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Affiliates of Chevron Corp. retained EnergyNet Indigo for the sale of its Van Field asset in northeast Texas through a sealed-bid offering closing July 30.
The offering includes operations, nonoperated working interest, HBP leasehold and mineral fee acreage located in Van Zandt County, Texas. EnergyNet Indigo is exclusive transaction and technical adviser to Chevron affiliates, Chevron U.S.A. Inc. and Union Oil Co. of California, for the sale.
Highlights:
- Operations in Van Field:
- Gross Working Interest about 90% / Net Revenue Interest about 79%
- 110 Producing Wells | Seven Water Injection Wells | 142 Shut-In Wells | 289 Abandoned Wells
- Producing from Austin Chalk, Rodessa and Woodbine Formations
- Nonoperated Working Interest in Van West Field:
- Average Working Interest 30.10% / Average Net Revenue Interest 21.84%
- Three Producing wells | Four Shut-In Wells | Nine Abandoned Wells
- Producing from Buda Georgetown, Paluxy and Rodessa Formations
- Six-Month Average 8/8ths Production: 902 bbl/d of Oil and 538,000 cubic feet per day of Gas
- 12-Month Average Net Income: $263,158 per Month
- 7,437.74 Gross (6,565.96 Net) Acres:
- 5,834.46 Net HBP Leasehold Acres
- 731.50 Net Mineral Fee Acres
- Operator Bond Required
Bids are due by 4 p.m. CT July 30.
The Chevron Van Field package is listed on EnergyNet’s new platform, EnergyNet Indigo, which is tailor-made for higher valued assets. The platform features asset deals valued from $20 million to more than $250 million, according to the A&D advisory firm.
For complete due diligence information visit indigo.energynet.com or email Cody Felton, vice president of business development, at Cody.Felton@energynet.com, or Denna Arias, vice president of corporate development, at Denna.Arias@energynet.com.