Penn Virginia MC Energy LLC

Transaction Type
Sellers
Marketers
Post Date
Close Date
Estimated Price
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Description

Penn Virginia MC Energy LLC has retained Meagher Oil & Gas Properties Inc. to sell operated production and leasehold in the Bakken shale play in the Williston Basin in North Dakota. The package includes a 50.63% working interest (40.51% net revenue interest) in 71,742 gross acres (20,178 net) in McKenzie and Dunn counties. Leases expire in 2010 and beyond. Projected production for July is 440 barrels of oil equivalent per day gross (37 barrels net). Projected July cash flow is $48,000. Proved developed producing reserves are 95,000 barrels of oil equivalent. The assets include two operated and two nonoperated wells with pumps recently installed on the operated wells. Upside includes 30 or more gross undeveloped 1,280-acre spacing units. Secondary targets include the Duperow and Red River formations. The package also includes small working interests in Tracker and Continental wells. The bid due date is Aug. 20. The effective date is Sept. 1. Closing is expected by Sept. 10. Contact Julia Foster, 303-721-6354, ext. 229.