ExL Petroleum LP

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

ExL Petroleum LP has retained Albrecht & Associates Inc. to sell interests in the Wolfberry trend of the Permian Basin in Texas.

The package includes 100% working interest (75% net revenue interest) in approximately 1,280 gross and net acres, all held by production, in Ector County south of Odessa. The assets include 11 producing wells and 21 proved undeveloped locations in the Wolfberry trend, all within recently-drilled Wolfcamp and Spraberry productive limits. Ten of the wells have proved developed nonproducing reserves, nine with the entire Spraberry section productive behind pipe and one with the Wolfcamp below a plug.

Total proved reserves are 3.5 million barrels of oil, 3.4 billion cubic feet of gas and 1.2 million barrels of gas liquids (890,000 barrels of oil, 930 million cubic feet of gas and 330,000 barrels of gas liquids net proved producing). Average production for January was approximately 665 barrels of oil, 450,000 cubic feet of gas and 80 barrels of gas liquids per day (80% oil). Projected proved developed producing cash flow for the first 12 months following the effective date is $10.4 million.

Devon Energy Corp. has a preferential right to purchase these assets.

The data room is open. The bid due date is March 26. The effective date is May 1, 2010. Contact Harrison Williams, 713-951-9586, hwilliams@albrechtai.com.