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PROSPECTS & PROPERTIES
march 30, 2009 • Volume 20 • no. 3
a current compilation of prospects, properties, overrides for sale and promotional insight.
ProsPects for sale
DVPhoto courtesy of Larry Lee Photography – www.larrylee.com
anadarko sets $4.5 billion capexTargets 60,000 BoEd from “mega Projects”
Integrated oil major Anadarko Petroleum has set a capital budgetbetween $4.0 and $4.5 billion in 2009, about half what it spent last year;but it still plans to grow sales volumes to ~210 MMBOE (575,300
BOED), up from 206 MMBOE(564,400 BOED) in 2008.
The capital program allocates 20%for exploration and appraisal activities and 20% for “mega-projects,”including developments at the Jubilee field offshore Ghana, theCaesar/Tonga complex in the deepwater Gulf of Mexico and the ElMerk project in Algeria.
Anadarko will allot 45%of its capex to U.S. onshoreactivity and 20% to thedeepwater GOM, where it hopes to drill between four and six high-impact exploration/appraisal wells. Another 20 high-potential grosswells will be drilled internationally, more than a dozen of which haveresource targets of more than 100 MMBOE per prospect.
In the near term, the Gulf of Mexico will be Anadarko’s primary pro-duction driver. The company has three such projects that all have over100 MMBOE of gross potential, including Firestar, which would tieback to the Independence Hub; Turtle, a lower tertiary prospect near theShenandoah discovery; and Vito, a lower Miocene prospect.
Anadarko will also work to keep the Independence Hub facility atfull capacity of 900 MMCFD through infill drilling. These and other“mega projects” in the Gulf and offshore Africa should add as muchas 60,000 BOED over the next three years. One of these mega proj-ects is the Caesar/Tonga play in the GOM, which should ramp up to15,000 BOPD by 2011.
At its annual investor conference in March, Anadarko announceda successful delineation well at the K2 complex in the GreenCanyon area of the deepwater Gulf of Mexico. The GC 606 #1 wellsits in 4,150 feet of water and hit 110 feet of net pay in threeMiddle- and Lower-Miocene sands. Both the GC 606 #1 and the GC562 #4 wells are expected to be completed and on production by theend of this year.
Pls, inc., P.o. Box 4987houston, TX 77210
anadaRko continues on page 19
CENTRAL OKLAHOMA DEVELOPMENTSeveral MultiLateral Locations.Skinner Sand & Hunton Lime Formations.Depths Range: 6,400 - 7,000 Ft.SEEKING WI PARTNERS TO DRILLSeller Will Deliver 79.25% NRI.Superb Economics, Safe Environment.1st Location Rsrvs : 496 MBO & 3.2 BCFConfidentiality Agreement Required.CALL GENERATOR FOR DETAILS
DV 5911HZ
EAST TEXAS LEASEHOLD2-Counties. 1,425-Net Leasehold Acres.HAYNESVILLE SHALE POSITION100% OPERATED WI; 75% NRISurrounded By Large Independents.CALL PLS FOR DATA PACKAGE
DV 5753L
FORT BEND CO., TX PROSPECT2-Possible Wells. 121-Acres.ROSENBURG (10 PAYS)Obj 1a: Frio Sands. 4,620-5,600 Ft.Obj 1b: Vicksburg. 6,270 Ft.Obj 2: Frio Sands. 5,020-5,340 Ft.Defined By SubSurface Geology.Some Offset Or Area 2-D Seismic.100% OPERATED WI; 75% NRIWells FARO 322-2,036 MCFDInitial Flow Rate of 750 MCFDEst Well Reserves: 1.5+ BCFEst Proj Reserves: ~10.6 MBC & 6.5 BCF9-Individual Frio Sands Plus VicksburgDrill & Complete: $1,124,000READY TO DRILL - CALL PLS FOR INFO
DV 5208
royalties for sale
rr
GALVESTON BAY ORRI SALE PKG3-PDP, 119-PDNP. 34-PSI. 14-PUD.TRINITY BAY, N. POINT BOLIVAR,FISHERS REEF, RED FISH REEF FIELDSStacked Miocene & Frio Production.Total Depth: 8,000 - 13,000 ft.3-D Seismically Defined.5.00%-8.00% ORRI For Sale.Gross Proved Rsrvs: 1.8 MMBO & 31.2 BCF
RR 4239
HAYNESVILLE ACREAGE14,747-Gross, 5,400-Net Mineral Acres.FANNIN & LAMAR COUNTIESLands Contiguous With Good Access-- to F.M. & County Roads.MINERALS FOR LEASE OR SALEMultiple Pipelines Transverse Acreage.OWNER/SELLER SEEKING OFFERS
RR 3926L
ProPerties for sale
PP
CARTER CO., OK PRODUCTION4-Wells. 1-SWD.Morris & Deese FormationsHorizontal Drilling Potential100% OPERATED WI; 87.5% NRIAvg Production: 12 BOPDSWD Well Permitted For Commercial.All Wells Located Within 10 Sq Mi.SELLER ENTERTAINS ALL OFFERS
PP 6196DV
SOUTHEAST KANSAS SALE PKG144-Wells; 80-PDP. 75,000-Gross Acres.CHEROKEE BASINCBM Production. (300 - 1,400 Ft.)MultiZone Development Upside.Gathering Facilities In Place.100% OPERATED WI; ~82% NRI.Net Production: 10 BOPD & 1,100 MCFD3rd Party Updating Engineering.PLS PREPARING DATA ROOM
PP 4248DV
OKLAHOMA SALE PACKAGE33-PDP, 5-PDNP, 34-PUDCUSTER, HASKELL, LE FLORE,& PITTSBURG CO.WEATHERFORD, STIGLER WEST,& KINTA FIELDSSkinner, Atoka, Cherokee, Hunton, Brazil,Red Oak, Spiro, Wapanucka Production.3-D Seismic Available.Small NonOperated WI For Sale.Est Gross Prod: 129 BOPD & 6,441 MCFDEst Net Prod: 4.0 BOPD & 255 MCFD(2)Two New Wells Come On-Line.Net Proved Rsrvs: 8.2 MBO & 5.9 BCFNet Proved PV(10): $9,153,571Engineering Updated March 13, 2009NEW ENGINEERING REPORT
PP 4231DV
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Range ramps upmarcellus volumes drills best Barnett well yetRange Resources has scaled back
non-core drilling to focus on theBarnett Shale, the Nora Field and the
Marcellus Shale this year.Range’s capex budget will total$700 million, including $540
million to drill 500 (315 net) wells andgrow volumes 10% in 2009.
In the Marcellus Shale play, whereRange added 400,000 acres last year, thecompany’s most recent horizontal wellcame online at a 24-hour rate of 10.3
MMCFeD. Of the last 11 Marcelluswells announced, four had initial ratesof 9.9 MMCFeD or more, with the bestflowing 24.5 MMCFeD.
In addition, two vertical delineationwells in the northeast part of the playcame online at 6.3 and 2.3 MMCFeD,the former being the highest reported24-hour rate from a vertical Marcelluswell to date.
Since last October, Range has con-nected 13 Marcellus horizontals to itsnew gas processing facility. Another 14wells, including seven horizontals, havebeen fraced and are awaiting processingcapacity, which is expected to expandfrom 30 to 60 MMCFD in April.
Range still on track to drill 60 Marcelluswells this year.
“Anadarko keeps finding hundredsof millions of barrels worldwide.”
Economides calls for $100 oilFireworks at marketmakers
All pessimism aside, our Market -makers conference was a hit back onMarch 5 and ended with fireworks whenDr. Michael Economides followed theEIA speaker. Economideseffectively threw cold waterand applicable barbs at thenew administration, allpoliticians, Californiaactresses and theEIA, noting that $40flat oil projections for 3 years are “incompetent.”
“Forty-dollar oil is unsustainable,” hesaid. “Mark my words – oil is headedback to $100 in less than 18 months for anumber of reasons, including all thepolitical risk inherent across the globe.”
Economides also showed a numberof political cartoons from his EnergyTribune publication to make his pointsand add some levity. One of the audi-ence’s favorite slides was one showingPutin and Chaves superimposed as 800lb gorillas “on $100 oil.”
Then he showed another slide of 80lb chimpanzees hanging upside downfrom a tree with a caption that read,“This is a picture of Putin and Chavezon $40 oil.” The point was obvious.Economides said neither Putin norChaves would want to hang upsidedown for very long.
PLS presents
2009
Continental Resources plans to par-ticipate in the drilling of 86 (20.2 net)wells in North Dakota this year, focusingon the Bakken and Three Forks/Sanish
formations. Bakken volumesaveraged 10,811 BOEPD in thelast quarter, up 25% from a year
ago and comprising 30% of total com-pany volumes. Continental raised provedreserves in the play to 45.7 MMBOE atyear end, up 38% from a year ago.
Continental has dropped the numberof operated Bakken rigs from a peak of10 last year to four this year, all ofwhich are in North Dakota. The com-pany will not drill any wells on itsMontana acreage in 2009. Continentalcompleted 33 (8.9 net) wells in NorthDakota last quarter, with averageseven-day production of 546 BOEPDper well.
In the Montana Bakken, Continentalcompleted two wells last quarter. ThePrevost 3-16H (Richland Co., 83% WI)initially flowed 507 BOEPD, while theRita 3-19H (79% WI) tested at 412BOEPD.
Continental showing 14,058 BOEPDout of Red River Units.
southwestern reachesFayetteville milestonewill devote 22 rigs to the play Southwestern Energy has set a $1.9
billion capex for 2009, which includes$1.6 billion for E&P and $220 million for
midstream and is basically flatwith 2008 spending. South -western will actually increase
spending to $1.3 billion in the FayettevilleShale play, where net production is 750MMCFD, more than double what it was ayear ago.
