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

Chevron USA Inc. retained EnergyNet for the sale of an operated position in the Midland Basin through a sealed-bid offering closing Nov. 19. (Editor's note: Bid due date has been updated.)

The offer includes mature producing Permian assets with future development upside in the Jo-Mill and Spraberry fields located in Borden and Dawson counties, Texas. The company, an affiliate of Chevron Corp., retained EnergyNet to serve as its exclusive transaction and technical advisor for the sale.

Highlights:

  • Operations in Jo-Mill, Spraberry, Spraberry Deep and Spraberry West Fields
    • 236 Producing wells; Average Working Interest 65.66% / Weighted Average Net Revenue Interest 58.11%
    • Producing from Jo-Mill, San Andres and Spraberry Formations
  • 27,975.73 Gross (21,038.29 Net) HBP Leasehold Acres
  • Six-Month Average 8/8ths Production: 2,618 barrels per day of Oil And 1.016 million cubic feet per day of Gas
  • 12-Month Average Net Income: $1,578,125 per Month
Chevron Midland Basin Jo-Mill, Spraberry Fields Asset Map (Source: EnergyNet)
Chevron Midland Basin Jo-Mill, Spraberry Fields Asset Map (Source: EnergyNet)
Chevron Well Count By Field (Source: EnergyNet; Drillinginfo)
Chevron Well Count By Field (Source: EnergyNet; Drillinginfo)

Upside Potential:

  • Mature Producing PDP (Proved Developed Producing) Cash Flowing Asset with Future Development Upside
  • Horizontal Infill Spraberry Potential
  • Vintage Vertical Well Improvement through Horizontal Fracking
  • Infill Development on 20-Acre Spacing
  • Production Enhancement through Two Sided Injection Support
  • Optimize Injection Support through Conversion and Pattern Realignment
  • Re-enter and Establish Production in Inactive Wells due to New Fracking Technology Applications

Bids are due by 4 p.m. CDT Nov. 19. The transaction is expected to have a Dec. 1 effective date.

For complete due diligence information visit energynet.com or email Cody Felton, vice president of business development, at Cody.Felton@energynet.com, or Denna Arias, director of transaction management, at Denna.Arias@energynet.com.

Onshore