The following information is provided by Detring Energy Advisors LLC. All inquiries on the following listings should be directed to Detring. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.

Castell Oil Co. retained Detring Energy Advisors for the sale of its oil and gas producing properties, leasehold and related assets located throughout the core of the Scoop/Merge/Stack play of Central Oklahoma.

Castell Oil Core Scoop-Merge-Stack Leasehold Asset Map (Source: Detring Energy Advisors)
(Source: Detring Energy Advisors)

The assets offer an attractive opportunity to acquire operated and nonoperated leasehold across the core liquids-rich gas and overpressured windows of the region, according to Detring.

Asset Highlights:

  • 5,050 Net Acres Across the Prolific and Highly Active Scoop, Merge and Stack
    • 55% operated and roughly 40% HBP
      • About 45% of term acreage subject to regulatory pooling and/or spacing activity
    • Operated Assets: 2,780 net acres across Canadian, Garvin and Dewey counties (75% Canadian/Merge) (midstream undedicated)
    • Nonoperated Assets: 2,270 net acres, with operations potential through forced pooling
      • Diversified footprint with exposure to premier operators including Devon Energy, Newfield Exploration, EOG Resources, Continental Resources, Cimarex Energy and others
  • Roughly 1,200 barrels of oil equivalent per day of Net Production (about 50% Liquids)
    • About 15 times annual growth vs. Fourth-Quarter 2017
    • About $15.5 million Proved Developed Producing (PDP) PV-10 value
    • Over $5 million operating cash flow (next 12 months DP)
    • 101 producing wells (100% nonop)
  • Acreage Located in Top-Tier U.S. Basin with 101 Horizontal Rigs Currently Running
    • More than 2,300 identified gross locations across multiple proven horizons including the Woodford, Springer, and Mississippian (Meramec/Osage/Sycamore)
    • 30 horizontal wells in-progress (15 completing, 11 DUC, 4 drilling) with 13 additional wells elected
      • 90 horizontal spuds on-lease in 2018
      • 32 horizontal rigs currently drilling within three miles of Castell acreage
    • Continued improvement in well performance and economics resulting from optimized completions, longer laterals, and pad development across all benches

Process Overview:

  • Evaluation materials available via the Virtual Data Room on Feb. 25
  • Proposals due on March 27

For information visit detring.com or contact Melinda Faust at mel@detring.com or 713-595-1004.

Onshore