Southwestern has spud a total of 1,230wells on its 860,000-net-acre Fayettevilleplay, including 604 last year alone.Southwestern invested $1.2 billion in theFayetteville last year, adding 984 BCF innew reserves, including upward revisionsof 159 BCF due to improved well per-
formance. Net proved reserves in theplay totaled 1,545 BCF at year end, morethan twice the 716 BCF recorded at theend of 2007.
Last year, Southwestern drilled its aver-age Fayetteville horizontal well in 14 days ata cost of $3.0 million. Average IP rates were2.78 MMCFD, compared 1.69 MMCFD in2007. This year, average IP rates have risento 2.9 MMCFD. Southwestern has 22drilling rigs running in the play.
Average IP rates in the Fayettevillehave risen to 2.9 MMCFD.
souThwEsTERn continues on page 15conTinEnTal continues on page 4
continental retains fourBakken drilling rigsTargets 8% volumes growth
RangE continues on page 22 EconomidEs continues on page 15
–e&p
–Listings For Sale
PAGE 2 MARCH, 2009
HOW TO USEThis glossy newspaper includes the latest
e&p news, exploration successes, finds andbudgets while also carrying ~400 latest explo-ration type listings including prospects, (DV);lands, (L); and farm outs. The P&P is designedfor landman, geologist and exploration execu-tives while the A&D Transactions is designedfor engineers, business development andfinance executives.
Besides the Prospects & Properties, PLSalso publishes the A&D Trans actions. Amonthly recap of recent acquisition anddivestitures. In addition to news and presscoverage the report also carries 80-120 list-ings of properties, (PP); overrides, (RR) and;midstream (G/F) assets for sale. Each of theanonymous listings are coded by an alpha-numerical code.
Members interested in accessing seller orpackage information on the listings need onlycall (or email) PLS and provide the packagecodes at which point PLS will process a mem-ber’s request. The A&D Transactions does listsome lands (L) and prospects (DV) but theemphasis is on asset sales
PLS also publishes various Market Alerts(various themes/analysis) and DealAlerts(listings only) to supplement the monthlypublications.
EditorKyle Francis([email protected])
Layout�&�dEsign
Kathy�Clark([email protected])
Listings
tony�Motto([email protected])
ross�Benoche([email protected])
AdverTISINGBeau Kelley([email protected])
sEnior�EditorBertie Taylor([email protected])
CorporatE�dEsignChinh Nguyen ([email protected])
divestprorichard Martin([email protected])
CEo,�pLs�inc.ronyld Wise([email protected])
houston | calgary
P.o. Box 4987houston, TX 77210Phone: (713) 650-1212 Fax: (713) [email protected]
~200 Listings Inside — Call PLS: 713-650-1212
To Learn More About TheseDeals
PROSPECTS & PROPERTIESNovember 1, 2007 • Volume 18,
No. 9
A current compilation of news, regional activities and prospects
& properties for sale
PROSPECT FOR SALE
PROPERTY FOR SALE
DV
PP
SOUTHEAST TEXAS OPPORTUNITY
4,000 Acres. 4-Distinct Prospect Areas
MULTIPAY OBJECTIVES
Pecan Gap, Austin Chalk MULTIPAYWoodbine, Buda, Georgetown,
Edwards & Cotton Valley
Seller Can Deliver 76-78% NRI
Some Recompletion Opportunities.
Some Horizontal Drilling Applications
SOLID RESERVE POTENTIAL.
IN AREA OF HIGH CUMMULATIVES
SEEKS OPERATOR and/or PARTNER
HANDLED BY PLS' MARKETING ARM
DV 9922RE
ROYALTY
RR
DE SOTO PARISH ROYALTY SALE
5-Wells. 1-New Well. 485-Acres.
LOGANSPORT FIELDHosston Production (10,000 Ft.)
Pettit & Cotton Valley UpHole.
Small Override For Sale.
Gross Prod: 6 BOPD & 3,967 MCFD
Net Production: 66 MCFeD
Net Cash Flow: $14,416/Mn
Buyers Premium Obligation To PLS.
RR 8678
EAST TEXAS SALE PACKAGE
8-Wells; 5-Locations.FREESTONE & HARRISON
COTTON VALLEY & BOSSIER
Undeveloped Acreage Incl Prospects
40%-90% OPERATED WI For Sale
25%-40% NonOperated WI
Gross Production: 11 BOPD & 2,335 MCFD
Net Production: 1,220 MCFeD
Est Cash Flow: $250,000/Mn
HANDLED BY PLS' MARKETING ARM
PP 8580DV
–e&p
Drilling for oil and gas in the Gulf ofMexico is declining because operators
say
that they can get much longer contractsin places where the reserves are larger –
often
overseas, according to a report in The Dallas Morning News. Rigs that on
ce had
plenty of business in the Gulf are heading to places such as Africa, Brazil a
nd the
Middle East, pushing the number of rigs
in the Gulf of Mexico down to 72, down
19 from the same time last year. Ten
years ago, that number was closer to 122,
according to Baker Hughes.
Drilling permits are one way to track
“intended” drilling in an area, and for 2007 to-date, the Texas Railroad Comm
ission
has received just 27 applications for permits for shallow-water drilling – a lig
ht fig-
ure compared with last year’s 76. Deepwater permits have also pulled bac
k from
2006. Railroad Commissioner Elizabeth Ames Jones told the DMN that there’s still
time for operators to pick up the pacein 2007, however.
“It’s very important to understand that the hydrocarbons don’t grow on trees; these
rigs can pick and go where the economic conditions are better for them,” sh
e said.
Several rig owners who work in the shallow Gulf waters are worried that the equip-
ment headed for international waters isn’t on its way back in the near future.
Some equipment companies are ableto secure longer-term contracts closer to
seven years overseas, while securing acontract for even five years in the Gu
lf has
become a challenge. Hefty insurance premiums and stringent government reg
ulation
are additional hurdles for operators trying to make it in the Gulf.
Steve Lawrence, CEO of Clarksons Offshore in Houston, acompany that bro-
kers deals between offshore drillingcompanies, told the paper that the G
ulf is
being abandoned because the area isvery mature, and the reserves are si
mply
drying up. While newer wells can often have solid production as soon as they
come online, the decline curve for these wells is steep.
Gulf losing rigs to international reserves
Regional rig count falls by ~20rigs since 2006
Cabot extendssuccess indrilling programDrilling opportunities on an
additional 44,000 gross acres
Cabot Oil & Gas Corp. is spread-
ing its wings a little wider in East
Texas. The company recently com-
pleted transactions with two
major oil companies in its
east Texas operating area
that will now provide
drilling opportunities on an incremen-
tal 44,000 gross acres.“High-quality acreage is the lifeblood
of our organic program,” said Dan O.
Dinges, Chairman, President and CEO.
“Because of our successes in the region,
we were able to partner with these two
organizations in an effort to enhance
value to all the domestic programs.”
In the first deal, Cabot added 8,325
gross acres to its position at County Line
with rights down to and including the
James and Pettet formations. This ups
Cabot’s County Line holdings to 26,000
gross acres at an average WI of 92%.
“Initially, we expect about 50-70
horizontal James opportunities on this
additional acreage alone,” stated
Dinges. “Combine this with our exist-
ing acreage, and the James location
inventory is increased to 170-220 loca-
tions. A similar inventory of Pettet
locations has also been identified,
which will be exploited as our infra-
structure expands.”At County Line, the first two hori-
zontal James wells had a combined
initial production rate in excess of
17 MMCFD. Current field operations
include the completion of the third
James horizontal well with two rigs
drilling James horizontal wells.
Dinges said the “stage is set” for
County Line to be a meaningful area of
operation for Cabot.Also in East Texas, Cabot secured
drilling rights on 28,000 acres in the
Trawick Field in Nacogdoches Co.
CABOT continues on page 19
“Hydrocarbons don’t grow on
trees; these rigs can pick and go
where the economic conditionsare
better for them.”
The 28,000 acres in the Trawick
Field in Nacogdoches Co. wasa deal
in the works for two years.
Rockies producers keeping fingers crossed
Production shut-ins to find relief inearly 2008
Producers over in the Rockies have been hit hard with low gas pricing during the
past several weeks, but there is still a positive outlook on how the much-anticipated
Rockies Express pipeline (REX) may bring the group some relief.Announcem
ents of
production shut ins have trickled in during the summer months, and completi
on and
hook-up slowdowns have been reported in the Jonah, Pinedale, Piceance
basins.
Some Rockies producers think the building backlog of drilled-but-uncomple
ted gas
wells will serve to get REX off to a booming start in early 2008.
So REX may start next year with a surge of gas, but in the meantime, cheap
Rockies gas may stay cheap. AnalystDan Pickering of Houston’s Tudor Pic
kering
expects that trapped production will
look for a home and will find it by
going into Western gas storage. Once
REX is done, it could relieve falling gas
prices in the area.Phase I of the project will extend the
pipeline to Cheyenne by year end, when
Rockies prices should begin to reap some benefits. Phase II will then exte
nd the
pipeline east to Missouri sometime next year, while Phase III will carry
it into
Ohio in 2009.Bentek CEO Porter Bennet anticipates “the pipeline
will export the Rockies over-
supply bottleneck east and create incremental demand for Rockies gas.” Howev
er, the
REX may also cause Rockies prices to riseat the expense of other gas producing
regions, specifically the Permian Basin, the Mid-continent and the Gulf Coast
.
REX’s low costs will give it a competitive transportation advantage of $0.25
per MCF over gas from the Permian Basin and $0.15 per MCF over the
Anadarko Basin, while REX Phase III will transport gas $0.20 to$0.50 cheaper
than will Gulf Coast pipelines.
