
Pytheas Energy Inc. has acquired interests in three producing oil and gas properties: the Andrews Crane, Bakken and Minerva-Rockdale assets. (Source: Shutterstock)
Florida-based Pytheas Energy Inc. has acquired interests in three producing oil and gas properties: the Andrews Crane, Bakken and Minerva-Rockdale assets, the E&P announced June 25.
The assets represent working and non-working interests in 620 oil and gas wells. Combined, the assets currently produce approximately 357 bbl/d.
Andrews Crane asset
Identified as a “neglected” asset, Andrews Crane resides in the Permian Basin located in Andrews and Crane counties, Texas.
Andrews Crane currently generates 128 bbl/d, with a market value of $11 million. Pytheas forecasts production to increase by 120 bbl/d over the next year, generating 200 bbl/d to 250 bbl/d.
The asset also includes a 15% membership interest in Andrews Crane SPVI, a Wyoming-based company, which owns a 16.9% non-operated interest in 113 of the asset’s conventional wells.
Pytheas will have the opportunity to acquire the remaining 85% interest in SPVI, the company said.
Bakken asset
The Bakken asset consists of a 12% non-operating working interest in 19 wells. Pytheas reported the asset produces approximately 19 bbl/d and has a market value of $2 million.
Pytheas added that this asset generates an ongoing revenue of $450,000 annually.
Minerva-Rockdale asset
Lastly, the Minerva-Rockdale asset is situated in the Minerva-Rockdale oil field in Milam County, Texas. It consists of a 50% non-operated working interest in approximately 488 wells.
The asset is currently producing between 100 bbl/d to 150 bbl/d from a portion of its wells in service. The company estimated that when all 488 wells begin production, Minerva-Rockdale could generate four times the production capabilities.
Based on Pytheas’ fourth-quarter 2023 earnings reports, the Minerva-Rockdale asset’s market value was estimated at $9.1 million, generating an ongoing revenue of $8 million annually.
"In the coming weeks, we plan to start revitalizing dozens of wells in an effort to increase our existing production by as much as four-fold in the next 12 [months] to 18 months,” said Pytheas CEO Josh Zucker.
“We're also exploring further acquisition opportunities and will continue to use our AI-based platform to identify new targets on existing properties,” he said.
Recommended Reading
USD Completes Final Asset Sale of Hardisty Terminal
2025-04-11 - USD Partners was obligated to sell the Hardisty Terminal, in Alberta, Canada, after entering a forbearance agreement with its lenders on June 21 2024.
USEDC’s Plans for $1B in Capex, M&A on Track as Oil Prices Stumble
2025-04-11 - Volatility won’t affect Permian Basin-focused U.S. Energy Development Corp.’s day-to-day operations or its plans for deals, CEO Jordan Jayson told Hart Energy.
BP Forecasts Dip in First-Quarter Upstream Production
2025-04-11 - BP anticipates a quarter-over-quarter decline in upstream production when it reports earnings later this month.
The New Minerals Frontier Expands Beyond Oil, Gas
2025-04-09 - How to navigate the minerals sector in the era of competition, alternative investments and the AI-powered boom.
Q&A: Where There’s a Williams, There’s a Way for Gas
2025-04-09 - Midstream giant Williams Cos. leads the natural gas bulls on the great infrastructure buildout, President and CEO Alan Armstrong tells Hart Energy.
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.