Goldking Energy Corp.

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

Goldking Energy Corp. Is Selling Assets Along Texas, Louisiana Gulf Coasts

Houston, Texas-based Goldking Energy Corp. has placed on the market a substantial operated working interest position in the Gulf Coast region of Texas and Louisiana.

The package includes gross production totals of 300 barrels of oil per day, 5.6 million cubic feet per day of natural gas, and 24,000 barrels of water per day.

Net production totals 630 barrels of oil equivalent per day as of September 2013, including 150 barrels of oil per day, 2.9 million cubic feet per day of natural gas and 13,000 barrels of water per day. Natural gas liquids yield averages 39 barrels per million cubic feet of natural gas.

The operations include 47 wells -- 12 located in Louisiana and 35 in Texas.

Working interests range from 20% to 100%, and net revenue interests from 15% to 83%.

The package includes 11,059 gross acres and 9,383 net acres. Held by production (HBP) are 9,330 gross acres and 7,654 net acres.

The deal includes proved developed producing reserves of 146,000 barrels of oil, 2.09 billion cubic feet of natural gas and 82,000 barrels of natural gas liquids, based on NYMEX Strip Pricing.

The net operating cash flow averaged $628,000 per month (year to date) through July 2013.

A data room is available and bids are due Nov. 12, 2013.. Lantana Oil and Gas Partners is assisting with the sale.

For more information, call David G. Nini, Andy Taurins, Melinda Faust, Jim Unverferth, Carla Tharp or Greg Whitmire at 713-426-9001.