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The Oil & Gas Asset Clearinghouse LLC said it is partnering with 83 Energy to market a nonoperated working interest package comprising three wells in Wyoming's Converse County.
- 5.56% working interest / 4.48% net revenue interest in three horizontal oil wells in Converse County, Wyo.
- 68.30 net acres in a 1,135.58 acre pooled unit
- Average gross production of 171 bbl/d of oil and 858,000 cubic feet per day of gas
- Average net cash flow (last six months) of $10,313 per month
- Four authority for expenditures for new drills in the Parkman Formation
Although Pickering Energy Partners’ Dan Pickering believes the industry is in for a couple of tough years ahead, he also believes the survivors are due for a bounty: Assets will be available for prices not seen in 30 years.
Devon Energy’s Barnett Shale exit, a deal potentially worth up to $830 million, will now close at the beginning of October rather than the end of the year.
Despite the loss, Pioneer Natural Resources generated $165 million of free cash flow for the quarter, which President and CEO Scott D. Sheffield attributed to significant cost reductions and operational efficiency improvements.