In 2008, REX could displace 1.25 BCFD from theAnadarko and Permian basins
and, by 2009, 1.3 to 1.5 BCFD from the Gulf Coast, which may in turn allow the
former basins to recover slightly.ROCKIES continues on page 5
REX may start next year with a
surge of gas, but in the meantime,
cheap Rockies gas may stay cheap.
Central GOM Lease sale second largest
Brings 2.9 billion in high bids, withdeepwater leading the way
While the country’s gas exploration
may be slowing down, its thirst for new
oil discoveries – as evidenced by the lat-
est MMS lease sale – is definitely ramp-
ing up. In addition to being the second
largest lease sale ever in the GOM, this
year’s auction was also the largest since
1983. Most of the focus was on deepwa-
ter plays, which received ~90% of all
high bids, signaling that E&P companies
are both flush with cash and confident
that today’s high price of oil won’t start
to sink anytime soon.The sale brought in $2.9 billion
($5.2 billion exposed) overall, which
compares well to the last ten years’
average of $460 million. Eighty-two
companies made 1,428 bids on 723
tracts of land, with Shell in particular
flexing its financial muscles during the
sale. In addition to placing the highest
single high bid – $90.5 million for
Walker Ridge 7 in 1,600-2,000 feet of
water – the company also led the way
overall, forking out a whopping ~$555
million. Coming in at a distant second in
high bids offered (and won) was
Chevron ($283 million), followed by
Marathon ($222million),Cobalt ($211
million) and Murphy ($161 million).
The deepwater (greater than 800
feet) was the toast of the party, with
bids averaging $992 per acre for
blocks in water depths of 800 to 1,600
feet, and bids averaging $940 per acre
– up a staggering 273% from $252 per
acre at last year’s Central Gulf Sale–
in water depths exceeding 1,600 feet.
BP followed its record performance
in September’s Western Gulf Sale by
again posting the highest number of
bids at 83, shelling out $107 million in
the process. Meanwhile, Cobalt – the
sale’s third highest spender – emerged
on the scene as the highest spending
GOM LEASE continues on page 3
The sale brought in $2.9 billion
($5.2 billion exposed) overall, which
compares well to the last ten years’
average of $460 million.
Chesapeake cuts gas production
Connecticut governor calls the move “market manipulation”
In response to currently low gas prices, Chesapeake has elected totemporarily
reduce gas production by ~200 MMCF, amounting to ~125 MMCFD net to
Chesapeake or ~6% of current production, in the Fort Worth Barnett Shale, South
Texas, Deep Haley and the AnadarkoBasin areas.
Chesapeake will also reduce its operated drilling rig
count from current levels of 155-160 rigs to 140-145 rigs
by the end of 2007. This reduction indrilling activity will
lower the company’s previously budgeted capex by ~10%
($1 billion) in each of 2008 and 2009.
Because Chesapeake’s production growth during 2007 has exceeded pro
jec-
tions, however, the company expectsto meet its production guidance incre
ase of
18-22% for 2007 and 14-18% for 2008. The move prompted Connecticut
Governor M. Jodi Rell to accuse Chesapeake of gas price manipulation
and to
request the chairmen and ranking
members of the U.S. Senate and House
committees that oversee the energy
industry to launch an investigationof
the company.“This practice [of cutting production]
is an unconscionable fleecing of U.S.
citizens by natural gas suppliers who‘elect’ to reduce production in order t
o drive
up prices paid by their captive customers,” GovernorRell said, adding that if
OPEC can increase oil production to alleviate the global economic slowdown,
“our own country’s natural gas producers” should at the very least follow suit.
Rell’s disgruntled plea prompted an equally-disgruntled reply from Chesapeake
CEO Aubrey McClendon, who accused Rell of making “incorrect and reckles
s
statements that demonstrate a lack of understanding of the gas market and
Chesapeake’s role in that market.”
Governor Rell: “…Cutting production
is an unconscionable fleecing of U.S.
citizens by gas suppliers who ‘elect’ to
reduce production in order to drive up
prices paid by their captive customers.”
Stone gets back on track after a bumpy ride
Plans buybacks, ‘exploitation-minded’ approach
Stone Energy may be headed for
calmer waters after a rough two years
in the public eye.In 2007 it plans to allocate capital to
lower-risk projects; drill high-probabil-
ity wells; maintain production; divest
selected properties;
reduce debt; and, gen-
erate returns. At the
OGIS conference in San Francisco
recently, management outlined how the
company has strengthened its position
in the pubic markets and regained
investors’ faith.“We’re coming off of a fairly turbu-
lent couple of years between hurricanes
and interesting merger activity,” Ken
Beer, SVP and CFO, told attendees. “We
wanted to wipe the slate clean.”
Its equity market value has climbed
to $950 million, long-term debt has
dropped from $797 million at year-end
2006 to $400 million, and proved
reserves are 408 Bcfe (18% PUD, 27%
PDP, 55% PDNP). 2007 capex is close
to $290 million and projected production
is 210-230 MMCFeD (53% gas, 47%
oil). Since February, actual production
has met or exceeded original forecasts.
Stone is now positioned to consider
acquisitions. “We’re sitting on $300 mil-
lion-plus in cash and there are compa-
nies facing a credit crunch that need
cash. One of the dirty secrets out there
is that a lot of these resource plays are
heavily cash negative to start. Some of
them require up to six years of a nega-
tive cash flow in the beginning. So, we
may buy some companies, properties,
or do some drill-to-earn deals.”
Stone slated ~47% of its 2007 capex
for GOM exploitation; 11% on operated
GOM facilities and P&A projects; and
~27% in the Rockies and Williston
Basin. The remaining 15% is for explo-
ration in Bohai Bay and buying deep-
water seismic.On the divestiture front, Newfield
bought Stone’s Rockies assets for $578
million in May. Stone is also selling
some of its noncore GOM assets. As
for acquisitions, at the latest GOM
OCS Sale 205 Stone submitted the
apparent high bid on 16 offshore
blocks. The acquisitions add ~85,239
gross acres and 63,728 net acres to
Stone's inventory.
“We’re coming off of a fairly turbulent
couple of years between hurricanes and
interesting merger activity. We wanted to
wipe the slate clean.”
GULF OF MEXICO continues on page 15
CHESAPEAKE continues on page 18
STONE continues on page 17
Photo courtesy of Larry Lee Photography – www.larrylee.com
PROSPECTCENTREServing the Property & Prospect Marketplace with Opportunities, News & Insight
�66.-�, (-2 (-1�1/$-#(-&�/+ -1�#$1/(2$�5$ *�$-4(0.-,$-2Rapid expansion in Piceance targets 1.0 BCFD
Unlike most of its peers, ExxonMobil is maintaining its plans to spendbetween $25 billion and $30 billion per year for the next five years, the company
confirmed at its annual analyst meeting. Although CEORex Tillerson admitted that prices could be soft for years
to come or at least until demand recovers – the major said it would conduct“business as usual” and continue its long-term focus.
Last year, Exxon’s total capital expenditures totaled $26 billion ($19.7 billionupstream), while net income reached a record $45.2 billion and cash flowtopped $60 billion. Exxon expects togrow production 2-3% this year to
about 4.0 MMBOEPD, compared to 3.9 MMBOEPD in 2008. Longer term,the company hopes to add another 1.5 MMBOEPD by 2015, although thisgoal is contingent upon other compa-nies’ spending plans, said Mark Albers,head of Exxon’s upstream business.
Production started at eight majorprojects in 2008, which at their peakare expected to add net volumes of260,000 BOEPD. Start ups included
the deepwater Thunder Horse platform in the Gulf of Mexico and other offshoreprojects such as Qatar II Train 4, Mondo, East Area NGL II, Saxi/Batuque,Jerneh, Volve and ACG Phase II. A further nine major projects are expected to com-mence production in 2009, adding another 485,000 BOEPD. One of those projectsis in the U.S. Rockies – Piceance Phase I in Colorado, which should produce 200MMCFeD, according to consultants Bentek Energy.
Wednesday, March 11, 2009 | Volume 20, No. 8
E&P
CONTINUES on page 3
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Business as usual, says the major.
Like every politically-correct superconglomerate – Exxon's first twopower point slides were on safetyand the environment.Its record earnings came third.
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Integrated oil major AnadarkoPetroleum announced its Tweneboa-1discovery well offshore Ghana encoun-
tered 70 feetof net pay.
The well discovered a light hydrocarbonaccumulation in similar-age sands asthe nearby, but separate, Jubilee field.
“Anadarko keeps finding hundredsof millions of barrels worldwide,” wroteanalysts at Tudor Pickering & Holt. “Thestreet is thinking 500 MMBOE predrill,but more work is needed to understandthe field size,” the analysts added.Appraisal is planned in the second halfof the year.
The Tweneboa-1 well, on the deep-water Tano License, was drilled, loggedand cased to a depth of 11,790 ft., andis being deepened to further assessadditional pay zones. CONTINUES on page 2
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$K
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9
6
3
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Value of $1,000 invested
20 Years 10 Years 5 Years
ExxonMobil
Competitor Average*
S&P 500
Exxon continues to outperform the market and its peers
Shareholder returns
*RDS, CVX and BP
*RDS, CVX and BP www.plsx.com
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Evolution drills twogiddings field wellsEvolution Petroleum completed
the Hilton-Yegua #1RE (100% WI) asa re-entry into an existing well inBurleson Co., Texas, in the GiddingsField. The well flowed 4.0 MMCFDand 237 BOPD on its first day of pro-duction and averaged 3.0 MMCFDand 146 BOPD over the first eightdays. The re-entry included drilling anew vertical section from 3,000 ft.depth to 10,500 ft. TVD, and thendrilling a 3,000-ft. lateral in the AustinChalk Formation.
