Addison Oil LLC

Transaction Type
Sellers
Marketers
Basin
Gulf of Mexico
Post Date
Close Date
Estimated Price
0MM
Description

Addison Oil LLC has retained Albrecht & Associates Inc. to sell certain Gulf Coast oil assets in Texas and Louisiana.

The package includes 99% average working interest (89% net revenue interest) in 61 producing wells on 8,203 gross acres (8,127 net acres) in Hardin, Newton and Tyler counties, Texas, and Beauregard Parish, Louisiana. Approximately 2,200 net acres in the Silsbee area carry 100% net revenue interest. All acreage is held by production.

The assets also feature 53 shut-in wells, 18 active water-disposal wells and nine shut-in disposal wells.

Production for August is projected to be 630 barrels of oil, 1.4 million cubic feet of gas and 58 barrels of gas liquids per day. Net proved reserves are 4.5 million barrels of oil, 6.5 billion cubic feet of gas and 270,000 barrels of gas liquids.

Projected proved developed producing cash flow for the first 12 months following the effective date is $22 million, or $1.83 million per month.

Upside includes 26 proved developed nonproduction opportunities and eight proved undeveloped locations.

The bid due date is June 22. The effective date is Aug. 1. Contact Harrison Williams, 713-951‑9586, hwilliams@albrechtai.com.