CL Energy Rockies LLC; Crestline Investors Inc.

Transaction Type
Sellers
Marketers
Basin
Denver-Julesburg Basin
Post Date
Close Date
Room Opening Date
Estimated Price
0MM
Description

The following information is provided by Houlihan Lokey Capital Inc. All inquiries on the following listings should be directed to Houlihan Lokey. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.

CL Energy Rockies LLC is offering for sale liquids-weighted properties with substantial inventory located in the Denver-Julesburg (D-J) Basin.

CL Energy, managed by investment firm Crestline Investors Inc., has retained Houlihan Lokey Capital Inc. as its exclusive financial adviser to assist with this transaction.

Highlights:

  • Attractive Nonoperated Position
    • Current net production rate as of July 2018: 1,723 boe/d (343 bbl/d of oil, 5.176 MMcf/d of gas, 518 bbl/d of NGL)
    • About 260 net acres in D-J Basin with 137 existing horizontal wells
  • 130 producing with an average Working Interest of 18.9%
  • Seven non-producing with an average Working Interest of 43.3%
    • Under premier operators including PDC Energy Inc., Encana Corp., Extraction Oil & Gas Inc.
    • Incremental upside via documented history of authority for expenditure (AFE) assignments
  • Predictable Production with Infill Upside
    • Individual wells achieve greater than 60% internal rate of returns
    • Net proved reserves of about 6.4 million boe; PV-10 value of about $62.3 million
    • 60 gross proved undeveloped (PUD) locations

Bids are due Nov. 16. For information visit hl.com or contact Kirk Tholen, managing director and head of E&P A&D for Houlihan Lokey, at KTholen@HL.com or 832-319-5110.