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An affiliate of Cornerstone Petroleum Resources LLC (CPR) retained EnergyNet for the sale of East Texas assets through auctions closing May 26.

The sale is comprised of two packages across Jasper, Newton and Tyler counties, Texas. Assets include non-producing and HBP leasehold plus operations, overriding royalty interest (ORRI) and royalty interest.

For complete due diligence information energynet.com or email Michael Baker, vice president of business development, at Michael.Baker@energynet.com, or Denna Arias, director of transaction management, at Denna.Arias@energynet.com.

Lot 57339

EnergyNet has been retained by Colt Operating LLC to offer for sale the CPR affiliate's non-producing and HBP Leasehold located in Tyler County, Texas.

Highlights:

  • 4,557.45 Gross (4,048.933 Net) Acres
    • 100% of Oil and Gas Leases (Delivering 87.50% to 75.00% Net Revenue Interest)
    • About 1,013.00 Net HBP Leasehold Acres
    • Primary Term/Extension Acreage: 3,034.663 Net Leasehold Acres
    • 1.27 Surface Acres Associated with Gas Gathering System
  • One Active Offset Permit
  • 100 Offset Producers
    • 63 Austin Chalk | Four Willcox | 31 Woodbine
  • Select Area Operators include Ergon Energy Partners LP, OXY U.S.A. Inc., Texaco Inc. and Zarvona Energy LLC
Cornerstone Petroleum Resources East Texas Asset Map - Lot 57339 (Source: EnergyNet)
Cornerstone Petroleum Resources East Texas Asset Map - Lot 57339
(Source: EnergyNet)

Bids are due by 2:45 p.m. CDT May 26.

Lot 53473

EnergyNet has been retained by Colt Operating to offer for sale an 11-Well Package including Operations, ORRI and Royalty Interest located in Jasper, Newton and Tyler Counties, Texas.

Highlights:

  • 100.00% to 60.00% Working Interest / 84.656190% to 46.893176% Net Revenue Interest in 11 Properties:
    • Additional ORRI in the S. Goode A-151 #1H and the Donner Brown A-1007 #1H
    • Additional 2.688954% Royalty Interest in the Ellis A-521 # 1H
    • Nine Producing Properties | Two Non-Producing Properties
  • Operator: Cornerstone Petroleum OP LLC
  • 10,720 Net HBP Acres
    • 6,149 acres Austin Chalk Rights Only
    • 4,571 acres All Depths
  • Six-Month Average 8/8ths Production: 50 barrels per day of Oil and 536,000 cubic feet per day of Gas
  • 12-Month Average Net Income: $96,744 per Month
Cornerstone Petroleum Resources East Texas Asset Map - Lot 53473 (Source: EnergyNet)
Cornerstone Petroleum Resources East Texas Asset Map - Lot 53473
(Source: EnergyNet)

Bids are due by 2:50 p.m. CDT May 26.

Onshore