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.

An undisclosed private seller retained Detring Energy Advisors to market for sale of certain non-operated oil and gas interests across several basins in the Lower 48. The assets offer an opportunity to acquire (i) a diversified base of >4,000 producing wells and >30 DUC’s and permits generating $39MM of EBITDA (NTM); and (ii) a substantial inventory of ~600 undeveloped locations (~10 net) primarily in the Eagle Ford offering highly-economic development and sustained future growth.

Private seller map
(Source: Detring Energy Advisors)

Opportunity highlights:

  • Robust Net Production (2,575 Boed) & Cash Flow ($26MM NTM PDP FCF)
    • High margin, oil & liquids weighted production base
      • PDP Net Res.: 8.9 MMBoe (57% liquids)
      • PDP PV10: $98MM
    • Diversified, low-risk cash flow from 4,724 PDP wells (3,666 horizontal)
      • Average 2.4% WI & 1.9% NRI
    • Existing production and cash flow provides ample funding for ongoing development
  • Core Eagle Ford Portfolio Under Highly Active Operators
    • Non-operated position spanning more than 200,000 gross acres in the oil and condensate windows
      • Active development programs
      • Operators have publicly stated focus on Eagle Ford as key development area
    • Proven Lower Eagle Ford development opportunity with significant upside from the Upper Eagle Ford and Austin Chalk
      • 583 highly economic gross locations
      • ~200 gross core locations with 100+ Boe/ft. EURs yielding >75% IRRs
  • Mature, Low-Decline Portfolio Generating Consistent Yield
    • Low-decline assets (aggregate 6% PDP NTM decline) offer strong, predictable cash flow (~$8MM NTM EBITDA)
    • Attractive commodity exposure from well balanced mix of oil-weighted and gas-weighted assets
      • California | Legacy Los Angeles Basin mature oil production | 120 Boed (98% oil)
      • Barnett | Mature gas-weighted production | 5.3 MMcfed (18% liquids)
      • Wyoming | Conventional low-decline CO2 flood | 300 Boed (99% oil)
    • Inventory of additional low-cost RTP, recompletion, and operational improvement opportunities across the assets to further arrest decline and increase cash flow

Bids are due at Oct. 25. For complete due diligence information, please visit detring.com or email Matt Loewenstein, managing director, at matt@detring.com.

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