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.
For the month, drillers added 13 rigs, putting the count up for a 14th month in a row for the first time since July 2017, as rising oil prices have prompted drillers to return to the wellpad.
Spraberry Field producers in the Midland Basin announced by Headington Energy plus Chesapeake Marcellus Shale completions in Pennsylvania’s Wyoming County and another Exxon Mobil Guyana discovery top this week’s oil and gas drilling activity highlights from around the world.
Keeping scientific and engineering experience and knowledge in place continues to be a challenge.