The following information is provided by EnergyNet. All inquiries on the following listings should be directed to EnergyNet. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
BKV Chelsea has retained EnergyNet for the sale of a 214 non-operated well package in Bradford, Lycoming, Sullivan, Susquehanna, Tioga and Wyoming counties, Pennsylvania. The lot# 115742 package includes 209 active wells with current net production of 7.5 MMcfe/d.
Opportunity highlights:
- Premium Non-Operated Appalachian Basin Portfolio
-
- Attractive opportunity to acquire non-operated working interests with leading operators in the NE Pennsylvania dry gas Marcellus play;
- $26.3MM PDP PV-10;
- PDP NTM CF estimated at $2.9 MM;
- 209 active wells with current net production 7.5 MMcfe/d;
- Approximately 26,000 gross acres / 6,700 net acres; 100% HBP; and
- Average well ownership 7.1% WI / 5.8% NRI; 18% average royalty burden (8/8ths).
- Predictable Production and Durable Cash Flows
-
- Stable cash flow from diversified portfolio featuring 200+ wells with six operators over five counties;
- Asset value distributed throughout portfolio with 75 wells accounting for top 80% of estimated PV-10;
- Wells have been producing for more than 10 years on average with established and predictable production profile and shallow base decline less than 10%; and
- Minimal near-term abandonment exposure with only $300k of estimated P&A spend through 2030.
- Meaningful Upside Exposure
-
- 111 identified new drill opportunities with estimated $37.1MM PV-10 in addition to refrac targets on early generation wells;
- Natural gas forward strip pricing shows consensus for significant increases in coming years driven by LNG startups and export premium; and
- 100% HBP acreage position offers ownership in future developments unlocked in higher gas price environment.
Bids are due April 23 at 4 p.m. CDT. For complete due diligence, please visit indigo.energynet.com or email Ethan House, managing director, at Ethan.House@energynet.com, or Jessica Scott, buyer, at Jessica.Scott@energynet.com.
Recommended Reading
Canadian Natural Resources Boosting Production in Oil Sands
2024-03-04 - Canadian Natural Resources will increase its quarterly dividend following record production volumes in the quarter.
OGInterview: Building EIV Capital’s Midstream Investment Strategy
2024-05-01 - Midstream-focused EIV Capital has added non-operated assets and transition projects to its portfolio as a sign of the times.
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.
Bobby Tudor on Capital Access and Oil, Gas Participation in the Energy Transition
2024-04-05 - Bobby Tudor, the founder and CEO of Artemis Energy Partners, says while public companies are generating cash, private equity firms in the upstream business are facing more difficulties raising new funds, in this Hart Energy Exclusive interview.
Genesis Energy Declares Quarterly Dividend
2024-04-11 - Genesis Energy declared a quarterly distribution for the quarter ended March 31 for both common and preferred units.