Marketed: Conventional, Stacked-Pay Legacy Gulf Coast Texas Fields

Transaction Type
Sellers
Marketers
Basin
Gulf Coast Texas Basin
Announce Date
Post Date
Close Date
Room Opening Date
Estimated Price
0MM
Description

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

Navidad Petroleum LLC retained PetroDivest Advisors to market for sale its leasehold and producing assets in Lavaca, Colorado and Wharton counties, Texas.

The package offers an attractive opportunity to acquire 20,511 net acres in conventional stacked-pay legacy fields with significant undeveloped reserves, according to PetroDivest. The entire position is HBP with consistent cash flow and long-life, low decline production.

Asset Highlights:

  • 20,511 Net Acres (roughly 100% HBP)
    • Company-making asset, ideal for new start-ups with technical expertise in legacy Gulf Coast vertical fields
      • HBP status allows for flexibility in addressing behind-pipe and undeveloped opportunities
    • Concentrated position ideal for efficient operations and cost reductions on a go-forward basis
      • Infrastructure improvements among other operational opportunities
  • Robust Operating Cash Flow And Production
    • Stable, low decline production provides reliable cash flow to fund future recompletions and development
      • About $2 million next 12-months (NTM) proved developed producing (PDP) cash flow
      • Roughly 4 million cubic feet equivalent per day (MMcfe/d) PDP (90% gas)
      • About 8% annual decline
    • Established operating position with 67 producing vertical wells
      • 59 op. wells (average 95% Working Interest | 76% Royalty Interest)
      • Eight nonoperated wells (average 5.7% Working Interest | 3.5% Royalty Interest)
  • Low-Cost Behind-Pipe And Undeveloped Opportunities
    • Substantial inventory with vertical undeveloped and behind pipe completions targeting the Frio, Wilcox and Yegua reservoirs
      • 30+ behind-pipe completions
      • 30+ vertical undeveloped locations
    • Meaningful well data included with booked reserves to expedite execution for new operator
      • Organized well data, including logs, schematics and  reservoir studies
Process Overview:
  • Evaluation materials available via the Virtual Data Room on March 21
  • Proposals due April 24

For information visit petrodivest.com or contact Ken Reed, director of PetroDivest, at ken@petrodivest.com or 713-595-1016.