Performance Energy Resources LLC has retained Raymond James | Albrecht to sell oil and gas assets in Osage County, Oklahoma.
May 2013 net production is 1,100 barrels of oil equivalent per day from multiple, stacked shallow oil reservoirs with long-life, predictable Mississippian/Pennsylvanian-aged development opportunities. The leasehold acreage position is about 77,000 gross acres, mostly 100% working interest and 80% net revenue interest.
Proved reserves are 20.5 million barrels of oil equivalent with a present value of $245.5 million when discounted at 10%. Proven, undeveloped net reserves are about 9.5 million barrels (MMbo) of oil and 32 billion cubic feet (Bcf) of natural gas from 626 high-graded immediate offset 10-acre drilling locations. The effective date of the transaction is July 1.
The projected first-year proved, developed net cash flows are $13.3 million. These cash flows can fund the drilling program. For additional information, contact Chris Simon, managing director at Raymond James | Albrecht, at 713-278-5206.