In late January, Evolution com-pleted the Pearson #1RE (100% WI)as a re-entry in the same field. Thewell has averaged 1.25 MMCFD and48 BOPD over its first eight days. There-entry included drilling a 3,500-ft.lateral in the Georgetown Formation at10,500 ft. TVD.
The average initial gross rate ofalmost 580 BOEPD for these two re-entries is more than double the initialrate Evolution averaged on the firstseven wells it placed on production inthe Giddings Field last year.
abraxas delays twocompletionsAbraxas Petroleum brought the
Nordheim #2H (75% WI) horizontalEdwards well online at 6.0 MMCFeDin Dewitt Co., Texas. The well flowed
from thefirst sec-tion of the
lateral, but was choked back to 3.0MMCFD due to low commodityprices. Six sections of lateral remainbehind pipe.
In West Texas (Coke Co.), Abraxasdrilled the Millican Reef #2A well (92%WI) to 6,700 ft. TD and completed it inthe Strawn formation. Abraxas willstimulate the well when gas pricesincrease or service costs come down.
Meanwhile, in Brooks Draw Wyom -ing, Abraxas drilled the Lakesside #1H(100% WI) to 12,500 ft. TD, includinga 3,800-ft. lateral in the Turner sand-stone, and completed it with a seven-stage frac. The well should beginproducing in March. Drilling and re-completions also continue on a numberof non-operated wells in the Rockiesand Midcontinent.
Abraxas drilled or participated in 50new wells in 2008, for a 100% successrate and volumes of 649 BOEPD.
PAGE 3PROSPECTS & PROPERTIES
–Listings For Sale
ARANSAS CO., TX PROSPECT4-Proposed Wells. 960-Acres.COPANO BAYObj 1: Frio Sands. 9,000 Ft. TX/DV/3DObj 2: Anomalina. 13,000 Ft.Area Has Prolific Deep Production.30-50 Shallow Sands Prospective.3-D Seismic & AVO Confirmation.50% OPERATED WI; 73%-75% NRIEst Reserves/Well: 25 - 50 BCFEst Reserves/Project: 100 - 200 BCFDHC: $2.0MM To $3.0MM; Compl: $1.0MMCALL ENGINEER FOR MORE INFO
DV 5928
ARANSAS/REFUGIO CO., TX SALE5-Proposed Wells.COPANO BAY 28 BCFETargeting Shallow Frio Sandstones.Marginulina & Upper Frio Potential.Significant Development Upside.3-D Seismic Data Available.Target Has Cumm’d 5.0 MMBC & 100 BCF.Est Reserves: ~1,080 MBC & 21.6 BCFENGINEER HAS MORE INFO
DV 5862
BEE CO., TX OFFERING636-Acres.NORMANNA FIELDMiddle & Lower Wilcox Targets.Proposed Depth: 16,800 Ft.4-Way Structural Closure. ~50 BCFSeller Will Deliver 75% NRI.Est Reserves: 50 BCFSELLER HAS DATA TO REVIEW
DV 5065
BEE CO., TX PROSPECT3 To 4-Wells. 693-Mineral Acres.WEST ORANGEDALE FIELD TX/DV/3DObj 1: Wilcox Slick Top. 9,600 Ft.Obj 2: Wilcox Luling A. 10,020 Ft.3-D Seismic & SubSurface Geology.50% Working Interest; 77% NRI (Lease)Operations Are Negotiable.Est Well Reserves: ~5.0 BCFEst Project Reserves: ~14.8 BCFNon-Protection Pipe. Market Rate.CALL EXPLORATIONIST FOR INFO
DV 4206M
CALHOUN CO., TX PROJECT2-Well Project. 6,900-Gross & Net AcresFRIO TREND4-Well Potential. 12 BCFEObj 1: Upper/Middle Frio. 9,600 Ft.3-D Seismic Defined.50% WI Available; 75% NRI (Lease)Est Well Reserves: 6 BCFEEst Proj Reserves: 12 BCFESELLER PREFERS TO OPERATE
DV 5668
DIMMIT CO., TX PROSPECT20 To 25-Potential Wells. 2,340-Acres.Obj 1: Eagleford Shale. 7,500 Ft.Obj 2: Pearsall. 11,500 Ft. EAGLEFORDOn Trend With Recent Discoveries.100% OPERATED WI; 75% NRIEst Reserves/Well: 3.0-4.0 BCFEEst Reserves/Project: 60-80 BCFEPROSPECT GENERATOR HAS INFO
DV 5244
DIMMIT CO., TX SALE PACKAGE2-Wells.GULF COAST BASIN - LOUIE HERRING FIELDOlmos Sand Production. ~2,850 Ft.100% OPERATED WI; 75% NRIGross Production: 68 MCFD 51 MCFDNet Production: 51 MCFDAvg Net Cash Flow: $7,948/MnAUCTION ENDS MARCH 25, 2009
PP 4005AU
Producer Services Teamis ready to help you!CORE
REGIONDTE Energy Trading, Inc.2000 West Sam Houston Pkwy S.Suite 1425Houston, Texas 77042713.874.8400
Jill Zivley / Regional [email protected]
ENERGY TRADING/PRODUCER SERVICES• Investment-Grade Company Backed
• 65+ Years of aggregated experience
• Gulf Coast Core Region - Barnett Shale
Area Strength
• Natural gas, electricity, crude oil & heating oil
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storage, electric generation/transmission
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generators, aggregators
DTE ENERGY• $ 9 Billion Fortune 500 Company
• Serving 2.2. million electric customers – Detroit Edison
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MARKETING, VOLUME MANAGEMENT, TRANSPORTATION ACQUISITION, OPTIMIZATION, AND INFRASTRUCTURE SOLUTIONS.
DTE ENERGY TRADING
Photo courtesy of Larry Lee Photography – www.larrylee.com
XTo switches to development modeAfter making around $10 billion in acquisitions last year, XTO Energy was
able to report record proved reserves of 13.86 TCFe (64% proved developed) atyear-end 2008, up 23% from a year ago.
Now the Houston-based company needs to capitalize on its newasset base, and has duly dedicated $2.75 billion of its $3.2 billionbudget to E&D this year. XTO is targeting 14% production growth
for a yearly average of 2.67 BCFeD.In the Freestone Trend (East Texas), XTO recently completed two horizontal
Cotton Valley Lime wells (Gail King 28H and 37H) at 13 MMCFD and 12MMCFD, respectively. Freestone Trend gross production grew to 756 MMCFD lastquarter. XTO has also begun Haynesville drilling in Panola Co., where its NewHorizons 1 well has stabilized at over 8.0 MMCFD.
Other highlights include a 14% annual increase in Barnett Shale volumes toaverage 554 MMCFeD in last year’s fourth quarter, while net production fromthe Woodford and Fayetteville plays is over 90 MMCFeD. At the Bakken Shaleplay in North Dakota, XTO’s latest Three Forks/Sanish well was completed at aninitial rate of 1,300 BOEPD.
Forest’s haynesville flows 14 mmcFedForest Oil completed its first horizontal Haynesville shale well, the Moseley
14-1H (100% WI), in Red River Parish at a rate of 14 MMCFeD. Forest holds140,000 (127,000 net) acres in the Haynesville play and will operate a two rig
program to drill 10-12 horizontal shale wells and participate in 2-3non-operated wells during 2009. Two horizontal Haynesville wells arecurrently being completing and two drilling.
Last year, Forest drilled 14 vertical Haynesville wells. Forest also drilled fiveCotton Valley horizontal wells last quarter, with one initially producing 6.0MMCFeD. Since it began horizontal CV drilling in 2007, Forest has drilled 15such wells with IP rates averaging 5.0 MMCFeD.
In the Arkoma Basin, Forest drilled nine horizontal wells in Q4, with one ini-tially producing 10 MMCFeD. Forest has now drilled 23 horizontal Arkomawells with average IPRs of 3.1 MMCFeD.
Total company volumes averaged 569 MMCFeD in Q4, up 15% from the cor-responding 2007 period. Full year volumes rose 22% annually to 518 MMCFeDon capital spending of $1.4 billion.
Capital spending will fall 60% in 2009 to about $550 million with the goalof drilling 180 gross wells to keep production flat. By comparison, Forestdrilled 714 gross wells last year. At peak drilling activity, Forest operated 35rigs in core areas, but the rig count has since fallen to 20. Forest reported a netloss of $1.0 billion for 2008 on a $2.4-billion, non-cash property impairment.
Berry plans first haynesville horizontalBerry Petroleum paid $660 million to acquire East Texas acreage producing
5,000 BOEPD last year. Berry has identified over 100 drilling locations and 75potential recompletions on the land. Berry also picked up a gathering system to
handle all future production from the acquired properties. Berry is cur-rently drilling with one rig and plans to begin drilling horizontal wellsin the Haynesville Shale in Harrison County in the third quarter.
To get cash, Berry is nowselling non-core assets in the D-J Basinin Colorado. The company estimates asales price of $154 million. Productionis 18 MMCFeD, and the property repre-sented 8.5% (21 MMBOE) of Berry’s total year-end 2008 proved reserves of 246MMBOE and 5.1% of proved and probable reserves (see A&D Transactions formore information).
Last year, total volumes averaged 31,970 BOEPD, up 19% from 2007 onimproved activity at Berry’s Diatomite (up 86%) and Poso Creek (up 57%) oilassets in California, as well as its Piceance play (up 103%). In 2008, Californiaaccounted for 52% of production, the Rockies 41% and East Texas 7%.
