Little Bear Resources LLC

Little Bear Resources LLC has retained RBC Richardson Barr to sell certain properties and primary term leasehold in Oklahoma.

The package includes an overall leasehold position of approximately 100,000 net acres in the Mississippian lime play of north-central Oklahoma, including 77,000 net acres in Noble County (the Red Rock block) and 23,000 net acres in Kay County (the Kildare block). The acreage is prospective for the Mississippian lime and Woodford shale formations. The properties feature leasehold rights to all owned depths to be conveyed. Most of the leases can be extended through at least 2015.

Territory Resources LLC is operator, which is owned by the same principals that own Little Bear.

The assets feature an average 99% working interest (80% net revenue interest) in the producing units, which include three operated Mississippian horizontal wells and one vertical Skinner well. One additional horizontal Mississippian well and one horizontal Woodford well are currently flowing back.

Production is 400 barrels of oil equivalent per day (72% oil). Net reserves are 63 million barrels equivalent.

Upside includes more than 519 drilling opportunities identified in the development model (Mississippian lime only). The operated acreage can be held by a planned three-rig drilling program and full development of acreage entails three Mississippian wells per 640-acre drilling and spacing unit.

The bid due date is April 25. The effective date is March 1. Contact Craig Lande, 713-585-3335, craig.lande@rbccm.com.