Western Petroleum Resources Inc.

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

Western Petroleum Resources Inc. has retained EnergyNet Inc. to divest 100% of its stock, including multiple non-operated assets, royalty interests and overriding royalty interests in 118 wells in multiple states through a sealed bid offering.

The wells are located in Texas, Oklahoma, Kansas and Louisiana and produce (8/8ths) 34,346 barrels of oil per month and 268.755 million cubic feet (MMcf) of natural gas per month. The average nine-month net cash flows for the assets is $33,985.

Management fees for 2012 averaged $4,228 per month through September. Total G&A (program origination) fees for 2012 averaged $14,178 per month through September. In addition, total net revenue for 2012 averaged $52,391 per month through September.

Production from five new wells, not included above, were 216 barrels of oil per day and 429 Mcf of natural gas per day. Three wells are in the completion stages and drilling for four additional wells are funded, with drilling scheduled to start between November 2012 and January 2013. The effective date for the sale is Dec. 1.

Bids for the assets are due Dec. 6 at 4pm CST. For additional information, contact Michael Baker, business development manager at EnergyNet Inc., 972.265.7980 or Michael.Baker@energynet.com.