Berry spent $398 million on E&D last year to drill 452 (381 net) wells. Provedreserves rose 45% from y/e 2007 to 246 MMBOE. This year, Berry will keep vol-umes flat despite lower capital spending of $100 million. The budget allots $51 mil-lion to California, $35 million to East Texas and $14 million to the Rockies.
Despite spending $300 million less
than last year Berry will keep volumes
flat at 32,000 BOEPD.
EXco plans 34horizontal shale wellsEXCO Resources is now producing
26 MMCFD net from its HaynesvilleShale play. The company completed its
first Haynesville horizon-tal well last December inDeSoto Parish. The Oden30 H #6 (100% WI) came
online at 22.9 MMCFD and produced1.0 BCF in the first 64 days of produc-tion. It is still flowing in excess of 12MMCFD. EXCOs next two operatedhorizontal shale wells posted initialrates of 24.2 and 21 MMCFD.
EXCO will operate a peak of sixrigs in the play this year to drill 34horizontal wells. EXCO estimates itsHaynesville acreage contains reservesof 4.5 TCF. EXCO currently has 11drilling rigs operating across itsacreage, down from 32 late last year.
The company will also drill threeoperated Cotton Valley wells in theVernon field this year plus nine oper-ated wells at Holly/Caspiana and twoat Danville. EXCO has two verticalrigs drilling at Vernon and two atHolly/Caspiana, but these rigs will bereleased when their terms expire.
EXCO has set a $582 millioncapex budget this year (down from$1.0 billion last year), with $284 mil-lion for Ark-La-Tex drilling and $65million for Appalachia, where 58wells are planned. EXCO has twoactive drilling rigs in Appalachia, oneof which is drilling Marcellus Shalewells. EXCO has over one million netacres in Appalachia.
EXCO completed two horizontalMarcellus wells last year in centralPennsylvania with IP rates of 1.0MMCFD and 3.4 MMCFD followingone-stage and four-stage fracs, respec-tively. EXCO estimates its Marcellusand Huron shale fairways contain ~10TCF of potential reserves.
In total, EXCO produced 145 BCFein 2008, up 19% from 2007, with aver-age fourth-quarter production of 403MMCFeD, up 7% from a year ago.The company is targeting volumes of~408 MMCFeD this year.
The first three Haynesville
horizontals averaged IP rates of
~22 MMCFeD.
SOUTH TEXAS LISTINGS
�+�'-*�/"&,�*�'��"$$")-"�",1��� "&&"& �,'�,!�/�Petrohawk, Chesapeake issue $1.6 billion in bonds: EPL’s cold shoulder
The public capital markets for energy companies, particularly the debt mar-kets, are beginning to show some much-welcomed signs of life. It’s a stark con-trast to those dark days of Fall when it seemed like the entire S&P 500 was rid-
ing into the valley of death.A d it seems to have gotten warmer on January 23 when
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Tuesday, February 10, 2009 | Volume 2, No. 3u
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DUVAL CO., TX PROPERTY SALE2-Active. 5-Shut-In. 1-SWD. 384-AcresMARTIN RANCH & ASOG FIELDSFrio, Jackson, Hockley,Pettus, and Yegua.Significant Workover Potential.2D Seismic Data Available.100% OPERATED WI; 75% NRI. 16 MCFEDGross Production: 21 MCFDNet Production: 16 MCFEDEst Net Cash Flow: $3,000 - $4,000/MnWells Have Cum’d 1.5 BCFe To Date.3.5-mi (2) Pipeline w/ Compression.SELLER UPDATING PACKAGE
PP 4172
DUVAL CO., TX OFFERING210-Gross/Net Leased Acres.WILCOX TREND 12 BCF/3DZ-Sand Target. 16,400 Ft. (17,000 PTD)Area Is Best Wilcox Production In Texas.3-D Seismic & SubSurface Geology.Tested Amplitudes Have Proven Productive.100% OPERATED WI; ~78% NRIZ-Sand Is Friable In Nearby Wells.Came In 20 MMCFD: Produced ~16 BCF(And Is Still Going)Est Recoverable Reserves: 12 BCF60 Ft of Z-Sand Expected From Amplitude— Strength Calibration.Part of A Larger Package-See DV 3980CONTACT PLS PROSPECT CENTRE
DV 3981L
DUVAL CO., TX PROJECT~527-Acres.Targeting Upper Wilcox Formation.Proposed Depth: 12,500 Ft.4-Way Faulted Closure. DV/3DDefined By 3-D Seismic Data.50% Working Interest; 75% NRIEst Spud Date: Q1 2009
DV 5044
DUVAL CO., TX PROSPECT 975-Gross/Net Leased Acres.WILCOX TREND 20 BCF/3DHoffman Creek. 17,600 Ft (18,000 PTD)Deep Amplitude Driven Wilcox Play.Trap Stratigraphic To North West.3-D Seismic & SubSurface Geology.100% OPERATED WI; ~82% NRIEst Reserves: 20 BCFSeparate DownDip Fault Block:100% LeasedDry Hole: $5,500,000; Compl: $9,000,000Part of A Larger Package-See DV 3980CONTACT PLS PROSPECT CENTRE
DV 3982L
DUVAL CO., TX PROSPECT OFFER456-Gross/Net Leased Acres.WILCOX TRENDProspect Targets Shallower Amplitudes—With AVO In Pressured Section Above Z-Sand.3-D Seismic & SubSurface Geology.100% OPERATED WI; ~75% NRIStrong Target Amplitudes Equivalent To—Productive UpDip Upper Wilcox Sands.All Amplitudes In Area Produce.Est Reserves: ~13 BCF ~13 BCF/3DPart of A Larger Package-See DV 3980CONTACT PLS PROSPECT CENTRE
DV 3983L
DUVAL CO., TX PROSPECTS3-Well Project. 1,641-Total Net Acres.WILCOX TREND ~45 BCF/3DProspect 1: Z-Sand - 16,400 Ft.Prospect 2: Hoffman Creek -17,800 Ft.Prospect 3: Rosita-Upper Wilcox 14,500 Ft.3-D Seismic & SubSurface Geology.100% OPERATED WI; 74.5-82.83% NRIEst Well Reserves: 10-20 BCFEst Project Reserves: ~45 BCFCONTACT PLS PROSPECT CENTRE
DV 3980L
–Listings For Sale
PAGE 4 MARCH, 2009
FRIO CO., TX NON-OP DEVELOPMENT1-Well Recompletion; 318-Acres.2-Additional PayZones Identified2.0% NonOperated WI Available. 3-PAYCurrent Lease Production: 2.0 BOPD ZONESStimulation Should Double Production.SELLER HAS EXTENSIVE DATA
DV 5116PP
FRIO CO., TX PROSPECT OFFERING1-Proposed Well. 325-Acres.Obj 1: Edwards Lime. 4,200 Ft.Obj 2: Detrital Reef. 3,140 Ft. STX/DVObj 3: Georgetown Potential2-Additional Locations Identified.90% Working Interest; 75% NRIEst Reserves/Well: 144 MBO & 72 MMCFEst Reserves/Proj: 500 MBO & 250 MMCFSELLER HAS PACKAGE FOR REVIEW
DV 6463
GOLIAD & KARNES CO., TX GAS1-Proposed Test Well.NEAR PETTUS, TEXAS 9.4 BCFTargeting Hackney Sands.25% Working Interest; 74%-75% NRI.Est Reserves: 140,000 MBO & 9.4 BCFCONTACT LANDMAN FOR MORE INFO
DV 5471
GOLIAD CO., TX PROJECT12-Prospects. 1,169-Gross Acres.WEST AUSTIN FIELD 50 BCFObj 1: Middle/Lower Wilcox. 12,800 Ft.Obj 2: Middle/Lower Wilcox. 11,600 Ft.Obj 3: Middle/Lower Wilcox. 12,500 Ft.75% Working Interest.Adjacent Field Flowed >29 BCF.Total Est Reserves: 50 BCFDry Hole Cost: $2,800,000CONTACT PROSPECT GENERATOR
DV 5892
GOLIAD CO., TX PROSPECT5 To 50-Potential Wells. 2,500-Acres.Obj 1: Edwards Formation. 18,750 Ft. UP TOObj 2: Sligo Formation. 21,500 Ft. 2.0 TCF3-D Seismic & SubSurface Geology.75% OPERATED WI Available.Est Reserves/Well: 25 - 50 BCFEst Reserves/Project: 250 BCF - 2.0 TCF
DV 5760
GOLIAD CO., TX OFFERING100 To 400-Acres.Targeting Milagro Formation. STX/DV
FOR SALE / JOINT DRILLING PROGRAMSeller Will Deliver 75% NRI.Analogous Wells Producing 4.1+ MMCFDFOR MORE INFO, CONTACT PRINCIPAL
DV 5921
GONZALES CO., TX PROSPECT100-Acres. SALE OR JVFOR SALE / JOINT DRILLING PROGRAM.ADDITIONAL DETAILS UPON REQUEST
DV 5891
HIDALGO CO., TX DEEPER POOL TESTTesting Undrilled Fault Trap. 1,850-Acres.DONNA FIELD - LOWER FRIO FARMINMarks, Bond, Montgomery. 12,500 Ft.Stack Pay Potential: Multiple Lower Frio Obj.WORKING INTEREST FOR FARMINEst Reserves: 300 BCFCONTACT SELLER FOR PACKAGE
