Marathon Oil Corp. (NYSE: MRO) is divesting nonoperated interest in Permian Basin assets through several upcoming sealed-bid offerings.
The Houston company’s subsidiary, Marathon Oil Co., has retained EnergyNet to handle the sales, which include acreage within the Spraberry, Wolfcamp and Cline formations and producing wells.
Fullerton Field—Andrews County, Texas
Marathon is selling nonoperated interest in the Fullerton Field in Andrews County, Texas.
The offering includes about 1,284 gross/net producing leasehold acres within the Spraberry, Wolfcamp and Cline formations. The assets are operated by XTO Energy Inc.
- 4.52146% working interest and 3.956278% net royalty interest in the Fullerton Clearfork Unit;
- 1,203 wells;
- 860 active (322 injectors);
- 248 inactive;
- 95 temporarily abandoned;
- Six-month average 8/8ths production is 8,533 barrels per day (bbl/d) of oil and 7,260 thousand cubic feet per day (Mcf/d) of gas; and
- Six-month average net cash flow is $212,040 (before authority for expenditures costs).
Eunice Monument Field—Lea County, N.M.
Marathon is selling nonoperated interest in the Eunice Monument Field in Lea County, N.M.
The offering includes about 680 gross/net producing leasehold acres within the Spraberry, Wolfcamp and Cline formations. The assets are operated by Apache Corp. (NYSE: APA).
- 4.69704% working interest and 4.10991% net revenue interest in the North Monument Grayburg San Andres Unit;
- 317 wells;
- 308 active;
- Nine temporally abandoned;
- Six-month average 8/8ths production is 2,545 bbl/d of oil and 2,779 Mcf/d of gas; and
- Four-month average net cash flow is $71,128.
Gomez Field—Pecos County, Texas
Marathon is selling various nonoperated working interests in Permian wells in the Gomez Field in Pecos County, Texas.
- Five producing wells;
- About 2.67% working interest and 2.33% net revenue interest in the J. F. Moore Unit #1-1;
- About 38.16% working interest and 31% net revenue interest in the Price A-1;
- About 43.88% working interest and 35.65% net revenue interest in the Price B-1;
- About 8.13% working interest and 6.6% net revenue interest in the Sabine #1;
- About 6.24% working interest and 5.07% net revenue interest in the Sibley-State Gas Unit #1;
- Six-month average 8/8ths production is 5,602 Mcf/d of gas and 19 bbl/d of oil;
- Two-month average net cash flow is $94,259 per month; and
- Operated by Chevron U.S.A. Inc., BOPCO LP and Sabre Operating Inc.
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