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Grey Rock Commodore LLC retained RedOaks Energy Advisors LLC for the sale of its core Bakken/Three Forks mineral position with bids due June 11.
- 661 Net Royalty Acres located in McKenzie County, N.D.
- 13 producing horizontal wells
- Significant near-term development | Next 12-Months cash flow (proved developed producing plus drilled but uncompleted wells): $3.3 million
- Five wells recently completed and flowing back
- 14 DUCs with completions scheduled
- Premier Operators: Continental Resources Inc. / Petro-Hunt LLC
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.
Sustained lower oil prices may lead to Permian consolidation, the return of tough times to other shale plays and U.S. E&Ps helping rebalance global inventories.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.