ExL Petroleum LP

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

ExL Petroleum LP has retained Albrecht & Associates to sell certain assets in the Wolfberry trend in Texas. The assets include interests in 19,059 gross acres (9,065 net acres; 2,087 net held by production) in Crockett, Ector, Midland and Upton counties. The properties feature 22 producing wells, with 20 producing from the Wolfberry trend between 7,500 feet and 11,000 feet and two from the Penn at 9,500 feet. ExL operates all but one of the wells and all of the locations. Net production is 350 barrels of oil, 220,000 cubic feet of gas and 65 barrels of natural gas liquids per day (80% oil). Net proved reserves are 1.1 million barrels of oil, 1.1 billion cubic feet of gas, and 360,000 barrels of gas liquids. Projected proved developed producing cash flow for the first 12 months following the effective date is $5.2 million. Cash flow from July 2008 to June 2009 was $5.8 million. Upside includes five proved developed non-producing opportunities and 11 proved undeveloped locations. The data room is open. The bid due date is Aug. 14. The effective date is Sept. 1. Contact Harrison Williams, 713-951-9586.