Congratulations to Citizen Energy. They just announced that they “closed an acquisition of substantially all of the oil and gas properties of Red Bluff Resources and Bricktown Energy with an April 1, 2022, effective date.”
Read Complete Press Release Here
Highlights of Acquisition
- Will generate an 18% increase in Citizen’s daily production
- Includes an additional ~13,000 BOEPD
- 200 Operated Wells
- 739 Non-op Wells
- 80,000 Net Acres
Pro Forma For the Acquisition, Citizen Assets Will Consist Of
- 86,000 BOEPD
- 720+ operated wells
- 326,000+ net acres (98% HBP)
- Projected next twelve months EBITDAX of ~$750-$800 million
For fun, we analyzed the acquisition with Convey640.
We searched “Red Bluff and Bricktown” as Grantee in our Recent Conveyances Module to see where they previously owned and from whom they acquired.
And we searched “Red Bluff and Bricktown” as Operator in our Well Records & Production Module to see the operated locations and their characteristics.
In a matter of seconds, we came up with the below insights! Screenshots were taken directly from the platform.
Not in Stratigraphic Order