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.
Navidad Petroleum LLC retained PetroDivest Advisors to market for sale its leasehold and producing assets in Lavaca, Colorado and Wharton counties, Texas.
The package offers an attractive opportunity to acquire 20,511 net acres in conventional stacked-pay legacy fields with significant undeveloped reserves, according to PetroDivest. The entire position is HBP with consistent cash flow and long-life, low decline production.
Asset Highlights:
- 20,511 Net Acres (roughly 100% HBP)
- Company-making asset, ideal for new start-ups with technical expertise in legacy Gulf Coast vertical fields
- HBP status allows for flexibility in addressing behind-pipe and undeveloped opportunities
- Concentrated position ideal for efficient operations and cost reductions on a go-forward basis
- Infrastructure improvements among other operational opportunities
- Company-making asset, ideal for new start-ups with technical expertise in legacy Gulf Coast vertical fields
- Robust Operating Cash Flow And Production
- Stable, low decline production provides reliable cash flow to fund future recompletions and development
- About $2 million next 12-months (NTM) proved developed producing (PDP) cash flow
- Roughly 4 million cubic feet equivalent per day (MMcfe/d) PDP (90% gas)
- About 8% annual decline
- Established operating position with 67 producing vertical wells
- 59 op. wells (average 95% Working Interest | 76% Royalty Interest)
- Eight nonoperated wells (average 5.7% Working Interest | 3.5% Royalty Interest)
- Stable, low decline production provides reliable cash flow to fund future recompletions and development
- Low-Cost Behind-Pipe And Undeveloped Opportunities
- Substantial inventory with vertical undeveloped and behind pipe completions targeting the Frio, Wilcox and Yegua reservoirs
- 30+ behind-pipe completions
- 30+ vertical undeveloped locations
- Meaningful well data included with booked reserves to expedite execution for new operator
- Organized well data, including logs, schematics and reservoir studies
- Substantial inventory with vertical undeveloped and behind pipe completions targeting the Frio, Wilcox and Yegua reservoirs
Process Overview:
- Evaluation materials available via the Virtual Data Room on March 21
- Proposals due April 24
For information visit petrodivest.com or contact Ken Reed, director of PetroDivest, at ken@petrodivest.com or 713-595-1016.
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