Marketed: Apache Corp. Gulf of Mexico Shelf Nonop Opportunity

The following information is provided by Detring Energy Advisors LLC. All inquiries on the following listings should be directed to Detring. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.

Apache Corp. retained Detring Energy Advisors to market for sale certain of its nonoperated Gulf of Mexico shelf assets located across six platforms in Louisiana and Texas federal waters.

The assets comprise nonoperated working interest in legacy production underpinned by meaningful liquids-weighted production generating $24 million of cash flow. Planned development opportunities include low-risk behind-pipe locations, which boast attractive economics supported by high-margin realizations of $50 or more of boe netback, according to Detring.

Asset Highlights:

• Legacy and liquids-weighted net production of 1,400 boe/d (65% liquid by revenue)
  • High netback of $52/boe supported by low operating expenses and production handling income
  • 18 active wells across six platforms
• Substantial $24 million next 12-month PDP Cash Flow
  • PDP PV-10 and reserves of $42MM and 1.2 MMboe, respectively
  • Ability to fund development out of cash flow, with 2P PV-10 and reserves of $49 million and 1.9 MMboe, respectively
• Assets operated by established, well-capitalized Gulf of Mexico operators including W&T and Walter Oil and Gas
  • History of topsides and subsurface maintenance provides for a reliable production base across all assets

Process Summary:

• Evaluation materials available via the Virtual Data Room on Sept. 21
• Bids are due on Oct. 26

For information visit detring.com or contact Melinda Faust at mel@detring.com or 512-296-4653.