WPX Energy Inc. (NYSE: WPX) and Summit Discovery Resources LLC are selling interest in the Marcellus horizontal resource play that includes 10,657 net acres HBP.
The package is located in the dry gas area of Centre, Clearfield and Westmoreland counties, Pa., according to Meagher Energy Advisors, which is handling the transaction.
- Contiguous acreage blocks in Centre, Clearfield and Westmoreland counties;
- Offering includes about 17,762 net acres, average net revenue interest of 84%;
- Roughly 10,657 net acres HBP; and
- Operational control over entire leasehold position.
Infrastructure Services Currently in Place:
- Midstream interconnects with EQT and PNG in Westmoreland;
- Midstream interconnects with Columbia in Centre and Clearfield; and
- Membership interest in RW Gathering System included.
Cash Flow and Production:
- Total well count 61 (59 producing from the Marcellus, two wells waiting on completion);
- All wells operated by WPX;
- Average combined interests of 59.6897% working interest and 50.8077% net revenue interest;
- Projected April-December 2015 net cashflow of $6.2 million; and
- Projected April-December 2015 net production of 6.6 billion cubic feet (Bcf).
- Multiple locations identified within all counties;
- Substantial resource potential; and
- Cost reduction opportunities available.
Bids are due April 29. The sale is expected to close May 29 with an effective date of April 1.
For information contact Teri Williams, Meagher COO, at 918-481-5900 ext. 224.