EnergyNet has been retained by several oil and gas companies to sell properties in New Mexico and Texas.
Plantation Petroleum—Permian Basin, New Mexico
Plantation Petroleum Co. LLC’s operating subsidiary, PPC Operating Co. LLC, is divesting operations in the Rhodes and Jalmat fields within the Permian Basin of Lea County, N.M., through sealed bid offerings.
The Rhodes package is made up of a 90.798783% to 96.189% working interest and 67.593944% to 83.70833% net revenue interest in 97 wells. The Rhodes waterflood pool is comprised of 36 producing wells and 31 active injection wells.
These wells have an 11-month average net income of some $147,109 per month with a six-month average 8/8ths production of about 101 barrels per day (bbl/d) of oil and 59 thousand cubic feet per day (Mcf/d). The Rhodes Field has multiple zones with waterflood conformance opportunity and infill drilling opportunities.
The Jalmat package includes operations in 19 wells with a 29.667% to 85.947% working interest and 25.958% to 69.692% net revenue interest.
These wells have an 11-month average net income of some $47,436 per month with a six-month average 8/8ths production of about 40 bbl/d of oil and 5 Mcf/d.
The sealed bid offers for the Rhodes and Jalmat packages are due at 4 p.m. CDT on June 26.
In addition to these packages, Plantation Petroleum is also selling 13 other operated and non-operated packages in Texas and New Mexico that begin closing at 1:30 p.m. CDT on June 25.
For information contact Chris Atherton, vice president of business development, at 832-654-6612.
Sabine—Cotton Valley Sand, Texas
Sabine Oil & Gas LLC is making available a significant non-producing leasehold position consisting of 69,977.9186 net leasehold acres (79,746.4426 gross acres) located in Freestone, Henderson, Limestone, and Navarro counties, Texas, through a sealed bid offering.
The Donkey Kong package acreage consists of:
- Freestone County—33,028.2077 net/38,177.8982 gross acres;
- Navarro County—31,483.2142 net/35,041.8134 gross acres;
- Limestone County—5,317.7132 net/6,345.794 gross acres; and
- Henderson County—148.7835 net/180.9370 gross acres.
The acreage has numerous prospective formations from Woodbine-Smackover, including the Cotton Valley Lime, Goodland Lime and Woodbine. Commercial hydrocarbon production has been established in Navarro from Woodbine, Rodessa, Cotton Valley Sands, Cotton Valley Lime, Bossier, and Smackover formations.
Most leases contain a two-year extension option that can be exercised for $150-$250 per net acre.
Active operators in the area include XTO Energy Inc., Devon Energy Corp. (NYSE: DVN), Ironwood Oil & Gas LLC and O'Benco Inc.
Sealed bid offers are due at 4 p.m. CDT on July 16. For information contact Cody Felton, business development, at 281-221-3042.
Chevron—Permian Basin, New Mexico
Chevron U.S.A. Inc., the subsidiary of Chevron Corp. (NYSE: CVX), is offering interests in the TK and Zeus prospects within the Permian Basin of Eddy County, N.M.
The TK Prospect consists of a term assignment of 100% working interest and 75% net revenue interest) in 320 acres, for a term of June 1-Dec. 31, 2014. Sealed bid offers are due at 4 p.m. CDT on June 25.
The Zeus Prospect consists of a term assignment of 100% working interest and 75% net revenue interest in 158.25 acres, for a term of June 1-Dec. 31, 2014. Sealed bid offers are due at 4 p.m. CDT on July 2.
For information contact Chris Atherton, vice president of business development, at 832-654-6612.
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