The following information is provided by UBS Securities LLC. All inquiries on the following listings should be directed to UBS. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
FourPoint Energy LLC retained UBS Securities LLC for the sale of noncore assets located in the Anadarko Basin across Oklahoma and the Texas Panhandle.
Bids are due by late September. FourPoint's preference is to sell the properties in a single cash transaction but will seriously consider offers on individual areas and/or packages, according to UBS, which is serving as the company's exclusive financial adviser for the transaction.
Highlights:
- Opportunity to acquire a diverse portfolio of long-life assets across the Anadarko Basin
- Substantial lease position of about 100,000 net acres (greater than 99% HBP)
- Strong net production of
- 18.0 million cubic feet equivalent per day (based on estimated next 12 months) from 200 FourPoint-operated and 640 nonoperated active wells
- Significant annual net cash flow of $11.5 million (based on estimated next 12 months)
- Average operated Proved Developed Producing (PDP) Working Interest / Net Revenue Interest of 78% / 62% (about 80.5 Net Revenue Interest ratio); average total Working Interest / Net Revenue Interest of 28% / 23%
- Large, operated PDP component provides significant COPAS income of about $85,000 per month net
- Diversified PDP production with predictable, low declines
- Inventory of about 125 economic horizontal and vertical development opportunities
- North Package features predominantly Cleveland production and upside opportunities
- South Package features mostly Granite Wash and Skinner Sands production and opportunities
UBS said the transaction effective date is July 1. An online virtual data room is available. Contact UBS at FourPointNonCore@ubs.com for information.
Recommended Reading
Marketed: Encana Williston Basin Operated, Nonop Assets
Encana retained Eagle River Energy Advisors for the sale of certain operated and nonoperated working interest assets in the Williston Basin of Montana and North Dakota.
Marketed: Chevron Delaware Basin Package, Ward County, Texas
An affiliate of Chevron retained EnergyNet for the sale of a Delaware Basin unconventional package in Ward County, Texas, through a sealed-bid offering closing Sept. 26.
Marketed: ConocoPhillips 118,000-Acre Green River Basin Leasehold
ConocoPhillips retained EnergyNet for the sale of a Green River Basin package comprised of roughly 118,000 gross/net leasehold acres in Wyoming through a sealed-bid offering closing Oct. 3.