The following information is provided by Meagher Energy Advisors. All inquiries on the following listings should be directed to Meagher. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Council Oak Resources LLC retained Meagher Energy Advisors for the sale of Arkoma Basin nonoperated leasehold and minerals.
The offering includes assets located in Hughes, Okfuskee and Okmulgee counties, Okla.
- Total Net Acres: 37,192
- HBP Net Acres: 11,179
- Minerals are included
- Operation potential in 50 sections
- Acreage position has 41 active wells
- Over 75% of expiring leases have options to extend
- Cost to extend less than $750 per net acre
Production and Cash Flow:
- Current Averages
- Net NGL - 64 barrels per day (bbl/d)
- Net Gas - 550,000 cubic feet per day
- Net Oil - 10 bbl/d
- Net monthly cash flow forecast for September 2019 - $68,173
- Woodford production has high British Thermal Unit content
- Structure allows multi-unit horizontal development
- Stacked play potential
- Mississippian Caney Shale
- Mayes Lime
- Woodford Shale
- Hunton Limestone
- Cromwell Sands
Bids are due by Oct. 24. Meagher said the transaction will have a Sept. 1 effective date with closing expected by Nov. 21.
The combined company, which has an enterprise value of $11 billion, will be renamed DCP Midstream LP and will trade with the ticker symbol "DCP" on the New York Stock Exchange.
Overall crude oil stocks, not including the U.S. Strategic Petroleum Reserve, fell to 466.6 million barrels from their highest levels in 19 months.
Crude oil production in the U.S. continued to grow to a record high of 12.1 million barrels per day, rising from the all-time high in the previous week.