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Grizzly Energy LLC retained EnergyNet for the sale of an Anadarko Basin asset package located across Oklahoma's Alfalfa, Dewey, Garfield, Major, Noble and Woodward counties through an auction closing April 1.
The offering includes operations, nonoperated working interest, royalty interest and overriding royalty interest (ORRI) in a 92-well package plus leasehold acreage.
- Operations in 53 Wells:
- 100.00% to 23.4375% Working Interest / 85.00% to 20.507819% Net Revenue Interest
- 18 Producing Wells | One Saltwater Disposal Well | 32 Non-Producing Wells | Two Shut-In Wells
- An Additional Royalty Interest/ORRI in 38 Wells
- Nonoperated Working Interest in 36 Wells:
- 50.00% to 0.54147% Working Interest / 41.934249% to 0.41185% Net Revenue Interest
- 28 Producing Wells | Eight Non-Producing Wells
- The Ferrell 8-16N-19W 1CH is After Payout Only
- An Additional ORRI in 26 Wells
- Select Operators include Chesapeake Operating LLC, Contango Oil & Gas Co. and SandRidge Exploration & Production LLC
- ORRI in Three Wells:
- 7.748251% to 1.14563% ORRI
- Two Producing Wells | One Non-Producing Well
- An Additional Royalty Interest in Two Wells
- Operators include BP America Production Co., Excalibur Resources LLC and Skycap Energy LLC
- 12-Month Average Net Income: $36,031 per Month
- Six-Month Average 8/8ths Production: 75 barrels per day (bbl/d) of oil and 2.633 million cubic feet per day of Gas
- 2,817.361 Net Leasehold Acres
Bids are due by 2:25 p.m. CT April 1. For complete due diligence information visit energynet.com or email Heidi Epstein, manager of business development, at Heidi.Epstein@energynet.com, or Denna Arias, vice president of corporate development, at Denna.Arias@energynet.com.
Payara’s startup had been slated for “as early as 2023” and was expected to eventually produce some 220,000 barrels per day (bbl/d) of crude, according to Exxon’s website.
Excess supply has sparked a fresh dilemma among U.S. drillers, which are being asked to cut oil production as storage space fills up.
The well hit an oil column of at least 60 meters in the Garn Formation and an oil column of at least 120 meters in the Tilje Formation.