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Land and Natural Resource Development Inc. has retained RedOaks Energy Advisors as its exclusive adviser in connection with the sale of certain operated, conventional properties in Pickens and Lamar Counties, Ala. The package includes the Black Warrior gathering and processing facility.
Upstream Asset Highlights:
- 3,681 gross / net acres (100% HBP)
- Proved Developed Producing (PDP) PV-10 value: $12.6 million
- Projected 2019 PDP cash flow: $385,000 per month
Midstream Asset Highlights:
- About 97 miles of pipe
- Current throughput: about 4.3 million cubic feet per day
- Refrigeration JT Plant
- Projected 2019 cash flow: $60,000 per month
Secondary Recovery Upside:
- Implemented secondary oil recovery (gas injection)
- 1 million barrels of incremental reserves
- Probable PV-10 value: $20 million
Production, volumes to process and move, EBITDA are all vulnerable in the near term, says Alerian.
Analysts with Tudor, Pickering, Holt & Co. noted the sale of Quintana’s legacy conventional pressure pumping operations was a small deal but that it also highlighted a “prodigious valuation upside.”
The lender group for Venture Global's $5.8 billion construction financing includes the world's leading Asian, European and North American project finance banks, the company said.