Harvey Ventures Group has retained Energy Capital Solutions to evaluate its strategic alternatives, including creating a joint venture with a partner to better leverage its acreage position in the Williston Basin.
Harvey, a privately-held manager of land and mineral rights, has accumulated a sizable state and federal acreage position of 221,068 gross (205,062 net) acres in Montana, North Dakota and South Dakota which is prospective for multiple conventional and unconventional horizons.
All HVG leases will expire after 2018, with 50% expiring after 2020. There is effectively no additional federal or state mineral rights available to be leased within HVG Williston Basin footprint.
The JV would continue to acquire additional acreage in the Williston Basin, farm-out acreage positions to top-tier industry upstream operators and participate in retained non-operated working interests alongside industry partners.
Based on the analysis of a third party engineering and geological consulting firm, HVG’s acreage position is prospective for a number of primary reservoir targets, including Red River B & C formations and the prolific Three Forks resource play.
Numerous secondary targets are also present across Harvey’s acreage position as well. Harvey has 100.0% working interest (80.0% NRI) over 90% of its acreage position (199,908 gross acres) and has retained a WI position in the remaining 21,161 gross acres (24.5% WI / 20.5% net NRI) following three recent farm-outs with Slawson Exploration Co. and Petro-Hunt LLC.
Harvey also recently sold Apache Corp. 39,686 gross acres in Daniels and Sheridan Counties, Montana. For additional information, please contact Russell Weinberg at Energy Capital Solutions LLC, 214-219-8201.