Medallion Exploration Co. has retained Energy Spectrum Advisors Inc. to sell certain nonproducing coalbed-methane acreage in the Powder River Basin.
The package includes a 100% working interest (80% net revenue interest) in 90,418 gross acres (42,779 net) in Sheridan, Johnson, and Campbell counties, Wyoming, and Rosebud County, Montana. The properties are partially developed with 93 wells equipped and ready to dewater and begin producing immediately. More than 200 wells have been drilled but, due to a lack of operating capital, these wells were not dewatered adequately or at all.
The target coalbed-methane formations include the Cook, Wall, Swartz, Anderson, Canyon and Big George coals at depths ranging from 400 feet to 2,200 feet.
Apart from this package, the company will entertain a separate offer from the high bidder on the deep rights targeting the Niobrara and Sussex formations on certain company leaseholds. These formations are being developed via horizontal drilling in offset areas by third-party operators.
The bid due date is Dec. 13. Contact Charlie Lapeyre, 214-987-6123, email@example.com.