DV 3698
HIDALGO CO., TX PROSPECT2,000-Acres.SOUTH TEXAS STX/DVDeeper Pool Test On Acreage.Working Interest For Sale.Est Reserves: 300 BCFAGENT CONTACT INFO AVAILABLE
DV 3549
JACKSON CO., TX 3-D PROSPECT550-Gross/Net Acres.SOUTH TEXASFrio Sand Target. 9,100 Ft. STX/DVHigh Side 3-Way Closure.3-D Seismic Available.50% Working Interest; 75% NRI (Lease)Est Well Reserves: 1.12 BCFESELLER PREFERS TO OPERATE
DV 5697
JEFFERSON CO., TX PROSPECT320-Acres.MIDDLE FRIOObj 1: Nodosaria A. 11,280 Ft. FRIOObj 2: Nodosaria B. 11,800 Ft.3-D Seismic. SubSurface Geology.100% OPERATED WI; 75% NRIOffset Well Producing From Intervals.Est Rsrvs/Well: 142 MBO & 5.0 BCFCALL PLS FOR INTRO TO SELLER
DV 5170
JIM HOGG CO., TX PROSPECT3 To 5-Proposed Wells. 650-Acres.Obj 1: Lower Reklaw. 11,700 Ft. 30-50 BCFObj 2: 1st & Lower Hinnant. 13,200 Ft.3-D Seismic, AVO, SubSurface Geology.80% WI Available; 59.2% NRIOperations Available To Qualified Partner.Est Reserves/Well: 7.0 BCFEst Reserves/Proj: 30-50 BCFDHC: $3,647,000; Compl: $1,673,000EXPLORATION MGR HAS MORE DATA
DV 5284
KARNES CO., TX PROJECT4-Well Program. 875-Acres.Upper Wilcox L Series Targets. STX/DV/3DReklaw Carrizo Behind Pipe (7 Locations).3-D Seismic Data & Well Control.Low Pressure Gas Line Available On Lease.85% WI Available; 77% NRIEstimated IP: 34 BOPD & 2.0 MMCFDEst Reserves: >38 BCF & >645 MBCDHC: $907,000; Compl: $419,000DETAILED FINANCIALS AVAILABLE
DV 5261
KARNES CO., TX PROSPECT20-Potential Wells.Targeting 2nd Reklaw. 7,000 Ft. ~11.8 BCFEDefined By SubSurface Geology.75% OPERATED WI; 77% NRI (Lease)Est Rsrvs/Well: 7.0 MBO & 550 MMCFEst Rsrvs/Project: 140 MBO & 11 BCFCALL GEOLOGIST TO LEARN MORE
DV 5732
KENEDY CO., TX EXPLORATION DEAL38,000-Gross Acres.SOUTH PADRE ISLANDInitiate Exploration Activity In STX/DV— Southern Division of Padre Island.3-D Seismic & Plat Available.SEEKING EXPLORATION COMPANY TOSHOOT 3-D & INITIATE DRILLING PROGRAMVenture Has Option To Take Oil/Gas Lease— Covering Undivided 50% Under Acreage.Frio Reservoirs Have Yielded 800 BCF.Currently 6-Oil Companies & 5-Pipelines— Operating Within Park Boundaries.CALL PLS FOR MORE INFORMATION
DV 3963
KENEDY CO., TX PROPERTY1-Prospect.CENTRAL KENEDY >99 BCFTargeting Lower Frio & Nod Blan Sands.Proposed Depths: 14,080-14,450 Ft.Faulted Closure. Class 2 Amplitude.Analogous Field Cumm’d > 280 BCFE.Est Reserves: >99.5 BCFCALL GEOLOGIST FOR SHOWING
DV 5067
KENEDY CO., TX PROSPECT1-Directional Well.TAJOS FIELD >4.6 BCFTargeting Upper Frio Sands.Proposed Depth: ~6,750-9,700 Ft.UpThrown Three-Way Fault.Est Reserves: >4.6 BCFCONTACT GEOLOGIST FOR SHOWING
DV 5069
LAVACA CO., TX PROSPECT~900-Acres.Middle Wilcox E Sands. 11,500 Ft.Western Flank Yoakum Gorge Trap.3-D Seismic Data Available.Seller Will Deliver 73% NRI. STX/DV/3DAnalogous Field Cumm’d 72 BCF.Total Est Reserves: 23 BCFDHC: $1,800,000; Compl: $1,000,000CONTACT ENGINEER FOR MORE INFO
DV 5117
LIVE OAK CO., PROSPECT2-Proposed Wells. 944-Net Acres.TURNER, COMANCHE HILLS,& WILLOW HOLLOW >60 BCFObj 1: Wilcox Sands. 7,100 Ft.Obj 2: Edwards. 10,880 Ft.Hot Area, Low-Risk.3-D Seismic Coverage & Geology.OPERATED & NonOperated WI.Estimated IP: 500 BOPD & 20 MCFDEst Reserves: 9.7 MBO & 60 BCFDHC: $1,200,000; Compl Cost: $800,000
DV 5308
LIVE OAK CO., TX PROSPECT160-Acres.Targeting Queen City Formation. 7,000 Ft.READY TO DRILLHigh Porosity & Permeability.Well Control Available. ~4.0 BCF90% WI Available; 75% NRISeller Will Invest Heads Up w/ Buyer.Operations Are Available.Estimated IP: 2.0 MMCFDEst Reserves: 1.0-4.0 BCFSELLER LOOKING FOR OPERATOR
DV 5435
MCMULLEN CO., TX PROJECT40-Acres.SOUTH TEXAS FRACWilcox ReWork. 7,500 Ft.SEEKS FUNDING FOR FRAC JOB15% WI Available; 75% NRI (Lease)Net Production: 25 MCFDAfter Frac Enhancement: ~500 MCFDCONTACT SELLER FOR MORE INFO
DV 5026L
MCMULLEN CO., TX PROSPECT23-Proposed Wells. 3,683-Acres.SOUTH TEXASObj 1: Wilcox. 5,000 Ft. - 7,000 Ft.Obj 2: Cole. 700 Ft.Stacked Pays. 100 BCFDownThrown 3-Way Closure.2-D Seismic & SubSurface Geology.100% OPERATED WI; 75% NRIProven Productive.Est Well Reserves: 2.0-10 BCFEst Project Reserves: 100 BCF
DV 5313
MCMULLEN CO., TX PROSPECT3-Proposed Wells. 1,926-Acres.LA JOLLA RANCH 100+ BCFLower Sligo Formation Development.Proposed Depth: ~16,800 Ft.Edwards Formation Potential Identified.Prominent 3-D Seismic Data.Seller Will Deliver 75% NRI.Est Well Reserves: 35-45 BCFEst Project Reserves: 100+ BCFSELLER HAS MORE INFORMATION
DV 5088
MILAM CO., TX PROJECT9,000-Acres.EAST TEXAS BASIN ETX/DVCotton Valley, Hosston, Sligo, Glenrose,& Edwards Formations. 4,000-9,000 Ft.Initial Test: Cotton Valley. 8,000 Ft.Seller Will Deliver 75% NRI.Est Completion Cost/Well: $1,500,000SELLER HAS MORE INFO TO REVIEW
DV 5474
MILAM CO., TX PROSPECT2,145-Minerals Acres.MINERALS FOR SALEShallow Opportunity. TX MINERALSProlific Cotton Valley/Hosston Trend.Also Sligo/Edwards Potential.Seismic Data & Geology.Proposed Depths: 4,000-9,000 Ft.Potential Reserves: 100 BCFE
M 5909DV
REFUGIO CO., TX PROPERTY11-Wells. 480-Gross Acres.MCFADDIN FIELD 305 BOEDFrio Formation - Greta Sand. 4,500 Ft.Drilling & ReCompletion Opportunities.100% OPERATED WI; 77% NRIEst Net Production: 286 BOPD & 119 MCFDEst Net Cash Flow: $1,060,000/MnAgent Has Evaluation CD Available.AGENT HAS UPDATE STATUS
PP 5022DV
SOUTH TEXAS PROPERTIES160-Wells. 4,000-Acres.Multiple PUD Locations. MULTI PUDWorking Interest For Sale.Net Production: 95 BOPD & 65 MCFDUTAH AGENT HAS DETAILS
PP 3658DV
SOUTH TEXAS PROSPECT OFFERING7-Prospects. 7,981-Net Acres.WILLACY & KENEDY CO. STX GASMultiple Frio Sand Gas Targets Identified.Depths Range: 6,000-16,000 Ft.3-D Seismic Available.~75% Working Interest; 72% NRITotal Est Reserves: 353 BCFDrilling Costs Range: $300,000-$550,000Completion Ranges: $150,000-$300,000SELLER HAS PROSPECT BREAK-DOWN
DV 5544
SOUTH TEXAS PROSPECT SALE3-Prospects. 1,700-Acres.MCMULLEN, LIVE OAK & BEE CO. DV/3DTargeting 3 Sligo Reef Structures.All Prospects Supported By 3-D Seismic.100% Working Interests; 74% NRIAnalogous Wells Cumm’d 32 BCF.Completion Costs: $9.0 - $10.0 MMCALL GEOLOGIST FOR SHOWING
DV 5132
SOUTH TEXAS STRIPPER WELLS90-Wells. 3,160-Acres.LEE, BASTROP, GONZALEZ & WILSON CO.Steady Oil & Gas Production. 115 BOED75-PUD Locations Identified.100% OPERATED WI; 75%-87.5% NRINet Production: ~115 BOEDNet Cash Flow: ~$150,000/MnCALL AGENT FOR MORE INFO
PP 5912DV
Continental’s first Montana Three Forks/Sanish well was not commer-cially productive. Elsewhere in the Rockies, Continental’s Red River Unitsproduced 14,058 BOEPD in Q4, accounting for 39% of total volumes, butdown slightly from a year ago. Continental is now only running one oper-ated rig at the units, where it has allocated $46 million this year to drill four
producer wells, two disposal wells and a sixth water supply well. The eight units comprising the Red River units are located along
the Cedar Hills Anticline in North Dakota, South Dakota andMontana and produce from the Red River B formation, a thin, con-
tinuous, dolomite formation at depths of 8,000 to 9,500 ft. The units com-prise a portion of the Cedar Hills field. Peak production of 17,000 BOEPDshould be achieved in 2010.
