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
Stephens Marketed Map - Parallel Petroleum Central Basin Platform Eastern Shelf Opportunity
(Source: Stephens Inc.)

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.

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