Cano Petroleum of New Mexico Inc.

Transaction Type
Sellers
Marketers
Post Date
Close Date
Estimated Price
0MM
Description

Cano Petroleum of New Mexico Inc. has retained Energy Spectrum Advisors Inc. to sell certain operated oil properties in Chaves and Roosevelt counties, New Mexico.

The properties include the Cato field, which is one of the only fields along the San Andres trend that has not been fully waterflooded. The properties include ownership in approximately 78 producing wells with about 97% working interest, about 80% net revenue interest on 17,817 gross (17,733 net) acres, all of which is held by production.

February 2013 net production was 205 barrels of oil equivalent (BOE) per day (94% oil) from the San Andres formation at approximately 3,400 feet. The upside includes operational enhancement, return to production wells, vertical and horizontal infill drilling, water flood expansion, and CO2 flood.

Proved developed reserves are 1.2 million BOE. Proved undeveloped reserves (waterflood) are 8.5 million BOE.

The virtual data room opened April 1. Bids are due April 30. For additional information, contact Lindsay Sherrer at Energy Spectrum Advisors, 214-987-6109, lindsay.sherrer@energyspectrum.com.