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 parties must now renegotiate a deal that would transfer Breitburn's Permian reserves to investors including Elliott and WL Ross through their participation in a $775 million rights offering.
Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.
The Houston-based company, which provides drilling and well completion services, plans to sell around 9.3 million shares at between $12 and $15 per share in coming days.