The following information is provided by Detring Energy Advisors. All inquiries on the following listings should be directed to Detring Energy Advisors. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
An undisclosed private seller retained Detring Energy Advisors to market for sale of certain non-operated oil and gas interests across several basins in the Lower 48. The assets offer an opportunity to acquire (i) a diversified base of >4,000 producing wells and >30 DUC’s and permits generating $39MM of EBITDA (NTM); and (ii) a substantial inventory of ~600 undeveloped locations (~10 net) primarily in the Eagle Ford offering highly-economic development and sustained future growth.
Opportunity highlights:
- Robust Net Production (2,575 Boed) & Cash Flow ($26MM NTM PDP FCF)
- High margin, oil & liquids weighted production base
- PDP Net Res.: 8.9 MMBoe (57% liquids)
- PDP PV10: $98MM
- Diversified, low-risk cash flow from 4,724 PDP wells (3,666 horizontal)
- Average 2.4% WI & 1.9% NRI
- Existing production and cash flow provides ample funding for ongoing development
- High margin, oil & liquids weighted production base
- Core Eagle Ford Portfolio Under Highly Active Operators
- Non-operated position spanning more than 200,000 gross acres in the oil and condensate windows
- Active development programs
- Operators have publicly stated focus on Eagle Ford as key development area
- Proven Lower Eagle Ford development opportunity with significant upside from the Upper Eagle Ford and Austin Chalk
- 583 highly economic gross locations
- ~200 gross core locations with 100+ Boe/ft. EURs yielding >75% IRRs
- Non-operated position spanning more than 200,000 gross acres in the oil and condensate windows
- Mature, Low-Decline Portfolio Generating Consistent Yield
- Low-decline assets (aggregate 6% PDP NTM decline) offer strong, predictable cash flow (~$8MM NTM EBITDA)
- Attractive commodity exposure from well balanced mix of oil-weighted and gas-weighted assets
- California | Legacy Los Angeles Basin mature oil production | 120 Boed (98% oil)
- Barnett | Mature gas-weighted production | 5.3 MMcfed (18% liquids)
- Wyoming | Conventional low-decline CO2 flood | 300 Boed (99% oil)
- Inventory of additional low-cost RTP, recompletion, and operational improvement opportunities across the assets to further arrest decline and increase cash flow
Bids are due at Oct. 25. For complete due diligence information, please visit detring.com or email Matt Loewenstein, managing director, at matt@detring.com.
Recommended Reading
SCF Acquires Flowchem, Val-Tex and Sealweld
2024-03-04 - Flowchem, Val-Tex and Sealweld were formerly part of Entegris Inc.
Kinetik Launches Delaware Basin M&A Valued at $1.3B
2024-05-09 - Kinetik Holdings will buy Durango Permian infrastructure for $765 million, excluding contingency payments, and sell its interests in the Gulf Coast Express pipeline to AcrLight Capital Partners for $540 million.
GeoPark, Vitol Sign Offtake Deal for Llanos 34 Block
2024-05-10 - Under the agreement, GeoPark will sell and deliver to Vitol a minimum of 20,000 bbl/d of oil from the Llanos 34 Block in Colombia, which GeoPark holds 45% working interest.
ONEOK CEO: ‘Huge Competitive Advantage’ to Upping Permian NGL Capacity
2024-03-27 - ONEOK is getting deeper into refined products and adding new crude pipelines through an $18.8 billion acquisition of Magellan Midstream. But the Tulsa company aims to capitalize on NGL output growth with expansion projects in the Permian and Rockies.
Enbridge Closes First Utility Transaction with Dominion for $6.6B
2024-03-07 - Enbridge’s purchase of The East Ohio Gas Co. from Dominion is part of $14 billion in M&A the companies announced in September.