Plymouth Exploration LLC

Plymouth Exploration LLC has retained Evercore Partners to sell its interest in 37,603 net acres in the Missisisppian and Woodford plays in north central Oklahoma.

The assets produce about 2,200 barrels of oil equivalent (BOE) per day, about 58% of which is crude from 29 horizontal wells. The assets have the potential for have 68 million BOE from 675 locations in a highly prospective area west of the Nemaha Ridge in Grant and Garfield counties, Oklahoma.

The sale is an opportunity to enter into the core area of the Mississippian play in addition to confirmed potential for the Woodford. The sale offers the potential for a low-risk Missisippian oil play delineated by vertical well control and proven by Plymouth’s extensive horizontal drilling.

The acreage has 675 identified Misssissippian and Woodford drilling locations on 37,603 contiguous net acres, 40% of which is held by production. The implied pre-tax internal rate of return from the location is estimated to be above 60%.

The average working interest in currently operated units is 91.8%. Plymouth operates about 95% of net production.

There are two rigs actively drilling and a third rig will hold all acreage by the third quarter 2014. The assets have saltwater disposal infrastructure in place to support future development.

The Woodford assets show the potential for significant production, with a recent 420 BOE per day horizontal oil test. The Woodford has produced 43,000 BOE during its first 150 days online.

The effective date for the transaction is March 1. The online virtual data room will be available starting Jan. 23 and bids are due March 7. For additional information, contact Lance Dardis, managing director at Evercore, 713-427-5130, or lance.dardis@evercore.com.