Petromax Operating Co. Inc.

Transaction Type
Field
Kurten
Post Date
Close Date
Estimated Price
MM
Description

Petromax Operating Co. Inc. has retained Lantana Oil & Gas Partners to sell certain oil and gas interests with associated liquids-rich gas production in its horizontal Woodbine oil play in Texas.

The assets comprise 16,850 gross acres (14,000 net acres) on Kurten Field in Madison, Brazos and Grimes counties, with Eagle Ford rights on more than 14,500 acres. Current production is 3,800 barrels of oil and 2.1 million cubic feet of gas per day from 23 active wells (11 horizontal and 12 vertical). Monthly cash flow is estimated at more than $7 million. Net revenue interest on operations averages 77.5%.

The assets also contain total net reserves of 18.4 million barrels of liquid and 8.6 billion cubic feet of gas, with 34 Woodbine sand undeveloped locations, five probable locations and eight possible locations. Recent horizontal initial production rates on the properties range from more than 900 barrels of oil per day. The estimated ultimate recovery (EUR) is more than 500,000 barrels of oil per well.

The sales package is available Aug. 2. The bid due date is Sept. 9. The deal is expected to close on Oct. 14. Contact David Nini, david@lantanaog.com, 713-426-9001.