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Maverick Natural Resources LLC is exiting its entire Michigan Basin operated position providing buyers an opportunity to acquire attractive oil producing conventional assets with strong cash flow, low PDP decline and significant infill development opportunities, according to EnergyNet Indigo, which Maverick retained as the exclusive adviser with the transaction.
The sealed-bid offering comprises a 296 well package with operations and overriding royalty interest (ORRI) plus leasehold and minerals in various counties in Michigan.
Highlights:
- Significant Operational Opportunity
- Operated Position with Average Working Interest ~96.96% / Average Net Revenue Interest ~84.14%
- Strong, Consistent Cash Flow and Production
- Six-month Average Net Income: $488,241/Month
- Forecasted PDP Next 12-month Operating Cash Flow of ~$5,527,900 (3/1 Strip; 4/1 effective date)
- Six-month Average 8/8ths Production: 393 bbl/d of Oil and 305 Mcf/d of Gas
- Large Leasehold Position, plus Surface and Minerals
- HBP Leasehold in +13,000 Gross Acres
- Non-producing Leasehold Interests in ~484,000 Acres (±242,800 Net Acres)
- 417.50 Acres in Surface Fee, Office, an H2S-Sulfure Removal PSM Plant and Water Flood Injection Site
- Remaining Mineral Interests below the base of the Antrim Formation
Bids are due at 4 p.m. CDT on April 14. The effective date of the sale is April 1.
A virtual data room is available. For complete due diligence information visit indigo.energynet.com or email Cody Felton, vice president of business development, at Cody.Felton@energynet.com, or Denna Arias, vice president of corporate development, at Denna.Arias@energynet.com.
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