EnerVest Ltd. is selling its stake in more than 1,100 wells plus roughly 360,000 net leasehold acres in the Appalachian Basin through a sealed-bid offering handled by EnergyNet.
The offer includes operated, nonoperated, royalty and overriding royalty interests in West Virginia, Virginia and Kentucky from EnerVest Operating LLC, a subsidiary of Houston-based EnerVest Ltd.
Highlights:
- Operations in more than 850 wells;
- High average working interest on operated wells;
- More than 750 producing wells;
- Nonoperated working interest in more than 250 wells;
- 0.638%-56.25% working interest and 0.875%-56.953% net revenue interest;
- 0.1%-18.75% royalty interest and overriding royalty interest only in more than 100 wells;
- More than 200 producing wells and more than 55 non-producing and temporarily abandoned wells;
- Select operators include Appalachian Energy, CNX Gas Co. LLC, Magnum Hunter Production and NCL Natural Resources LLC;
- 360,620.91 net leasehold acres;
- 212,989.48 net developed leasehold;
- 147,631.43 net undeveloped leasehold;
- Eight-month average net income of $171,946 per month;
- Eight-month average 8/8ths production of 17.404 million cubic feet per day and 4 barrels per day of oil; and
- 2017 projected annual cash flow is $5.4 million at $3.50 per thousand cubic foot.
Offers are due by 4 p.m. CT March 22. For information visit energynet.com or contact Chris Atherton, EnergyNet president, at 832-654-6612.
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