The following information is provided by Detring Energy Advisors LLC. All inquiries on the following listings should be directed to Detring. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Millennial Energy Partners (MEP) is offering for sale its oil and gas mineral and royalty interests located in the core Stack play in Blaine, Custer and Dewey counties, Okla.
The assets offer an attractive opportunity to acquire a concentrated position with exposure to multiple benches across the prolific Meramec and Woodford horizons. MEP has retained Detring Energy Advisors as its exclusive adviser relating to the transaction.
Asset Highlights
- About 4,400 Net Royalty Acres
- 100% minerals
- High royalty interest leases (about 24% average royalty interest)
- Concentrated, core minerals position with significant near-term growth
- Prolific stacked-pay in the core of the Meramec and Woodford high-yield wet gas and volatile oil windows
- Roughly 2.0-2.5 billion cubic feet equivalent per 1,000-ft EURs with 100%+ rate of returns driven by high-liquids content wet gas
- Exposure to premier operators with substantial development budgets: about 70% of net royalty acres (NRA) operated by Continental Resources Inc., Devon Energy Corp. and Cimarex Energy Co.
- Numerous high-density spacing tests across the position
- Two rigs currently on minerals and 17 rigs within five miles of MEP minerals
- 62 active horizontal producers, eight horizontal drilled but uncompleted wells (DUCs) and two horizontal permits on minerals with an average royalty interest of about 0.84% across all locations
- Current Net Production: about 1 million cubic feet equivalent per day
- Next 12-months Cash Flow: about $1.1 million (proved developed producing/DUC wells only)
- Attractive Meramec and Woodford thickness across MEP’s position in the western Stack provides proven, over-pressured, multi-bench inventory
- Operators currently testing Osage, Red Fork, Oswego, Atoka, Cleveland, Cottage Grove and Douglas horizontal potential across the position establishing tangible upside in the Anadarko Basin
Process Overview
- Evaluation materials available via the Virtual Data Room on Feb. 4
- Proposals due March 6
For information visit detring.com or contact Melinda Faust at mel@detring.com or 713-595-1004.
Recommended Reading
NextEra Energy Dials Up Solar as Power Demand Grows
2024-04-23 - NextEra’s renewable energy arm added about 2,765 megawatts to its backlog in first-quarter 2024, marking its second-best quarter for renewables — and the best for solar and storage origination.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
Enverus: Q1 Upstream Deals Hit $51B, But Consolidation is Slowing
2024-04-23 - Oil and gas dealmaking continued at a high clip in the first quarter, especially in the Permian Basin. But a thinning list of potential takeout targets, and an invigorated Federal Trade Commission, are chilling the red-hot M&A market.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
Ithaca Energy to Buy Eni's UK Assets in $938MM North Sea Deal
2024-04-23 - Eni, one of Italy's biggest energy companies, will transfer its U.K. business in exchange for 38.5% of Ithaca's share capital, while the existing Ithaca Energy shareholders will own the remaining 61.5% of the combined group.