GulfTex Energy II LP

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

GulfTex Energy II LP has retained RBC Richardson Barr to sell certain producing properties and leasehold interests prospective for the South Texas Eagle Ford shale.

The package includes a 50% average nonoperated working interest in producing units in an overall leasehold position of 7,979 gross (4,360 net) acres in Gonzales, Karnes, Atascosa and Wilson counties. The leases feature relatively low royalty burdens (approximately 25%). All production and most acreage is operated by EOG Resources.

There are currently 16 horizontal producing wells and an additional four wells at various stages of completion expected to be brought on production before closing.

Production in May is projected to be 1,797 barrels of oil equivalent per day (83% gas). Net reserves are 24 million barrels equivalent (935 oil and gas liquids) with 2.7 million barrels equivalent proved developed producing. The properties are expected to be cash flow positive by May.

Upside includes an inventory of more than 112 Eagle Ford drilling opportunities identified in the reserve report and additional upside in other productive formations as well as enhanced oil recovery in the Eagle Ford.

The bid due date is April 25. Contact Don Cordier, (713) 585-3334, don.cordier@rbccm.com.