Citrus Energy Corp.

Transaction Type
Sellers
Marketers
Basin
Fort Worth
Field
Newark East Field
Post Date
Close Date
Estimated Price
MM
Description

Citrus Energy Corp. has retained Meagher Energy Advisors to sell interests in the Barnett shale of North Texas.

The package includes operated production and leasehold with an average 75% net revenue interest on 2,190 gross acres (1,721 net) in Newark East Field in Johnson, Ellis, Parker and Wise counties. The assets include nine producing wells and two shut in.

Projected gross production for April is 2.1 million cubic feet equivalent (1.3 million net). Proved reserves are 856,000 barrels of oil and gas liquids and 10.2 million cubic feet of gas for a total 15.3 million cubic feet equivalent. Monthly cash flow is $159,000.

Upside includes eight proved undeveloped locations. The majority of leases are held by production or have renewal options.

The bid due date is April 27. The effective date is April 1. Closing is expected May 31. Contact Julia Foster, 303-721-6354 ext. 229, jfoster@meagheradvisors.com.