Potoco LLC

Transaction Type
Sellers
Marketers
Post Date
Close Date
Estimated Price
MM
Description

Potoco LLC has retained Meagher Oil & Gas Properties Inc. to sell an operated tight-gas sands and coalbed-methane (CBM) project in Arkansas. The package includes approximately 38,050 net acres (60,170 gross) in 165 sections of which Potoco has operational control of 83. Undeveloped leases have an average 80% net revenue interest. Assets include five producing Hartford-Middle Atoka wells producing 711,000 cubic feet per day. One well is waiting on completion. Upside includes seven Hartford locations integrated but not drilled; 10 proved undeveloped and seven probable locations; and potential for up to 16 Hartford producers per section based on nearby development. Fifteen mapped gas sands have been identified in the Upper, Middle and Lower Hartford, with additional upside in the Middle Atoka Borum. Additional assets include six CBM wells (plus three shut in) producing 122,000 cubic feet per day gross. Existing infrastructure includes ownership in three gathering systems. The bid due date is March 9. The effective date is Jan. 1, 2009. The closing date is March 31. Contact Jacque Semple, 918-481-5900, ext. 221.