River Ranch Capital has retained Core Energy Advisors, to sell a package of interests in oil and gas properties in Oklahoma, which are primarily in the SCOOP play in Grady County.
This acreage is 100% held by production, includes 274 producing wells, and holds an additional 500 prospective locations. Operated primarily by Continental Resources and Newfield Exploration (now Encana), the asset is highly diversified, with small interests in wells with total gross of proved producing reserves of over 82 MMBbl and 523 Bcf.
The package includes 363 net acres with 274 producing wells, with 256 net acres in the SCOOP play. All of the SCOOP acreage is HBP by Woodford wells – River Ranch has interests in 199 producing Woodford wells and 31 producing Springer wells. Full development of the Woodford will add 273 wells, and full development of the Springer will add 278 wells. All development locations are in-fill drilling. The PV-10 of the total net reserves of the production and the Woodford and Springer locations is $15.2 million, with NYMEX strip prices as of March 1, 2019.
Core Energy Advisors has an online data room for interested parties to review the assets in more detail upon execution of a confidentiality agreement.
Source: Company Press Release.