Marketed: Pin Oak Energy Partners Operated Utica 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.

Pin Oak Energy Partners retained Detring Energy Advisors to market for sale its Utica Shale leasehold, producing properties and related assets located in the volatile oil and condensate windows in Harrison and Tuscarawas counties, Ohio.

The assets offer an attractive opportunity, Detring said, to acquire a roughly 22,000 net-acre contiguous, operated position accommodating extended laterals with a high-margin, liquids-rich production and cash flow base to fund continued development. Additionally, the opportunity includes over 900,000 net lateral feet of highly-economic undeveloped inventory supported by recent, prolific offsetting well results.

Asset Highlights:

• Liquids-rich Production Base
  • 370 boe/d (55% liquids)
    • Eight operated PDP wells
    • Average 100% Working Interest and 87% Net Revenue Interest
    • PDP PV-10: $28 million
  • Next 12-month PDP cash flow: $6.6 million
    • Next 12-month cash margin of 88%
• Consolidated Leasehold Ideal for Operations
  • 21,900 net acres with Utica rights across the volatile oil and condensate windows
    • 94% HBP
    • Minimal near-term expirations
  • Undedicated midstream
    • Provides optionality to build out organically or negotiate competitive long-term contracts
  • Proximal to existing infrastructure
    • Nearby processing plants and long-haul takeaway options deliver premium netback pricing
• Significant Upside Inventory Primed for Development
  • 205 gross development locations
    • >900,000 net lateral feet of undeveloped potential on lease
  • Five existing pads support over 30 ‘drill-ready’ locations
  • Premier offset operators continue to de-risk the play
    • Encino developing offset acreage while running two active rigs in Harrison and Carroll counties
    • Recent wells have produced, on average, over ~200,000 bbl oil + 1.0 Bcf rich gas in the first 12 months of production
  • Recent well results underpin 100%+ single-well IRRs with payout achieved in under nine months
  • 3P: ~$700 million PV-10 | ~115 MMboe net reserves

Process Summary:

• Evaluation materials available via the Virtual Data Room on May 2
• Proposals due on June 8

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