Windsor Energy Resources Inc.

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

Windsor Energy Resources Inc. has retained Meagher Oil & Gas Properties Inc. to sell Bakken production and leasehold in the Williston Basin in North Dakota. The package includes 398,000 gross acres (91,800 net, 75,800 net WER acres, 77% net revenue interest) on state and federal leases in Burke, Mountrail, Dunn, Mercer and McLean counties with lease expirations from 2009 through 2018. The assets include three operated and 34 nonoperated producing wells on 1,280- and 640-acre spacing. Projected December production is 15,020 gross barrels of oil equivalent per day (1,465 net) and projected cash flow of $1.57 million. A second Windsor operated rig is scheduled to spud in early 2009. Five nonoperated rigs are currently drilling on the acreage. Upside opportunities include more than 120 potential net drilling locations on 640-acre spacing and the potential to operate approximately 160 locations with greater than 30% working interest on 640-acre spacing. Future down spacing to 320 acres is possible. Multiple pay potential exists in addition to the Bakken formation in Three Forks, Midale and Nesson. The bid due date is Dec. 23. The effective date is Dec. 1. The closing is scheduled for Jan. 15. Contact Julia Foster, 303-721-6354, ext. 229.