RECENT CONVEYANCES
Minerals, Assignments, & OGLs
As we have noted in the past few emails, Eckard continues to lead the way in Total Consideration recorded. Impressive to see a company have consistent success acquiring minerals.
- Eckard’s transactions took place in the SCOOP and STACK regions.
TLW Investments: TLW assigned over 2,000 tracts to Chanas Partners LLC. Based on the buyer, I assume the tracts transferred were overrides…just a guess.
- An interesting fact you may not know is that TLW Investments LLC is a subsidiary of Black Stone Minerals.
Oil & Gas Leases: The number of tracts leased was slightly over 1,000. I think there will be some opportunities to pick up leases that were signed 3 years ago (Pre Covid) that never saw activity, i.e. are not held by production.
- The hottest OGL counties were Canadian and Blaine, with Continental Resources and Citizen Energy standing at the top.
REGULATORY FILINGS
Enhanced Oil Recovery Project in Grady Co.
Continental Resources has filed an application to create the Driftwood Goddard Unit underlying basically all of 07N-06W, Grady County.
This enhanced oil recovery project is intended to produce oil not recoverable
through primary recovery methods. Due to primary production, the reservoir pressure has declined below the bubble point, allowing free gas to be produced and a significant percentage of oil left behind. This enhanced recovery project is designed to inject gas into the reservoir to re-pressurize the reservoir above the bubble point, resulting in increased oil mobility and increased recovery of oil. It is anticipated that compressor facilities will be placed in the Unit Area for the alternative repressurizing of the formation by the injection of gas into a wellbore and then the production of oil and gas from that wellbore. It is anticipated this re-pressuring and production cycle will be repeated many times on each wellbore in the Unit Area until it is no longer providing the desired results.
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DRILLING
Canadian County Is Popular
26 wells have been spud in the past 30 days; 8 in Canadian County, OK.
Canadian Co. Operators:
- Paloma Operating Co. Inc (2)
- Camino Natural Resources LLC (2)
- Ovintiv USA Inc (2)
- Chaparral Energy Inc (1)
- Revolution Operating Co LLC (1)
All 8 wells are targeting the Mississippian and/or Woodford Formations
Canadian DUC News: Our data shows 16 DUCs in Canadian, although 1 of those is a SWD. Looking at the names of the operators and the DUC ages, I assume that a majority of the Canadian DUCs will be completed.
More Canadian News: Canadian County leads in permits to drill, with 21 of the 109 filed in the past 30 days.
- Cimarex Energy Co (9)
- Camino Natural Resources LLC (6)
- Ovintiv USA Inc (4)
- Travis Peak Resources LLC (2)
Canadian Bans Russian Oil: Speaking of oil and gas and Canadian, Justin Trudeau announced a ban on Russian oil imports following the invasion of Ukraine.
ON THE MARKET
Eagle Land: STACK Wellbore-Only Opportunity
- Substantial Production Base of 1,300 Net Boed (55% Liquids)
- Production generated by 16 horizontal wells across 7 pads within 2 development units
- PV10 of $34.6MM
- Net reserves of 3.8 MMBoe
- Both units developed by Devon Energy in early 2019 utilizing modern completion techniques
- Fully developed intervals mitigate infill risk
- Production generated by 16 horizontal wells across 7 pads within 2 development units
- Robust, Stable Cash Flow Generates Substantial Yield
- NTM cash flow of $10.7MM from steady, reliable production base
- Forecast NTM decline of 19%
- 30+ mos. of hist. prod. per well provides confidence in forecasts
- 12% forecast decline 2025E
- The assets generate healthy returns with an operating cash margin of ~$27/Boe (2022E)
- NTM cash flow of $10.7MM from steady, reliable production base
Camino: Mid-Continent Hoxbar Development Opportunity
- Diversified production base of 6.3 MMcfed (~40% liquids) on low decline (9% NTM) generating $9MM in net cash flow (PDP-only)
- Significant PDP PV10 of $37.5MM and long-life reserves base of 27 Bcfe (~12 year R/P, PDP-only) from 227 wells (42 horizontal)
- Large, diversified, operated and non-operated footprint of ~17,000 net acres (>99% HBP, 51% operated) with access to the well-delineated SOHOT trend area
- Large inventory of low-risk horizontal Hoxbar locations (89 locations, 12 operated) with substantial 3P value of $80MM and net reserves of 84 Bcfe
Daylight Petroleum LLC et al: 11 Well Package & 2-SWD (Operations)
State of Oklahoma: Online Oil and Gas Sealed Bid Lease Sale
Side note to the A&D firms reading this recap…If you want us to include your Oklahoma opportunities, please be sure to email me when they come to market so I know they exist.
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