Marketed: Pine Haven Resources Wyoming Development Opportunity

The following information is provided by PetroDivest Advisors. All inquiries on the following listings should be directed to PetroDivest. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.

Pine Haven Resources LLC retained PetroDivest Advisors to market for sale its oil and gas properties, leasehold and related assets in Wyoming’s Campbell, Crook and Weston counties.

The assets offer an opportunity to acquire (i) a fully operated, 100% oil, waterflood position with low-decline (~4%) production; (ii) substantial non-producing inventory (57 wells) primed for a return to production in the current price environment; and (iii) further infill and recompletion development potential for the Minnelusa Fairway and Muddy formation underpinned by extensive geologic data, seismic data, and production.

Highlights: 

• Low Decline Oil Production and Substantial Workover Opportunity
  • Conventional oil production on a low-decline profile provides reliable cash flow and future performance
    • ~180 bbl/d of oil net production on ~4% annual decline
  • Asset primed to quickly recover to net ~600 bbl/d of oil with refocused efforts on 57 proved developed non-producing wells
  • Proved Developed NPV-10: ~$34 million
    • Net PDP PV-10: ~$10 million
    • Net Proved Developed Non-Producing PV-10: ~$23 million
• ~23,000 operated net acres (60% HBP and 100% operated)
  • 26 PDP, 57 Proved Developed Non-Producing, and 32 Water Injection Wells across the position
    • Average ~89% working interest and ~75% revenue interest
  • 5+ average years of primary term remaining on non-HBP positions
• De-risked Minnelusa and Muddy Formation Development
  • The Minnelusa Fairway and Muddy formation provide substantial EOR, infill and recompletion opportunities across the position
    • Nearby Rozet field provides analogous Muddy formation results with average six-month initial rates of 170+ bbl/d of oil
  • Highly proven and diversified asset base with substantial proved developed non-producing and undeveloped potential supported by Petrel simulation modeling and over 55 square miles of 3D seismic data
    • Four proprietary 3D seismic surveys covering ~30 square miles included

Process Summary:

• Evaluation materials available via the Virtual Data Room on June 9
• Proposals due on July 8

PetroDivest anticipates purchase and sale agreement execution by early August and closing by mid-September. For information visit petrodivest.com or contact Jerry Edrington, director of PetroDivest, at jerry@petrodivest.com or 713-595-1017.