The following information is provided by PetroDivest Advisors. All inquiries on the following listings should be directed to PetroDivest Advisors. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Ring Energy is offering for sale its operated oil and gas leasehold, producing properties, and related assets located in Lea County, New Mexico. The assets include 300 Boe/d of oil-weighted net production (93% oil) from 22 active PDP wells (9 horizontal), $2.2 million in cash flow across the next twelve months, and a central field office supporting asset enhancement via 11 horizontal Devonian locations and 5 identified vertical recompilations. Ring Energy has retained PetroDivest Advisors as its exclusive advisor relating to the transaction.
Asset Highlights:
- Oil-Weighted Net Production | 300 Boe/d | 93% Oil | 6% Decline
- Low-decline asset offers predictable performance and long-term PDP value (9.5 years R/P)
- 22 active producing wells (9 horizontal)
- 95% average WI & 76% average NRI
- Net Reserves: 1.9 MMboe (95% oil)
- Conventional oil-weighted production provides $2.2 million in next-twelve-month operating cash flow
- PDP PV10: $9.1MM
- Low-decline asset offers predictable performance and long-term PDP value (9.5 years R/P)
- ~5,180 Net Acres | Majority Held By Production
- Three distinct, concentrated field areas spanning 5,700 gross acres
- 72% held-by-production
- Additional 53 surface acres and 68 mineral acres included
- Centrally located field office in the Denton field provides operational and development support
- Includes field automation equipment and three active SWD wells
- Three distinct, concentrated field areas spanning 5,700 gross acres
- Identified Devonian Horizontal Development Opportunities
- Low-cost development of 11 horizontal Devonian locations underpinned by supporting technical data
- Seismic data exists across key development areas
- 40%+ IRR at $1.4MM/well D&C
- Full field development significantly enhances value and asset longevity
- PDNP+PUD PV10: $5.4MM
- Grand Total PV10: $14.5MM
- Low-cost development of 11 horizontal Devonian locations underpinned by supporting technical data
Bids are due on June 14. For complete due diligence information on this property, please visit http://www.petrodivest.com/ or contact Linda Fair.
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