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Texas American Resources Co. retained PetroDivest Advisors to market for sale its oil and gas leasehold and mineral interests in Burleson and Washington counties, Texas.
This highly-contiguous development position offers an opportunity to proceed with a vetted five-well Austin Chalk drilling program on about 5,200 net acres, supported by thorough technical backing from geologic and reservoir analysis, according to PetroDivest. Offset Austin Chalk legacy wells were historically understimulated, offering remaining potential as demonstrated by analogous, modern development.
- 5,228 highly-contiguous net acres, in the heart of the Austin Chalk play, with four acreage blocks identified
- Average 8/8ths lease NRI: ~77%
- Additional 291 NMA across the position, improving royalty burden
- Extensions available for ~90% the of position, providing flexibility for near-term development timing
- Acreage in primary term with options to extend to 2023+
- Execution-ready development program set to begin late-2020
- Peak Net Production: 6,000 boe/d (59% liquids)
- Net 1P Reserves: about 6.8 million boe
- Net 1P PV-10%: about $33 million
- Highly-vetted Austin Chalk PUD locations underpinned by analogous results
- Texas American has completed rigorous analysis identifying 28,300 lateral-feet in five high-quality locations
- Anticipated well performance based on nearby, analogous units
- About 1,7000 boe/d IP-30 (about 60% liquids) type curve with about 70% internal rate of return (4,000 ft TLL)
- Offset legacy vertical and horizontal wells were completed open-hole and with minimal stimulation
- Identified locations have several key characteristics to ensure performance
- Proven Austin Chalk rock quality
- Open-hole and minimal frac offset wells
- Low water-cut historical production
- Evaluation materials available via the Virtual Data Room on Aug. 19
- Proposals due Sept. 16
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