The following information is provided by Continental Energy Advisors LLC. All inquiries on the following listings should be directed to Continental Energy Advisors. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Nichols Brothers Inc. (NBI) retained Continental Energy Advisors for the sale of operated assets in New Mexico, Oklahoma and Texas as part of a Chapter 11 bankruptcy filed by NBI and certain of its affiliates.
The offer, which includes assets in the Permian Basin, comprises PDP with tremendous redevelopment upside, along with reserve potential in other formations, according to Continental Energy Advisors.
Asset Overview:
![Nichols Brothers Asset Map (Source: Continental Energy Advisors LLC)](/sites/default/files/inline-images/Nichols%20Brothers%20Asset%20Map%20Source%20Continental%20Energy%20Advisors.png)
(Source: Continental Energy Advisors LLC)
- About 14,700 barrels of oil and 13.6 million cubic feet (MMcf) of gas per moth of current production
- Roughly 38,000 Gross Acres
- HBP
- 96% - 100% operated
- 65% - 87% Net Revenue Interest
- Tremendous Redevelopment Upside in New Mexico San Andres, also Oklahoma Bartlesville and Prue Sands
- About 22,700 barrels of oil and 39 MMcf of gas per month of historic production level across all plays
- Fallen to roughly 14,700 barrels of oil and 13.6 MMcf of gas per month current production across all plays
- Simple maintenance fixes and workovers could restore production to previous levels
- Full infrastructure and pipelines
- Horizontal drilling and gas injection potential in some fields for higher recoveries
- Wolfcamp, Bone Springs, Morrow and Queen potential in New Mexico Permian Basin acreage
- Wilcox, Oswego, Red Fork and other potential in some Oklahoma acreage
- Recently completed capital projects add substantial cash flow
The deadline to designate stalking horse bidder is March 28. Deadline for competing bids is noon CST April 12. The auction/sale hearing will be held on April 24.
For information visit continentalenergyadvisors.com or contact David Martin, managing director of Continental Energy Advisors, at 713-300-1422 or dmartin@continentalea.com.
Recommended Reading
E&P BW Energy Undergoes ‘Technical’ Ownership Restructuring
2024-05-08 - The restructuring will not involve any change to the ultimate control of BW Energy as the shares currently held by BW Group will be sold to BW Energy Holdings.
Wood Mackenzie Appoints Jason Liu as CEO
2024-05-07 - Liu replaces former CEO Mark Brinin, who is departing to pursue other opportunities, Wood Mackenzie said.
Hess Midstream Subsidiary Plans Private Offering of Senior Notes
2024-05-08 - The proposed issuance is not expected to have a meaningful impact on Hess Midstream’s leverage and credit profile, according to Fitch Ratings.
Exxon Appoints Maria Jelescu Dreyfus to Board
2024-05-08 - Dreyfus is CEO and founder of Ardinall Investment Management, a sustainable investment firm, and currently serves on the board of Cadiz Inc. and Canada-based pension fund CDPQ.
OFS Sector Loses Jobs, but Trade Org Says Growth Potential Remains
2024-05-08 - According to analysis by the Energy Workforce & Technology Council, the OFS job market may still have potential for growth despite a slight decrease in the sector in April.