The following information is provided by Detring Energy Advisors. All inquiries on the following listings should be directed to Detring Energy Advisors. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
ConocoPhillips Company (“ConocoPhillips” or “Seller”) has retained Detring Energy Advisors to market for sale certain of its operated oil and gas leasehold, producing properties, and related assets located in Ector County, Texas. The assets provide an attractive opportunity to acquire: (i) 290 Boed of low-decline net production (70% liquids) from 18 producing vertical wells; (ii) high working and net revenue ownership in 5 contiguous, HBP, operated sections; and (iii) material horizontal upside in the Mississippian (Barnett, Meramec, and Woodford) and Wolfcamp/Dean which adds meaningful value beyond PDP.
Asset highlights:
- Liquids-Rich Production Base | 290 Boed | 70% Liquids | 13% decline
- 18 producing wells (6 shut-in)
- Cash Flow: $2.1MM (NTM)
- PV10: $8MM
- Net Reserves: 680 MBoe
- Attractive cost structure and netback at $15/Boe lifting costs (LTM)
- Shut-in wells offer several near-term workover opportunities
- 18 producing wells (6 shut-in)
- Contiguous 2,900+ Net Acres | 100% HBP | 99% WI | 85% NRI
- Legacy assets, fully HBP with well-established production histories
- Contiguous, operated, HBP footprint with high WI/NRI offers ideal platform to execute horizontal development
- Includes deep rights below Grayburg-San Andres (~5,000’)
- Legacy assets, fully HBP with well-established production histories
- Upside Across Multiple Horizontal Targets
- 2,688 net acres in deeper Mississippian targets, which are analogous to recent successful Barnett wells in the area
- 16 locations (8 Barnett + 8 Wolfcamp) with an avg. ~12,000’ lateral length offer material medium-term growth
- 3P PV10: $107MM
- 3P Net Reserves: 10.4 MMBoe
Bids are due at Friday, June 23. For complete due diligence information, please visit Detring.com or PetroDivest.com, or email Linda Fair at Linda@Detring.com.
Recommended Reading
Liberty Energy CEO: NatGas is Here to Stay as Energy Transition Lags
2024-03-27 - The energy transition hasn’t really begun given record levels of global demand for oil, natural gas and coal, Liberty Energy Chairman and CEO Chris Wright said during the DUG GAS+ Conference and Expo.
Global Oil Demand to Grow by 1.9 MMbbl/d in 2024, Says Wood Mac
2024-02-29 - Oil prices have found support this year from rising geopolitical tensions including attacks by the Iran-aligned Houthi group on Red Sea shipping.
US Gulf Coast Heavy Crude Oil Prices Firm as Supplies Tighten
2024-04-10 - Pushing up heavy crude prices are falling oil exports from Mexico, the potential for resumption of sanctions on Venezuelan crude, the imminent startup of a Canadian pipeline and continued output cuts by OPEC+.
Russia Orders Companies to Cut Oil Output to Meet OPEC+ Target
2024-03-25 - Russia plans to gradually ease the export cuts and focus on only reducing output.
BP Starts Oil Production at New Offshore Platform in Azerbaijan
2024-04-16 - Azeri Central East offshore platform is the seventh oil platform installed in the Azeri-Chirag-Gunashli field in the Caspian Sea.