Sequel Energy LLC

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

Sequel Energy LLC has retained RBC Richardson Barr to sell all of its conventional and unconventional properties in the North Dakota Williston Basin.

The package includes overall leasehold position of approximately 66,000 net acres in North Dakota, with approximately 75% held by production. The deal includes all leasehold rights as to all depths owned, including some Bakken and Three Forks formation assets. The assets are approximately 85% operated, with average 89.4% working interest (75.4% net revenue interest) on operated properties.

Projected June production is 2,500 barrels of oil equivalent per day (85% conventional). Proved reserves as of Dec. 31 were 17.1 million barrels equivalent (75% conventional) and proved, probable and possible reserves of 53.6 million barrels equivalent. Projected operating cash flow for June is $4.45 million.

Upside includes an inventory of 847 Bakken/Three Forks drilling opportunities, derisked both by recent activity and earlier vintage horizontal Bakken wells.

The data room opens May 9. The bid due date is June 9. Contact Craig Lande, 713-585-3335, craig.lande@rbccm.com.