Brigham Oil & Gas LP, a subsidiary of Statoil ASA, has retained Lantana Oil & Gas Partners to help sell its Vicksburg Oil and Gas assets in Brooks County, Texas.
Statoil/Brigham’s Vicksburg properties produce from both upper and lower Vicksburg reservoirs in different combinations in the various fields. The property is comprised of several adjacent fault blocks with multiple thick pay sand intervals. The properties are comprised of over 7,400 gross acres.
These mature conventional assets produce natural gas, condensate and natural gas liquids (NGLs) from a total of 46 active wells, 36 which are operated and 10 that are ExxonMobil operated. Cumulative gross production from the properties to date has been 64 billion cubic feet (Bcf) of natural gas and 2.6 million barrels of oil.
Currently the properties are producing at an average daily rate of 3.8 million cubic feet (MMcf) per day of natural gas and 167 barrels of oil per day. The total gross EUR volumetrics for the properties is 330 BCFE with 37 PUD, nine probable, and six possible locations as per a Cawley, Gillespie & Associates reserve report. These locations are mostly direct 20-acre offsets to producing wells, with many of them considered inside infill locations.
The average last 12 months cash flow is approximately $773,000 per month. Average drilling and complete cost is about $5 million per well. Three-dimensional seismic coverage is available for the entire area. The Vicksburg properties offer significant upside potential. Offset Operators include ExxonMobil, BOPCO, Ballard Exploration, Tecpetrol, Crimson Exploration, Mestena Operating among others.
The online data room is scheduled to open October 10th and physical data rooms are available upon request at Lantana’s Houston office. Final offers are due on November 9th, Closing on or before December 20th. Contact Melinda Faust, managing director, business development at Lantana, for additional information at 713-426-9001.