The following information is provided by TenOaks Energy Advisors LLC. All inquiries on the following listings should be directed to TenOaks. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Capstone Natural Resources II LLC retained TenOaks Energy Advisors as its exclusive adviser in connection with the sale of its operated Central Basin Platform properties in Ector and Upton counties, Texas, within the Permian Basin.
- M&M Field: Horizontal San Andres Production Base
- Largely contiguous 10,238 net acres in Upton County
- Optimal for horizontal development
- 74 drilling locations identified with internal rate of returns of more than 90%
- 332 barrels of oil equivalent per day (boe/d); 93% oil
- 2019 Proved Developing Production (PDP) cash flow: $320,000 per month
- Additional upside from cleanouts and operational projects
- Flag Ranch: Conventional vertical project on Wichita Albany structural trend of Central Basin Platform
- 1,276 net acres in Ector County
- 225 boe/d; 59% oil
- 2019 PDP cash flow: $141,000 per month
- Proved Developed Non-Producing (PDNP) projects drive production and cash flow growth (60%+ internal rate of returns)
Bids are due March 21. For information visit tenoaksenergyadvisors.com or contact Jason B. Webb, TenOaks partner, at 214-420-2322 or Jason.Webb@tenoaksadvisors.com.
The continued strength of the Permian Basin will force smaller oil and gas companies to merge or be acquired by larger competitors, which Gibson Dunn attorneys say is a positive for the industry.
EnergyNet has been retained to handle state and federal oil and gas lease sales across the U.S. including nearly 1 million acres for lease in Wyoming alone.
Contrast that to the S&P 500 over that period, and, “the rest of the market looked pretty easy to make money in. There’s a lot of frustration in the market.”