Victory Park Resources LLC

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

Victory Park Resources LLC has retained Evercore Partners to sell two packages in the Bone Spring Formation and Avalon Shale in Lea County, New Mexico.

Victory Park Resources has a 3,036 net acres in the Bone Spring/Avalon Shale, which is 100% operated and 80% held by production. The sale includes two producing horizontal Bone Spring wells. Production from the play reaches 131 barrels of oil equivalent (BOE) per day.

Net proved reserves is 566,000 barrels of oil worth a net present value of $11.8 million when discounted at 10%.

In addition, the sale includes a conventional waterflood package in New Mexico which currently produces about 71 BOE per day. Acreage in the West Sawyer San Andres Field totals 3,680 net acres. Victory Park has 100% working interest in the field and a net revenue interest of 77%. In addition, Victory Park also has 96.8% working interest in about 1,360 net acres in the Malmar (Greyburg) unit. Net revenue interest in the formation is about 72%.

An online virtual data room is available now. Bids are due by April 9 and the effective date of the transaction will be April 1. For additional information, contact Matthew Brogdon, vice president at Evercore Partners, 713-427-5712 or matthew.brogdon@evercore.com.