The following information is provided by Stephens Inc. All inquiries on the following listings should be directed to Stephens. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Parallel Petroleum LLC has exclusively retained Stephens Inc. as its transaction adviser to market and sell the company, which includes assets the Central Basin Platform and Easter Shelf areas of the Permian Basin.
Asset Highlights:
- ~14,000 net acres primarily in Andrews, Gaines and Scurry Counties, Texas (almost entirely HBP)
- Net Production (January): 2,218 boe/d (98% Oil) from 624 gross producing wells
- ~90% average Working Interest (80% average Lease Net Revenue Interest)
- Next 12-month Net PDP Operating Cash Flow: ~$50 million
- Net PDP PV-10 (as of January): $193 million
- Third-Party engineered (NSAI) PDP/PDNP/PUD cases included in virtual data room
- Additional low-risk reserves upside cases that include return-to-production, re-stimulation and Horizontal. San Andres locations quantified by Parallel and Stephens
- Diamond M Field - CO₂ gas reinjection project case to be quantified by Baker Hughes and NSAI
Process Overview:
- Virtual data room opens March 24
- Bids due in early/mid-May
For information visit stephens.com or contact Paul Shin, Stephens associate, at Paul.Shin@stephens.com.
Recommended Reading
Sheffield: E&Ps’ Capital Starvation Not All Bad, But M&A Needs Work
2024-10-04 - Bryan Sheffield, managing partner of Formentera Partners and founder of Parsley Energy, discussed E&P capital, M&A barriers and how longer laterals could spur a “growth mode” at Hart Energy’s Energy Capital Conference.
Post Oak Backs New Permian Team, But PE Faces Uphill Fundraising Battle
2024-10-11 - As private equity begins the process of recycling inventory, likely to be divested from large-scale mergers, executives acknowledged that raising funds has become increasingly difficult.
Utica Oil E&P Infinity Natural Resources’ IPO Gains 7 More Bankers
2024-11-27 - Infinity Natural Resources’ IPO is expected to provide a first-look at the public market’s valuation of the Utica oil play.
Post Oak Backs Third E&P: Tiburon Captures Liquids-rich Utica Deal
2024-10-15 - Since September, Post Oak Energy Capital has backed new portfolio companies in the Permian Basin and Haynesville Shale and made an equity commitment to Utica Shale E&P Tiburon Oil & Gas Partners.
BP Profit Falls On Weak Oil Prices, May Slow Share Buybacks
2024-10-30 - Despite a drop in profit due to weak oil prices, BP reported strong results from its U.S. shale segment and new momentum in the Gulf of Mexico.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.