Energy, Automobile, EV, Renewable News | Core Energy Advisors Selling Producing Non-op Working Interest Package

Core Energy Advisors Selling Producing Non-op Working Interest Package

November 22, 2021

DALLAS–(BUSINESS WIRE)–#CoreEnergyAdvisors–JRR Operating LLC and other unrelated entities (“JRR, et al.” or the “Sellers”) have retained Core Energy Advisors, LLC to sell non-operated working interests in 380 producing and non-producing properties across Central Texas, Texas Gulf Coast, South Texas, West Texas and New Mexico. The assets provide an attractive opportunity to acquire oil-weighted production (85% oil, by revenue) with predictable, currently producing reserves expected to generate approximately $8 million of cash flow over the next twelve months. The acquisition of these assets also provides a buyer with access to multiple economic development projects.

Current net daily production from the assets was 455 bbl/d of oil, 831 mcf/d of gas, and 79 bbl/d of natural gas liquids as of October 2021. These production numbers do not include contribution from one new horizontal well that is producing substantially more than anticipated.

The assets are operated by veteran operator, CML Exploration, LLC. Potential upside opportunities include locations that are held by production and included in CML’s continuous drilling program in the Maverick Basin in South Texas. The locations have been selected by CML, utilizing their extensive, mostly proprietary, library 3-D seismic data. An additional four wells are scheduled to be drilled and completed over the next few months. The assets have great access to infrastructure, including midstream transportation and saltwater disposal.

Core Energy Advisors has a virtual data room for interested parties to review the assets in more detail upon execution of a confidentiality agreement. Bids are due on the asset package by 5:00pm on December 15, 2021.