Sandalwood Exploration LP

Sandalwood Exploration LP has retained Lantana Oil & Gas Partners to help sell off its interest in the Raccoon Bend Field within the Wilcox oil play.

Raccoon Bend Oil Field is located in Austin and Waller counties, Texas, with the Brazos River cutting through the field’s eastern side. Virtually all Wilcox production is from Sandalwood wells drilled in the last four years and the development of these reservoirs has more than doubled the production rate of the field.

The field has 12 active wells which produce about 600 barrels of oil per day and 300,000 cubic feet of natural gas per day, producing about $1 million per month in cash flows per month.

Pressler Petroleum Consultants report proved reserves of about 698,000 barrels of oil equivalent (BOE), with a present value of $37.9 million using a 10% discount rate. About 90% of the field’s proved reserves are oil.

The site also has an additional 201 gross acres contiguous to the arm-out acreage. Other operators in the area include Halcon Operating, Strand Energy and Magnum Producing.

Bids are due on Nov. 2. For additional information, contact Melinda Faust, managing director of business development at Lantana Oil & Gas Partners, at 713-426-9001 or mel@lantanaog.com.