Marketed: Maverick Natural Resources Michigan Gas Assets

Transaction Type
Sellers
Marketers
Basin
Michigan Basin
Announce Date
Post Date
Close Date
Room Opening Date
Estimated Price
MM
Description

The following information is provided by Houlihan Lokey Capital Inc. All inquiries on the following listings should be directed to Houlihan Lokey. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.

Maverick Natural Resources LLC retained Houlihan Lokey Capital Inc. for the sale of its conventional gas weighted assets located in the Michigan Basin.

Highlights:

  • Current production of about 35 million cubic feet equivalent per day net and stable proved developed producing (PDP) base decline of roughly 5%
  • Meaningful footprint of about 250,000 company net acres (roughly 100% HBP)
  • High operated ownership of 88% Working Interest
  • Net 1P reserves of about 245 billion cubic feet equivalent (Bcfe); PV-10 value of roughly $142 million
  • 50% ownership in Wilderness Gathering System and CO2 treating plant with fourth-quarter Annualized 2018 EBITDA $906,000 (net)
  • Substantial recent capital investments made in CO₂ floods with associated production expected online second-quarter 2019

Bids are due April 18. For information visit hl.com or contact Jerry Eumont, director of Houlihan Lokey, at 832-319-5119 or JEumont@HL.com.