Data presented below filtered to April 2022
Assignments, Minerals, & OGLs
Back in October 2021, Kirkpatrick Oil Company retained PetroDivest Advisors to market for sale its non-operated oil and gas properties, leasehold, and related assets in Oklahoma, Texas, Colorado, New Mexico, and North Dakota. Looking at our Recent Conveyances module it appears that Kirkpatrick found a buyer for their Oklahoma assets. The buyer has an address of Denver, CO. I’ll save the full insight to those who subscribe to our platform!
Minerals: The month of April saw $9.2 million of consideration recorded. The top 3 companies based on consideration spent were Eckard Land & Acquisition, L3 Resources, and Baseline Minerals.
Did you know that Convey640 lets you see the amount of consideration recorded for each transaction? From there, a user can take the total amount of consideration, divide it by net mineral acres listed in the deed, and have an approximate per acre value.
Oil & Gas Leases: Like the month of March, Capstone Land Co led the way in leasing activity, followed by Continental and Citizen Energy.
- McClain County experienced the most leasing activity, with over 264 tracts leased. The next closest county was Grady with 138 tracts. Approximately 1300 tracts were leased during the month of April.
What is Ovintiv Up To
Ovintiv filed 169 Applications in April; Canadian (101) and Kingfisher (68).
As you can see by our Applicant chart, Ovintiv was way ahead in the number of applications filed.
Pulled from Ovintiv’s website, looks like they plan to spend $300MM in the Anadarko Basin in 2022.
Orders: Casillas Petroleum had the most orders filed, recording close to 100.
- Casillas orders are focused on the Western townships of Garvin and McClain Counties.
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Permits Continue To Increase
133 Permits were filed in the month of April! As the chart shows, permits have been increasing since the start of the year!
- Hinkle Oil & Gas (8)
- Banner Oil & Gas (7)
- Ovintiv (7)
- Mewbourne Oil Co (6)
- Kodiak Oil & Gas Inc (6)
44% of the permitted wells in April were Vertical!
Completion News: 12 wells were completed during April.
- 3 of the completions were by Paloma Operating Co.
- 67% of the completions were Horizontal Wells
Well Transfers: Compared to March, the number of transfers in April was down, only 604 transferred in April. Maybe operators are holding onto wells as oil/gas prices increase?
- The most significant well transfer was between BE Anadarko LLC and Formentera Operations LLC; BE transferred 251 wells.
- The majority of the wells were located in Garfield County
- 90% of the wells transferred were classified as oil
- Formentera was founded by Bryan Sheffield, Blake London, and Paul Treadwell in 2020. Bryan was the founder of Parsley Energy which was acquired by Pioneer for $4.5 billion dollars.
ON THE MARKET
Red Sky Resources: SCOOP/MERGE STACK Non-Op Opportunity
- ~2,900 net acres focused under premier, well-capitalized Mid-Con operators including Continental, EOG, Ovintiv, Camino, and others
- Substantial liquids-rich production of ~1,250 Boed generating NTM cash flow of ~$19MM (PDP only) and PDP PV10 of ~$50MM
- Line-of-sight to material near-term production growth with five rigs currently on-lease and 30 DUCs and 9 Permits to TIL in 2022 (DUC + Permit PV10 of ~$30MM)
- ~300 highly economic PUD locations across the Mississippian and Woodford formations
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