Ridglea Energy I LLC
The following information is provided by PetroDivest Advisors. All inquiries on the following listings should be directed to PetroDivest. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
The package offers an attractive opportunity to acquire roughly 8,000 net acres with a substantial inventory of drill-ready highly-economic development locations, extensive technical analysis, 3-D seismic data, in-place infrastructure, and 18 low-decline producing wells with steady cash flow.
Asset Highlights:
- Stable, Long-life Oily Production Base
- Low-decline reserve base
- 87 boe/d net production (90% oil) from 18 producing wells (two Horizontal / 16 Vertical)
- 100% Operated with up to 100% working interest available
- 5% annual decline
- Nine years proved developed producing (PDP) reserves-to-production ratio
- Strong near-term cash flow
- More than $1 million next 12 months PDP cash flow
- $5 million PDP NPV-10 value
- $23/boe lease operating expense
- Low-decline reserve base
- Complemented by High Growth Horizontal Project
- Contiguous 8,000 net acre position with no expirations until 2020, plus two-year extensions and operator-friendly CDC
- Delineation of position complete – three Horizontal wells / two Vertical recompletions, all with impressive IP rates
- Significant upside in completion optimization. Initial Ridglea completions featured only low rate acid stimulations and are refrack candidates
- Extensive geological and geophysical and technical data provide solid understanding of subsurface environment
- More than 90 highly-economic horizontal locations in the Chester Limestone formation
- Low cost $2.3 million drilling and completion per well
- Top-tier returns (greater than 90% internal rate of returns)
- Infrastructure in-place and no takeaway constraints (not subject to Mid-Cush differential)
- Substantial Geo-Technical Support
- The Shackelford County horizontal development targets the Chester (Mississippian) formation, a tight limestone situated between the Barnett Shale source rock and the Chappel Limestone
- Horizontal wells drilled to date indicate a large continuous oil accumulation, favorable reservoir deliverability, geologic continuity / repeatability, and significant upside from completion optimization
- Substantial infrastructure in place, including saltwater disposal well, electrical, and gas gathering tied into Targa
- Robust geologic, technical and reservoir data, including proprietary 3-D, microseismic and core data
- The Shackelford County horizontal development targets the Chester (Mississippian) formation, a tight limestone situated between the Barnett Shale source rock and the Chappel Limestone
Process Overview:
- Evaluation materials available via the Virtual Data Room on Nov. 1
- Proposals due Nov. 30
For information visit petrodivest.com or contact Ken Reed, director of PetroDivest, at ken@petrodivest.com or 713-595-1016.