Warren American Oil Co.

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Description

Warren American Oil Co. has retained Lantana Oil & Gas Partners to sell certain nonoperated assets in Texas and Oklahoma.

The package includes interest in 15 properties covering 23,238 gross acres (2,702 net) across 14 counties in Texas and Oklahoma. Conger Field in Sterling County, Texas, accounts for 34% of the total proved developed producing value. Forty of the wells are operated by Chevron.

Proved reserves are 317,000 barrels of oil equivalent (305,000 barrels proved developed nonproducing). Average cash flow is $107,000 per month.

Upside includes additional reserves in the Conger/Dewey Lake targeting Leonard and Wolfcamp assets, Burnell/North Pettus units with Eagle Ford shale development offset to the north, Kinta Field with Woodford shale offset activity, the Haley area with a proposed Avalon shale test, Viking Field with offset development of Granite Wash (horizontal & vertical) and Worsham Bayer Field with offset horizontal wells through the Devonian formation.

The bid due date is April 25. The effective date is May 1. Contact Melinda Faust, 713-426-9001, mel@lantanaog.com.