Virgin Oil Co. Inc.

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Post Date
Estimated Price
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Description

Privately held Virgin Oil Co. Inc., New Orleans, has retained Scotia Waterous (USA) Inc. to sell assets primarily on the Gulf of Mexico shelf. The package involves interest in 18 federal blocks offshore in 40- to 200-feet depths and one onshore Louisiana state lease. Approximately 75% of total proved reserves are operated by Virgin which holds 86,543 gross acres. Total net proved reserves are approximately 83 billion cubic feet equivalent (66% gas), with net probable reserves of 24 billion and 150 billion possible. Average net production is approximately 12.3 million cubic feet equivalent per day from six producing wells (60% gas). Behind-pipe potential exists. The data room is open. The bid due date is June 16. Contact Shaun Finnie, 832 476 6407.