Marathon Oil Co.

Transaction Type
Sellers
Marketers
Basin
Powder River
Post Date
Close Date
Estimated Price
MM
Description

Marathon Oil Co. via subsidiary Pennaco Energy Inc. has retained PLS Inc. to sell operated coalbed-methane assets in the Powder River Basin in Wyoming.

The assets include an average 97% working interest (average 80% net revenue interest) in approximately 155,000 net acres (90% held by production) in Campbell, Johnson and Sheridan counties. Fields include Ivy Creek, Wild Horse and Arvada in the north section, and House Creek, Dead Horse Creek, Twenty Mile and Railroad in the south section.

Net production is 13.6 million cubic feet equivalent per day from 1,600 total wells (500 producing).

Upside includes infill and development drilling potential, and more than 180 Big George drilling locations.

Marathon is retaining deep rights below the base of the Fort Union formation. A firm transportation service agreement is optional.

The bid due date is June 11. Closing is expected by Aug. 3. Contact Daniel Rojo, 713-600-0169, drojo@plsx.com.