This docFinder Alert ($ per Acre, Finding the Needle in the Haystack) shows the power of the database. The mission? Find benchmark values for $ per acre in various resource plays -- and find it quickly, in hours -- not days or weeks. And don't miss one.
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Shown above left is an excellent slide from Magnum Hunter Resources. MHR acquired Baytex Energy's assets out of the Samson operated area of the Bakken/Three Forks Sanish in Divide County, North Dakota for $311 MM cash. The deal raises MHR's non-op interest from 10% to 47.5%. METRICS: Importantly, the MHR slide provides a definitive benchmark on MHR's view of the valuation. For the reserves, MHR paid 100% of Proved (PDP+PDNP+PUD PV10 value), or $150.6 MM ($17.35 per BOE proved, 16% PDP). Furthermore, $/BOE PDP is $41.29 and $/BOE PUD is $12.78. And finally, the undeveloped acreage not associated with proved reserves is valued at $3,663 per acre as of April 18, 2012 -- the announcement date.
Shown above right is a slide from Forest Oil highlighting Permian basin oil plays that also provides some excellent intelligence on value creation in the Wolfcamp play. First, Forest was able to assemble 114,500 net acres prospective for the Wolfbone and Wolfcamp plays as an early mover for an average price of less than $1,300 per acre. Second, in the Wolfcamp play, Forest has 51,500 acres HBP with 500 prospective locations outside of locations already with proved reserves. Third, and most important to this mission, is that acreage adjacent to Forest's position in the Wolfcamp has recently transacted in the range of $3,700 to $5,000 per acre.
More Below.
Shown below are additional select slides for this mission. Examples include Eagle Ford acreage values from a Matador Resources presentation, a pure D-J basin play from Synergy Resources, a case study on resource play value creation from SandRidge Energy, and an excellent data slide for acreage values from EnCap Investments.
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