Texas American Syndicate is offering its Permian Basin mineral position in Pecos and Crane counties, Texas, in a sale handled by TenOaks Energy Advisors LLC.
The sale, which represents the company’s entire mineral portfolio, consists of 19,350 net mineral acres, according to TenOaks. Texas American Syndicate’s history dates back to 1922.
Highlights:
- Position spans Southern Delaware Basin and Central Basin Platform;
- 11,655 net mineral acres in Pecos, offsetting Apache Corp.'s (NYSE: APA) Alpine High development;
- 7,695 net mineral acres in Crane, consisting of long-lived, stable oil production from conventional targets;
- For 2016, income totaled $2.5 million including oil and gas royalties, lease bonuses and surface-related income; and
- Texas American Syndicate owns the surface as well as minerals in both Pecos and Crane.
The offer includes upside of numerous stacked-pay locations under development by a private-equity-backed operator, Ten Oaks said.
Bids are due March 14. For information visit for tenoaksenergyadvisors.com or contact Jason B. Webb, TenOaks partner, at 214-420-2322.
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