The following information is provided by TenOaks Energy Advisors LLC. All inquiries on the following listings should be directed to TenOaks. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Element Petroleum III LLC has retained TenOaks Energy Advisors as its exclusive adviser in connection with the sale of its horizontal San Andres producing properties and leasehold in the Permian Basin.
- 31,000 net contiguous acres allow drilling and operational efficiencies
- More than 200 potential locations identified with optionality for 1-mile or 1.5-mile laterals
- 186 barrels of oil equivalent per day (81% oil) from seven producers
- Significant infrastructure investments by Element allow for turn-key development
- Company-owned saltwater disposal wells, electrical systems, and multi-use right-of-way and surface access
- Robust technical data set includes microseismic, full log suites and core data
Bids are due March 20. A purchase and sale agreement for the package is targeted to be signed by March 29 with an expected effective date of April 1.
The virtual data room opens Feb. 8. For information visit tenoaksenergyadvisors.com or contact Jason B. Webb, partner with TenOaks, at Jason.Webb@tenoaksadvisors.com or 214-420-2322.
The continued strength of the Permian Basin will force smaller oil and gas companies to merge or be acquired by larger competitors, which Gibson Dunn attorneys say is a positive for the industry.
Contrast that to the S&P 500 over that period, and, “the rest of the market looked pretty easy to make money in. There’s a lot of frustration in the market.”
EnergyNet has been retained to handle state and federal oil and gas lease sales across the U.S. including nearly 1 million acres for lease in Wyoming alone.