Axis Energy Corp.

Transaction Type
Sellers
Marketers
Basin
Anadarko
Post Date
Close Date
Estimated Price
MM
Description

Axis Energy Corp. has retained Energy Spectrum Advisors Inc. to sell certain oil and liquid-rich gas properties in the horizontal Cleveland sand play of the Texas Panhandle and Western Oklahoma.

The package includes a weighted average 92% working interest (71% net revenue interest) on 5,194 gross acres (4,192 net) in Ochiltree and Hemphill counties, Texas, and Ellis County, Oklahoma. The properties are 95% operated and 100% held by production.

Current net production is 550 barrels of oil, 252 barrels of natural gas liquids, and 1.7 million cubic feet of gas per day for a total of 1,083 barrels of oil equivalent per day from the Cleveland sand. Net operating cash flow for December is projected to be $1.35 million.

Proved reserves are 3.1 million barrels of oil (42% proved developed) with an additional 1.8 million barrels of probable reserves.

Upside includes average future ultimate recovery of Axis’ horizontal Cleveland wells average 277,000 barrels equivalent per well, according to Axis.

The bid due date is Nov. 11. Contact Wood Brookshire, 214-987-6133, wood.brookshire@energyspectrum.com.