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.
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