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.
Corterra Energy LLC is offering for sale its oil and gas producing properties, leasehold, and related assets located throughout the core of the Arkoma Basin, primarily in Oklahoma's Hughes, Coal and Pittsburg counties.
Detring Energy Advisors LLC, retained by Corterra for the sale, said the assets offer an attractive opportunity to acquire a significant operated and nonoperated liquids-rich position across active Woodford development, including substantial current production, cash flow, and access to multiple, proven, stacked-pay horizons.
- Substantial Net Operating Cash Flow (about $9 million Next 12 Months) and Production (roughly 24 MMcfed, 24% Liquids)
- Positive cash flow underpinned by 241 producing horizontal wells (98 operated and 143 nonoperated)
- About $260 million 3P NPV-10 (roughly 1.2 Tcf net reserves)
- About $65 million PDP NPV-10 (roughly 120 Bcf net reserves)
- Roughly 65,600 Net Acres (about 55% operated / 65% HBP)
- Includes rights to active Woodford and Mississippian targets (Caney and Mayes)
- Large, contiguous position enables drilling and/or greater participation in extended laterals across the basin
- Prolific Undeveloped Inventory (Liquids-Rich & Dry Gas)
- Over 1,100 horizontal Woodford locations identified across Corterra’s position
- About 400 operated locations with additional inventory expected via forced-pooling
- Corterra has completed seismic interpretation, petrophysical analysis, core studies, and detailed geologic mapping in order to high-grade Woodford and Mayes drilling potential. In addition, Corterra has further de-risked its acreage through an active drilling program where valuable core and log data were collected.
- Multiple organic-rich formations with access to the proven Woodford and emerging Mississippian formations
- 500-plus ft of continuous reservoir
- Evaluation materials available via the Virtual Data Room on Jan. 20
- Bids are due Feb. 19
On the East Coast, U.S. crude oil stockpiles fell to the lowest level since October 2014, the EIA said.
Crude oil stocks at the Cushing, Okla., delivery hub for U.S. crude futures rose 330,000 barrels, the Energy Information Administration said in its weekly report.
The U.S. has become the world's largest oil producer, boosted by output from shale formations, with production of nearly 11 million barrels in 2018, which broke the country's annual record set in 1970.