SOUTH TEXAS OPERATED ASSETS
38,800-Net Acres (45,600-Gross)
MCMULLEN, LA SALLE, LIVE OAK,
& ATASCOSA COUNTIES
Targets The Eagle Ford Formation
Core Fairway Of Oil / Condensate Window
8-Recently Drilled DUCs. 250-Gross Locs
85% OPERATED WI (77% 8/8th NRI)
Net Production (Nov-2021): 12 MBOED
Est Annualized EBITDA: $150,000,000
EBITDA Margin Of $36/BOE
Opportunity To Develop Multiple Proven
Targets In The Lower Eagle Ford &
Upside In Austin Chalk Formation
Access To Premium Oil & Gas Markets
BIDS ARE DUE IN DECEMBER 2021
PP 5599DV
| Onshore |
Land Base |
| Unconventional |
Play Type |
PIPER SANDLER & CO; TD SECURITIES INC - SUNDANCE ENERGY INC
Deal Summary
Sundance Energy Inc has retained Piper Sandler & Co and TD Securities Inc to assist in the sale of certain operated Eagle Ford assets in Texas. Proposals are due in Dec-2021.
Highlights:
-- Located in McMullen Co., La Salle Co., Live Oak Co., and Atascosa Co., TX;
-- Covers ~38,800 net acres (~45,600 gross, 97% HBP) with no continuous development obligations or near-term expirations;
-- Core fairway of the volatile oil/gas condensate window offers an ideal combination of oil-weighting and productivity;
-- Holds average ~85% operated WI (~77% 8/8ths NRI);
-- Includes 8 recently drilled DUCs anticipated to come online during Q4-2021 and ~250 gross locations with average IRR of ~75%;
-- Estimated net Production (Nov-2021): ~12 MBOE/d (65% oil, 20% gas, and 15% NGL, base decline of ~22%);
-- Estimated annualized EBITDA (Nov-2021): ~$150 million;
-- EBITDA margin (Jul-2021) of $36/BOE with potential to further increase margin via identified cost reduction projects;
-- Invested in accelerated workover program during summer 2021 to address 2020 backlog and returned to one workover rig program to maintain PDP base;
-- Average DC&F cost of ~$800/ft and ~70 BOE/ft type curve EUR yields highly competitive drilling economics;
-- Opportunity to develop multiple proven targets in the Lower Eagle Ford as well as upside in the Austin Chalk;
-- Access to premium oil and gas markets via attractive/flexible arrangements with Phillips 66, Enterprise, ETC, and others, facilitated by fulsome central facilities network.
TO LEARN MORE
Piper Sandler Companies
Mr. Max van Adrichem
Director
800 Nicollet Mall Suite 900
Minneapolis, MN 55402
USA
Phone: and Fax: Cell: 713-546-7306
Email: Max.vanAdrichem@psc.com