At the Arkoma Woodford Shale play in southeast Oklahoma, volumesaveraged 3,276 BOEPD in Q4 (9% of company vols), more than double pro-duction for the fourth quarter last year. Proved reserves rose 245% year overyear to reach 30.7 MMBOE at year end.
Continental began using simul-fracs in the area last quarter, with seven“Pasquali” wells flowing at an average of 2.44 MMCFD. Six “Luna-Pratt”wells flowed at an average 3.76 MMCFD and two wells in the “Wilson” simul-frac flowed 8.6 MMCFD and 5.9 MMCFD. Continental is only operating oneWoodford rig currently, compared to six rigs a few months ago. The companywill spend $56 million to participate in the drilling of 63 (8.0 net) wells.
Continental has lowered its 2009 capex budget to $275 million, whichincludes $211 million for drilling activities, with the goal of growing vol-umes 8% to 13 MMBOE (35,600 BOEPD). Fourth quarter volumes rose19% on an annual basis to average 36,018 BOEPD. The company hasreduced its operated rig count from 32 in early October to seven rigs cur-rently, with plans to operate an average of five rigs this year. Total year year-end proved reserves were 159.3 MMBOE, up 18% from y/e 2007 due toBakken and Woodford drilling. Combined drilling and proved undevelopedadditions of 47.6 MMBOE replaced 400% of Continental’s total productionof 12.0 MMBOE for 2008.
continental retains Bakken rigs continued from page 1
swift lays down all operated rigsSwift Energy said it has a substantial drilling inventory but is not operating any
rigs and will not begin drilling until service costs decline. As a result, volumesshould continue to decline from 10 MMBOE in 2008 to around 8.5 MMBOE in
2009. Proved reserves are also expected to fall, from 116.4 MMBOE aty/e 2008 (which was down 13% from y/e 2007) to as little as 111MMBOE at year-end 2009. Swift will spend as much as $150 million this
year, with 35% slated for Southeast Louisiana core area, where the company drilledfive wells at Lake Washington and one development well and one exploratory wellat Bay de Chene last quarter. The BDC VUC #9 well was drilled to 14,809 ft. TDand tested it at rates up to 4.8 MMCFD.
Swift is now installing production andprocessing equipment on a large concretebarge at Bay de Chene. This equipment willsit 18 feet above water level, which shouldreduce the risks of hurricanes damage. Bay de Chene production should surpasspre-storm levels once these new facilities have been fully commissioned duringthe third quarter of 2009.
At Lake Washington, the previously announced Shasta discovery well (50% WI)tested at 11 MMCFD and 739 BOPD. Due to the distance of this discovery fromproduction facilities, further delineation will occur later in 2009 after an 8-milepipeline has been built to the Westside facility in the field.
In Swift’s 120,000-acre core South Texas area, 12 development wells weredrilled and completed in the AWP Olmos field last quarter. The R Bracken 33H wellreached a measured depth of 14,322 ft., including a 3,530-ft. lateral in the Olmosformation. A nine-stage frac yielded peak test rates of 10.4 MMCFeD. The well isnow flowing to sales at a sustained rate of 6.3 MMCFeD. At least three additionalhorizontal wells will be drilled this year.
Swift also plans to drill a well to test the newly-discovered Eagle Ford Shale for-mation later this year. Swift has 45,000 acres prospective for the shale.
denbury focuses on tertiary oil recoveryDenbury Resources began to see production responses from its tertiary
floods at the Lockhart Crossing (Phase I) and Tinsley (Phase III) Fields, whileproduction from the Martinville, Eucutta and Soso Fields (Phase II) continued
to improve. This year, Denbury has seen initial oil production from ter-
tiary flooding of the Cranfield Field. And by the third quarterDenbury expects a tertiary production response from the
Heidelberg Field, where CO2 injections began only last December.Denbury’s 2009 E&D budget of $750 million includes $485 million for CO2
pipelines, the majority of which relates to the Green Pipeline under constructionfrom Louisiana to Texas to serve theHastings field, acquired from Venoco lastyear for $200 million. Hastings produces~2,500 BOEPD with conventional provedreserves of ~7.7 MMBOE.
About 90% of the 2009 budget will be spent on tertiary related operations,which should produce 24,500 BOPD this year, 26% increase over tertiary pro-duction last year. Average production from all operations is forecasted at 50,000BOEPD this year, up 8% over 2008. Denbury reported a total of 250.5 MMBOEin proved reserves at year end, up from 194.7 MMBOE in 2007.
In the Barnett Shale, production averaged 73.4 MMCFeD last quarter, slightlyless than a year ago, with volumes expected to gradually decrease this year dueto lower spending. Denbury previously tried to sell its Barnett assets, but wasunable to find a buyer.
Swift’s Shasta discovery well
at Lake Washington tested at
11 MMCFD and 739 BOPD.
Average production from all
operations is forecasted at
50,000 BOEPD this year.
Why wait for the capital you need? If you are a small- to mid-sized operator with a project in the $1 million to $20 million range,
contact Patriot Exploration at 713-353-3997
www.patriotexploration.com
Opportunity driven.
SOUTH TEXAS PROPERTIES & PROSPECTS
Source: Endeavor Corp.’s 2009 IPAA OGIS Florida presentation. For recent news on the company, see our interview story on page 7.
North TexasArk-La-Tex Edition
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May 6 & 7, 2009 @ Oklahoma City, OKCox Business Services Convention Center
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ENERGY CONFERENCE & EXPOSITIONProspects, Properties & Presentations
Wednesday, May 6TH • Natual Gas Conference
Thursday, May 7TH • Energy Forum
9:00-11:00 AM PANEL DISCUSSION: Natural Gas Vehicles - OEM to End User MarketsOpening Comments, Moderator & Panelist-Dennis Davis - General Manager of Bob Howard Honda andmember of the American Natural Gas Alliance (ANGA) is thepreeminent provider of NGVs in the Southwest, which includethe CNG powered Honda Civic GX. Mr. Davis will be speakingon OEMs and NGVs.
Mark Harris - NGV Specialist Chesapeake Energy Corporationwill be speaking on natural gas infrastructure in Oklahomaand across the country.
Taylor Shinn - Manager of Corporate Dev. Chesapeake Energy Corporation will be speaking on macro environment,government, and new opportunities for energy fleets.
11:10-11:40 AM Natural Gas for Transportation: Clean, Cheap, DomesticJames Orsulak - Business Development Manager Clean Energy will be speaking on reducing the nations dependence on imported oil, cleaner air, and saving billions of dollars in fuel cost through the increased use of CNG and LNG.
12:45-1:30 PM Key Note Address: SemGroup Update
Gary M. McDonald - Partner in the firm Doerner, Saunders, Daniel & Anderson,
L.L.P. , which is a leading advocate of producer rights in the SemGroup bankruptcy case, will be speaking on statutory protections afforded to producers, which are at issue in the SemGroup case and could arise in the future.
1:40-2:15 PM Guerilla Marketing: Sales versus MarketingBill Shanahan - Marketing Manager, Chaparral Energy, LLC will be speaking about gas marketing from the standpoint of taking a passive approach versus taking an aggressive approach in order to maximize value for the product.
2:30-3:00 PM Hedging Price Risk in a Volatile Commodities EnvironmentNorman L. Young - Vice President
Joaquin Anderson - Account Executive Coquest Structured Products will be speaking on misconceptions about hedging and answer common questions on this topic.
3:10-3:40 PM Natural Gas Basis: Anomaly or Opportunity?Steve Daugherty - Senior Vice President, Derivatives, Bank of Oklahoma Energy Group will be speaking on Basis Hedging for the Future.
3:50-4:10 PM NGEAO: Clearing a Path for Others to FollowMary Beasley - President of the NGEAO (Natural Gas and Energy Association of Oklahoma) and Director of Mid-Continent Origination for ConocoPhillips will be speaking on the benefits of supporting the NGEAO.
8:30-9:00 AM Hydrocarbon Micro-seepage Surveys in the Mid-Continent Region: Broad Reconnaissance to Discreet Prospect Evaluation StrategiesDaniel C. Hitzman - President, Geo-Microbial Technologies will be speaking on hydrocarbon microseepage surveys to optimize, rank, and challenge geologic and geophysical prospects in the USA’s mid-continent region to increase drilling successes and very accurately avoids dry holes.
9:10-10:20 AM PANEL DISCUSSION: Creating the Perfect Independent Operator: Lowering Costs While Improving E&P ResultsMark B. Smith - Founder of Neofirma, Inc. will be the modera-tor and a panelist of this discussion, which includes
Bret Boteler - Founder and President, EnerMax
Richard Marlin - Executive Vice President - Engineering,Quest Resources Corporation
Stephen Roberts - Senior Vice President - Engineering, Jones Energy
10:30-11:00 AM Ecosphere Technologies: Total Frac WaterManagement ProcessDennis McGuire - President, Ecosphere Technologies
11:10-11:40 AM International Oilfield Service & Manufacturing: Global Economic Indicators for the Domestic Petroleum IndustryPhil Lancaster - CEO, Great White Energy Services
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–Listings For Sale
SOUTHEAST TEXASBRAZORIA CO., TX OFFERING382-Acres.Objective: Het Lime, F4, & F9. 11,600 Ft.Het Play Is Twin Of Shut-In Gas Well.3-D Seismic Controlled.Seller Will Deliver 74.5% NRI. 16 BCF/3D
Analogous Prospect Cumm’d 18 BCF.Est Frio Reserves: 23 BCFEst Het Lime Reserves: 2.0 BCFTotal AFE: $850,000.00SELLER HAS UPDATED THIS PROJECT
DV 5375
COLORADO CO., TX PROPERTY2-Wells.ENGLEHART FIELDFrio Production. 3,400 Ft. 399 MCFD95.0% OPERATED WI; ~68.88% NRIGross Production: 576 MCFDNet Production: 399 MCFDAvg Net Cash Flow: $60,000 - $65,000/MnGO TO PLSX.COM FOR PACKAGE
PP 5949
COLORADO CO., TX PROSPECTS~814-Gross Acres. ~673-Net Acres.SOUTHEAST TEXAS 31 BCFCruel and Priscilla Targeted.Targets Productive in Two Nearby Fields.SEEKING PARTNERS TO DRILLEst Reserves: 31 BCFYegua, Frio, and Miocene Potential.
