The following information is provided by PetroDivest Advisors. All inquiries on the following listings should be directed to PetroDivest. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Stranded Oil Resources Corp. retained PetroDivest Advisors to market for sale its oil and gas properties, leasehold and related assets in Wyoming's Natrona County.
The sale, which represents a basin-wide exit, offers an opportunity to acquire a substantial base of fully operated oil production, steeped in historical significance with decades of supporting technical documentation, and an ongoing test of future waterflood potential, according to PetroDivest. The former National Petroleum Reserve 3 (NPR3) includes mineral rights with about 9,000 acres of surface rights available separately, providing freedom for future development.
- 10,141 net acres including mineral rights and about 9,000 acres of surface available through this process
- About 100% HBP and 100% operated
- National Petroleum Reserve 3 acreage is ‘fee simple’ with all mineral rights and 9,000 acres of surface rights available
- No royalty burden, providing superior economics and returns
- Substantial oil production & net cash flow
- 543 vertical & 10 horizontal producing wells (100% Working Interest and about 100% Royalty Interest average)
- Long-life, low-cost assets with near-term operational improvements
- About $20/boe lifting costs
- Net Production: about 340 boe/d (98% oil)
- Net PDP NTM Cash Flow: $1.4 million
- Net PDP Reserves: about 620,000 boe
- Net PDP PV10%: about $6 million
- Ongoing 2nd Wall Creek waterflood pilot
- Pilot waterflood program initiated with results anticipated by year-end
- Nine injection patterns for imminent development following the pilot
- Net PV10%: about $50 million
- Net Reserves: about 4.6 million barrels of oil
- Additional patterns available for future waterflood expansion
- About 27 million barrels of oil produced to date from six horizons
- Tremendous remaining incremental recovery potential
- Evaluation materials available via the virtual data room on July 15
- Proposals due Aug. 19
The deal would create the largest pure-play northern Midland Basin E&P with a 73,000-net-acre position and 12,000 boe/d of production that is expected to more than double through 2020.
Leasing hot spots, improved drilling metrics and more reveal some silver lining in the cloud hanging over Midcontinent producers.
Country plans to award up to $1.8 billion in contracts by September.