Fairway Resources

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Post Date
Estimated Price
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Description

Fairway Resources has retained Meagher Oil & Gas Properties Inc. to sell certain assets in the Permian Basin. The package includes 100% operated interest (77.5% to 85.5% net revenue interest) in 1,080 gross and net acres in Eddy County, New Mexico, targeting the Grayburg and San Andres formations. Gross production is 165 barrels of oil and 498,000 cubic feet of gas per day. Projected net cash flow for October is $496,818. Some 29 drilling and recompletion opportunities exist. Proved developed producing reserves are 276,000 barrels of oil and 1.1 billion cubic feet of gas; proved behind pipe is 102,000 barrels and 143 million cubic feet; proved undeveloped is 319,000 barrels and 822 million cubic feet; and probable undeveloped is 19,000 barrels and 52 million cubic feet. The bid due date is Oct. 2. The effective date is Oct. 1. The closing date is Oct. 28. Contact Jacque Semple, 918-481-5900, ext. 221