Eagle Energy Company of Oklahoma LLC

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

Privately held, Tulsa, Okla.-based Eagle Energy Company of Oklahoma LLC has retained Scotia Waterous (USA) Inc. to sell certain oil and gas assets including Mississippian oil assets and Hunton lime assets in Oklahoma.

Riverstone Holdings LLC-backed Eagle Energy is offering 125,000 gross acres (105,000 net) in two packages.

The Northwest Oklahoma package includes 75% working interest (60% net revenue interest) in 80,000 gross acres (68,000 net) in Woods and Alfalfa counties, with nearly 60,000 in the Mississippian oil play. Production is 1,500 net barrels of oil equivalent per day, which is anticipated to grow to 4,000 net barrels equivalent first quarter 2011.

Upside includes 350 horizontal locations based on 160-acre spacing and opportunity to acquire meaningful liquids weighted production with near-term upside.

The Central Oklahoma package features 75% working interest (60% net revenue interest) in 26 vertical wells on 34,000 gross acres (26,000 net) of primarily producing assets from the Hunton lime trend in Lincoln County. Net production is 11.5 million cubic feet equivalent per day (96% gas-weighted). Monthly net cash flow is $1 million.

Upside includes additional Woodford shale potential in Haskell County with 10,400 gross/net acres (100% working interest) prospective for the shale.

The bid due date is late February. Data rooms open in January. Contact Shaun Finnie, 832-476-6407, shaun_finnie@scotiawaterous.com.