SWEPI LP, a subsidiary of Royal Dutch Shell Plc (NYSE: RDS.A) is selling interests in conventional shallow oil and gas assets and related midstream gas infrastructure in the northeastern Appalachia Basin.
The upstream assets consist of a mostly HBP position of about 189,000 total net acres located in Forest, Elk, McKean, and Warren Counties, Pa., and Cattaraugus County, N.Y. Acreage is comprised primarily of fee mineral interests and 44,000 leasehold acres.
The offer includes substantial upside inventory of high-return, shallow oil locations targeting the Bradford Sands, according to Detring Energy Advisors, which Shell retained as its exclusive adviser for the transaction.
Highlights:
- About 189,000 total net acres;
- 123,000 fee mineral acres;
- 44,000 leasehold acres;
- 21,000 royalty acres;
- 1,000 fee surface acres;
- Assets include shallow rights only;
- More than 10,000 remaining locations;
- More than 1,000 high-graded locations identified by geologic interpretation and offset results;
- Recent Haskill Sand pilot program indicates attractive development economics bolstered by fee ownership, Detring said;
- About 400 barrels of oil equivalent per day of net production (60% oil);
- About 1,500 active wellbores;
- Production primarily from the Bradford Formation; and
- Potential for operational improvements, according to Detring.
Bids are due by Feb. 16. A virtual data room opens Jan. 9. Presentations are available in Houston and Pittsburgh.
For information visit detring.com or contact Melinda Faust, director with Detring, at 713-907-2003.
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