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.
Atinum Energy Investments LLC has retained PetroDivest Advisors to market for sale its nonoperated oil and gas producing properties, leasehold and related assets located in Starr and Hidalgo counties, Texas (South Texas Asset) and Reagan County, Texas (Wolfberry Asset) in two packages.
The South Texas Asset includes about 40% nonoperated interest in roughly 30,000 gross acres (100% HBP) underpinned by a stable, liquids-rich production and cash flow base with high-quality behind-pipe and new drill opportunities. The Wolfberry Asset comprises 218 net acres (100% HBP) in the prolific Wolfberry Trend with about 40 boe/d net production from 51 producing wellbores.
South Texas Asset Highlights:
- Stable production base yielding significant cash flow
- Net Production: about 4 MMcfe/d (about 38% liquids)
- 2019 Operating Income: about $1.2 million
- PDP Reserves: about 8 Bcfe
- Highly delineated position with 60 actively producing properties
- Average roughly 40% working interest
- Majority of current production from the Vicksburg sands
- 11,870 net acres with material behind-pipe and undeveloped opportunities
- 29,700 gross (11,870 net) acres
- 100% HBP
- 27 producing units
- About 88% of the position operated by Smith Production
- Low-cost behind-pipe opportunities including adding perforations to existing completions, recompletions to new intervals
- Recent successful Vicksburg and Rincon sands new drills and recompletions
- 50 PDNP and 30 PUD opportunities captured in reserves
- PDNP: $7.2 million PV-10 value (9 Bcfe net reserves)
- PUD: $11.8 million PV-10 value (15 Bcfe net reserves)
- Significant infrastructure in-place with proximity to Gulf Coast processing facilities offering attractive realized pricing
- 29,700 gross (11,870 net) acres
Wolfberry Asset Highlights:
- Low-decline production base
- About 40 boe/d net production (about 12% decline)
- 80% liquids
- 2019 operating income of about $220 million
- 656 gross (218 net) acres
- 100% HBP
- Interest across six producing units
- 51 producing wells (wellbore assignments)
- One saltwater disposal well
- 100% operated by Prime Operating
- Average 14.6% Working Interest / 10.9% Net Revenue Interest
- Upside in multiple stacked-pay targets
Process Summary (Both Packages):
- Evaluation materials available via the Virtual Data Room June 17
- Proposals due on July 22
For information visit petrodivest.com or contact Jerry Edrington, director of PetroDivest, at jerry@petrodivest.com or 713-595-1017.
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