Flatirons Development LLC has retained Energy Spectrum Advisors Inc. to sell nonoperated producing assets in the Arkansas Fayetteville shale.
The package includes more than 44,160 acres in 69 640-acre sections (82% held by production) with 174 producing wells in Van Buren, Conway and Cleburne counties. SEECO Inc. (Southwestern Energy) operates 90% of the producing wells, with the remaining wells operated by XTO, BHP/Chesapeake, Petrohawk and KCS.
Net production as of May 1 was approximately 3.5 million cubic feet of gas per day. Average net monthly operating cash flow is $289,555. Proved net reserves as of July were 15.3 billion cubic feet of gas (72% proved developed producing).
Upside includes more than 400 undeveloped drilling locations.
The bid due date is Sept. 13. Contact Kevin Kuenn, 214-987-6126, kevin.kuenn@energyspectrum.com.
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