Beacon E&P Co. LLC

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

Beacon E&P Co. LLC, Newark Core Barnett LLC and Edge Barnett Operating Co. LLC have retained Macquarie Tristone to sell interests in eastern Tarrant and western Dallas counties in the Barnett shale in Texas.

The package includes 100% working interest (75% net revenue interest) in more than 7,700 net acres (with an additional 325 net acres pending) with eight wells drilled. The company reports gross recoverable reserves of 1.3 trillion cubic feet (945 billion cubic feet net). Chesapeake Energy, XTO Resources, Quicksilver Resources and Carrizo have drilled more than 1,000 wells in the area.

Upside includes 244 drilling locations, most with 3-D seismic coverage. Eight of 14 units are held by production, while the rest can be converted with a one-rig program by first-quarter 2013. Average estimated ultimate recoveries per well are expected to be between 5- and 6 Bcf.

The data room opens Aug. 20. The bid due date is Sept. 18. Contact Jerry Gips, 713-651-4250, jerry.gips@macquarie.com.