A&D - Oxy closes Permian JV, expects to hit $10-15B target early - November 2019Occidental Petroleum continues pressing forward with its $10-15 billion divestment plan launched after the company’s $57 billion acquisition of Anadarko Petroleum in August. CEO Vicki Hollub said in a Nov. 13 update that it expects to achieve the upper end of its $10-15 billion divestiture target by the middle of next year, sooner than YE20 as originally expected. So far, the company has closed part of its sale of Anadarko’s African assets, the formation of a new Midland Basin partnership, and...
Nov 21, 2019
A&D - Endeavor Natural Gas markets operated S. Texas San Miguel - November 2019Endeavor Natural Gas has engaged CIBC Griffis & Small to market 109,000 net acres (100% operated average WI for PDP) in the core of the San Miguel oil play in the Maverick basin in Maverick, Dimmit, and Webb counties, Texas. Jan. 1 net production is estimated to be 7,843 boe/d (52% oil) from 103 producing wells, primarily from the Second San Miguel bench, which has shallow drilling depths of 2,250-4,000 ft total vertical depth and low horizontal drilling and completion costs of $2.5...
Nov 21, 2019
A&D - Casillas offers producing Ardmore Basin assets for sale - November 2019Kayne Anderson portfolio company Casillas Petroleum Resource Partners II has retained Jefferies to market ~19,300 net acres in the oil window of the Ardmore Basin in Stephens, Carter and Garvin counties, Oklahoma, south of the SCOOP play, with current production of 3,200 boe/d. The acreage contains 25 operated units (50% WI, 84% NRI), including 12 wells with greater than 7,500 ft lateral length, and has over 125 undeveloped locations based on six wells per unit Sycamore spacing plus additional...
Nov 21, 2019
A&D - Harvest markets Appalachia as part of strategic review - November 2019As part of its strategic review launched in September, Harvest Oil & Gas has retained Intrepid Partners to market its Appalachian Basin position, which represents 70% of its estimated Q4 production, or alternatively seek a sale of the entire company to return capital to shareholders. The Appalachian assets cover 900,000 net acres (1.2 million gross) in Ohio, northeastern Pennsylvania and West Virginia. The acreage has an average operated 94% WI (81% NRI) and is 98% HBP. Proved reserves are...
Nov 21, 2019
A&D - Apache poised for Eastern Shelf exit, places waterflood on market - October 2019Apache is preparing to make a full exit from the Eastern Shelf of the Permian Basin, retaining Detring Energy Advisors to assist in the sale of primarily operated waterflood assets. The assets for sale cover 35,826 net acres held with an average 96% WI across four operated areas—Greater Sharon Ridge, Round Top, Forbes and Cogdell—and the nonoperated Rhombochasm area. Current low-decline net production of 1,410 boe/d (89% oil) is estimated to generate annual operating cash flow this year of $11...
Oct 31, 2019
A&D - Oxy adds Anadarko’s northern DJ Basin to chopping block - October 2019Occidental Petroleum is pursuing more asset sales following its $57 billion acquisition of Anadarko Petroleum earlier this year. The latest assets to hit the market were previously held by Anadarko and consist of operated, non-operated and royalty assets in Laramie County, Wyoming, and Weld County, Colorado, within the northern DJ Basin. RBC Richardson Barr has been retained to assist with the sales process. There are ~200,000 net mineral acres, including ~170,000 acres with 100% NRI...
Oct 31, 2019
A&D - Amplify shops stake in Murphy-operated Eagle Ford project - October 2019Amplify Energy has retained Greenhill & Co. to shop non-operated Eagle Ford assets in Karnes and DeWitt counties, Texas. Q2 net production was 1,600 boe/d (89% liquids) in the Lower and Upper Eagle Ford and Austin Chalk. Murphy Oil operates the assets. The current development plan is cash flow positive with 2019 estimated EBITDA of $20 million and free cash flow of $8.0 million. The offering covers 800 net contiguous acres (14,000 gross) with an average 8% WI (6.5% NRI) and 350...
