Hello Hello!! It feels like it’s been a while since we last talked. The team has been very busy over the past two weeks. If you haven’t heard, the Oklahoma Corporation Commission switched to a new electronic filing website and we had to edit our regulatory systems to ensure our users had access to up-to-date filings and images. But we are back!
Data presented below is filtered to March 2022
Minerals, Assignments, & OGLs
PHX Minerals appeared to close on additional acreage that was part of the “acquisition of 2,151 net royalty acres in the SCOOP play of Oklahoma and the Haynesville play of East Texas and Louisiana for approximately $13.8 million in cash and 1.5 million shares of PHX common stock.”
Eckard: No surprise here, Eckard Land & Acquisition LLC led the way on total consideration spent for the month of March.
Annastin Mineral Partners: Annastin stood at the top of the Grantee tract count, with over 350 tracts acquired.
Oil & Gas Leases: Continental Resources led the way, followed by Mewbourne Oil Co. and Capstone Land Co.
- By examining our assignment data users can quickly spot if an operator is using a broker to acquire leases.
- Grady, McClain, and Ellis saw the most leasing activity, accounting for 500 OGLs. The state saw 1261 tracts leased during the month of March. This is a huge increase from January (503) and February (973)!
Ovintiv Targets the STACK
Ovintiv filed 132 Applications in Canadian (81) and Kingfisher (51)
- For those familiar with the highways, the filings are just north of US 81 and East of US 81/OK 3.
Additional Application Filing Leaders: Continental Resources, Calyx Energy III, Citizen Energy III, and Casillas Petroleum Resources.
Order Dismissing Cause: Devon Energy had multiple dismissals filed in Canadian County, primarily in 12N-08W.
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Spuds Jump From February
In February we reported 43 spuds. In March that number jumped to 83.
- Continental Resources (7)
- Ovintiv USA Inc (7)
- Citizen Energy III (6)
- Camino Natural Resources (5)
- Other (58)
Woodford and Mississippian formations were the primary targets.
Completion News: 17 wells were completed in the month of March.
- 3 of the completions were former DUCs.
1581 Wells Transferred: Thousands of 1073s were filed in March.
- Calyx Energy IV transferred 504 wells to Arkoma Operations.
- FDL Operating transferred 300 wells to Daylight Petroleum.
- and Unit Petroleum transferred 136 wells to E2 Operating.
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
Kaiser-Francis Oil Company: Arkoma Basin Opportunity
FBC2 Royalty Partners, LLC: Woodford ORRI Opportunity
Silver Creek Oil and Gas, LLC: Norge Marchand Sand Unit (Non-Op)
A lot of people will be off work and on the road on Good Friday. Please be careful during your travels. With all the turmoil going on around us, I hope Easter allows you to spend quality time with your friends, family, and connections.
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