin immediately on Equinor’s Wisting and Bay Du Nord projects.
SilverBow Makes Horseshoe Lateral in Austin Chalk
2024-05-01 - SilverBow Resources’ 8,900-foot lateral was drilled in Live Oak County at the intersection of South Texas’ oil and condensate phases. It's a first in the Chalk.