Oct 31, 2019
A&D - Admiral Permian places Delaware minerals on the market - October 2019Admiral Permian Resources retained TenOaks Energy Advisors to assist in the sale of operated Delaware basin mineral assets in Culberson and Reeves counties, Texas. The offering consists of 1,078 net royalty acres, or 12,351 gross unit acres with 16 established horizontal units. Marketing materials highlighted the company’s Wolfcamp A and B development, which continues to yield attractive economics, with trailing 12-month cash flow of $1.4 million as of July 30. Admiral Permian expects...
Oct 31, 2019
A&D - Chevron seeks buyers for operated Jo-Mill & Spraberry stakes - October 2019Chevron has posted a listing on EnergyNet for the sale of operated assets in Borden and Dawson counties, Texas. The buyer will acquire an average operated 65.6% WI (58.1% NRI) on 21,038 net HBP leasehold acres including the Jo-Mill and Spraberry fields. Average net production over the last six months has been 2,787 boe/d (94% oil), and average net income over the past 12 months has been $1.6 million/month. The acreage also has future development upside with infill development on 20-acre...
Oct 31, 2019
IS - Petrobras sells Potiguar Basin fields to Central Resources - October 2019Petrobras continues working toward its goal of $26.9 billion in divestments by 2023, announcing the sale of its 100% WI in the marginal Ponta do Mel and Redonda fields in Rio Grande do Norte state to the Brazilian subsidiary of US-based Central Resources for $7.2 million. The fields, located in the Potiguar Basin, were discovered in the mid-1980s as a result of oil exploration service contracts with a risk clause now held by Central Resources. Through these contracts, the contracting...
Oct 15, 2019
A&D - Caerus markets Piceance Basin mineral and ORRI interests - October 2019Denver-based Caerus Operating has retained BMO Capital Markets to market producing mineral and overriding royalty interests in the Piceance Basin. Covering 4,150 developed mineral acres in Garfield County, Colorado, the offering includes mineral and overriding royalty interests in the East Fork, Battlement Mesa and Mamm Creek areas of interest. The properties include an ORRI in 1,650 wells. Expected Q4 production from 2,200 wells is ~4 MMcfe/d (95%), mostly sourced from East Fork, which...
Oct 10, 2019
A&D - PE-backed Paloma shops operated and non-op Merge acreage - October 2019Private equity-backed Paloma Partners IV retained Detring Energy Advisors to assist in the sale of 15,900 net contiguous acres (70% HBP) in Grady County, Oklahoma, within the Merge play. Paloma operates 50% of the acreage with the rest operated by Jones Energy, Continental Resources, Camino Natural Resources and other non-specified companies. A buyer will also acquire the opportunity to gain operatorship of the 4,800 non-HBP acres included in the offering through forced pooling. Current...
Oct 10, 2019
A&D - Conoco poised for La. Austin Chalk exit after wells disappoint - October 2019After disappointing results, ConocoPhillips is placing its Louisiana Austin Chalk assets on the market, shopping ~234,000 net acres within the Tuscaloosa Marine shale and Austin Chalk formations across multiple parishes. The large, contiguous position has an operated 100% WI with low lease burdens. Four Austin Chalk wells have been drilled to date: one vertical pilot well and three horizontal wells with vertical pilots. In July, the company reported disappointing results from three of...
Oct 10, 2019
A&D - What's on the Market Briefs - November 21, 2019Oklahoma-based Charter Oak Production Co. retained The Oil & Gas Asset Clearinghouse to sell operated assets in Love County, Oklahoma, consisting of 1,017 acres of leasehold, 1,848 acres HBP, along with an average 93% WI (69% NRI), in four producing wells targeting the Woodford, Caney, Sycamore, Viola, Springer and Simpson formations. Net production is 60 boe/d with potential monthly cash flow after workovers of $100,000-$150,000. Offset operators include ExxonMobil, Chesapeake Energy, BNK...
Nov 21, 2019
CS - A&D Briefs - November 13, 2019Sojourn Energy retained Sayer Energy Advisors to sell operated noncore assets in the Plover Lake, Furness and Dulwich areas of Saskatchewan. The company is offering 100% WI in eight wells producing 251 bo/d. Two of the wells are in Plover Lake, while three each are in Furness and Dulwich. The buyer will also acquire 10 drilling locations targeting the McLaren, General Petroleum and Sparky formations. Bids are due by Nov. 28. To learn more, visit PLS Listing No. PP 24580DV. Whitebark...
Nov 13, 2019