DV 3817
FORT BEND CO., TX GAS DRILLING2-Proposed Wells. 74-Acres.BIG CREEK DOME & NEEDVILLEMiocene Target. 2,400 Ft.3-D Seismic. ~872 MMCF/3D50% WI Available; 75% NRI (Lease)Est Reserves: ~873 MMCFDHC: $835,600; Compl: $506,500SELLER PREFERS TO OPERATE
DV 5442
FORT BEND CO., TX TEST2-Well Commitment. 840-Gross/Net Acres.SOUTHEAST TEXAS GAS3-Well Potential. 11.4 BCFEYegua EY-1, EY-2 & AU Sands.Proposed Depth: 12,700 Ft.50% WI Available; 75% NRI (Lease)Est Well Reserves: 11.4 BCFEDHC: $5,584,000; Compl: $2,032,000SELLER PREFERS TO OPERATE
DV 5598
FORT BEND CO., TX PROSPECT2-Possible Wells. 121-Acres.ROSENBURG (10 PAYS)Obj 1a: Frio Sands. 4,620-5,600 Ft.Obj 1b: Vicksburg. 6,270 Ft.Obj 2: Frio Sands. 5,020-5,340 Ft. FRIODefined By SubSurface Geology.Some Offset Or Area 2-D Seismic.100% OPERATED WI; 75% NRIWells FARO 322-2,036 MCFDInitial Flow Rate of 750 MCFDEst Well Reserves: 1.5+ BCFEst Proj Reserves: ~10.6 MBC & 6.5 BCF9-Individual Frio Sands Plus VicksburgDrill & Complete: $1,124,000READY TO DRILL - CALL PLS FOR INFO
DV 5208
GALVESTON CO., TX PROPERTY1-Oil Well. 2-ShutIn. 38-Acres.DICKINSON - MACO SETX/PPFrio Formation. 7,700 Ft.50% OPERATED WI; 37.5% NRIGross Production: 23 BOPD & 10 MCFDNet Production: ~8.6 BOPDShutIn Well Has Re-Work Potential.Re-Work Could Yield Another 20 BOPD.GENERATOR HAS MORE INFO
PP 5486DV
GALVESTON CO., TX PROSPECT3-Potential Wells. 1,284-Acres.Obj 1: Big Gas Sand. 10,500 Ft. 100 BCFObj 2: Grubbs Sand. 10,800 Ft.3-D Seismic & SubSurface Geology.75% OPERATED WI; 74% NRI (Lease)Est Reserves/Well: 25 BCFEst Reserves/Proj: 100 BCFSELLER HAS MORE DATA AVAILABLE
DV 5424
GRIMES CO., TX PROSPECT400-Wells. 20,500-Acres.Obj 1: Woodbine Shale. 15,900 Ft. ~1.6 TCFObj 2: Eagleford Shale. 15,800 Ft.2-D Seismic & SubSurface Geology.50% OPERATED WI; 75% NRI (Lease)Est Reserves/Well: 4.0 BCFEst Reserves/Project: 1.6 TCFNew Well Cased To 14,800 Ft—Completion Costs: $4,000,000GENERATOR HAS DETAILS
DV 5656
HARRIS CO., TX PROPERTY3-Wells. 1-SWD.DYERSDALE N. FIELD ~59 BOEDYegua & Cook Mountain Production.Behind Pipe PDNP & Re-Entry Potential.38% OPERATED WI Available.Gross Production: 37 BOPD & 130 MCFDEngineering Report Available w/ CA.CALL FOR SELLER CONTACT INFO
PP 5918DV
PAGE 6 MARCH, 2009
SOUTHEAST TEXASJEFFERSON CO., TX LEASEHOLDS3-Tracts. 2,262-Acres.SOUTHEAST TEXAS.VARIOUS SURVEYSMineral Rights For Sale. ACREAGEPast Drilling Shows Success.Non-Participating Royalty In One Tract.CONTACT PLS FOR DETAILS
DV 5024L
MATAGORDA CO., TX PROSPECT1-Prospect.Obj 1: Melb F & Nod Blan >13 BCFEObj 2: Wadsworth Pay SandsProposed Depths: 11,600-12,925 Ft.Faulted Closure.Analogous Field Cumm’d 223 BCFE.Est Reserves: 326 MBC & 13.0 BCFCONTACT GEOLOGIST FOR SHOWING
DV 5068
MATAGORDA CO., TX OFFERING2-Exploratory Wells.FRIO TREND 12 BCFETargeting Upper Frio Sands.Proposed Depth: ~10,000 Ft.Melborne, Nod B Potential Identified.Fault Block Is 3-D Defined.27.5% Working Interest Available.Est Reserves: 12 BCFESELLER HAS MORE DETAILS
DV 5277
MATAGORDA CO., TX PROSPECT SALE30-Potential Wells. 7,247-Acres (HBP).MATAGORDA BAY AREA 760 BCFEObj 1: Cib Hazz. 11,000 Ft.Obj 2: Tex Miss & Anomalina. 18,000 Ft.ReDrill Of PUD Location.3-D Seismic & SubSurface Geology.100% OPERATED WI; 75% NRIEst Reserves/Well: 25 BCFEEst Reserves/Proj: 760 BCFEGENERATOR HAS MORE DETAILS
DV 5422
MATAGORDA CO., TX PROJECT1-Test Well. 210-Acres.SOUTH TEXAS 3D/AVOTest Frio Tex Miss Sand. 15,000 Ft.Defined By Reprocessed 3-D Seismic.80% OPERATED WI; 74% NRICALL GEOLOGIST FOR SHOWING
DV 5131
MATAGORDA CO., TX OFFER3,645-Gross Acres.SARGENT SOUTH FIELDDeepening Of 16,000 Ft. Cased Hole—— Gulf No. 1 Hamill & Hamill.High Quality 2-D Seismic Data.75% Working Interest Available. SE TEXASEst Reserves @ 50 Ft: 187.5 BCFEst Reserves @ 100 Ft: 375 BCFCONTACT PROSPECT GENERATOR
DV 5893
POLK CO., TX PROJECT~80,000-Net Acres.Austin Chalk Targets. SETX/DVProposed Depths: 12,800-13,500 Ft.CONTACT PROSPECT GENERATOR
DV 5227
SOUTHEAST TEXAS ACREAGE7-Counties. >400,000-Net Acres (HBP).FAYETTE, BURLESON,LEE, BRAZOS,GRIMES, STX ACREAGEWASHINGTON & AUSTIN CO.Wilcox & Yegua Formation Targets.Other Targets Have Been Identified.Shallow Drilling Depths. Normal Pressures.3-D & 2-D Seismic Data Available.SEEKING PARTNERS FOR EXPLOIT
DV 5554
SOUTHEAST TEXAS PRODUCTION2-Wells.KARNES & MADISON CO.MADISONVILLE & RUNGE FIELDSSub-Clarksville & Roeder Production.OPERATED WI For Sale. 208 MCFEDGross Production: 4.0 BOPD & 246 MCFDNet Production: 208 MCFEDCONTACT PLS FOR QUICK PACKAGE
PP 4238
SOUTHEAST TEXAS PROJECT3-Exploratory Wells. 3-Development.JACKSON, CALHOUN, MATAGORDAUnTested 3-D Defined Fault Blocks.UpThrown 3-Way Fault Closure. 45 BCFE50% Working Interest Available.Est Reserves: 45 BCFE
DV 5484
SOUTHEAST TEXAS PROSPECTS1,400-Acres.WHARTON & COLORADO CO. 165 BCFObj 1: L. Wilcox Sands. 15,500 Ft.Obj 2: M. Wilcox Sands. 12,000 Ft.Upper Wilcox Potential.3-D Seismic & SubSurface Geology.90% OPERATED WI; 74% NRIEst Reserves/Well: 25 BCFEst Reserves/Proj: 165 BCF
DV 5533
Go to www.plsx.com for more listings!
SOUTH TEXASTEXAS PROSPECT OFFERING8-Prospects. 5,500-Acres.Starr, Zapata, Brooks, Matagorda Co.Reklaw, Queen City, & Miocene Targets.All Prospects Have 3-D Seismic.Varying NonOperated WI Available. TX/DVReserve Potential And Costs—— Vary By Depth & Prospect.SELLER HAS MORE DETAILS
DV 5733
TEXAS SALE PACKAGECorporate Sale Of Assets.SOUTH TEXAS & PERMIAN CORPORATE161-Oil & Gas Wells.Large Proprietary 3-D Seismic Database.South Texas Exploration ComponentSALE OF ASSETS OR WHOLE ENTITYNet Production: 600 BOEDPackage Is 15% Operated WI & 67% OilBEING HANDLED BY HOUSTON AGENTMORE DATA AVAILABLE SOON
CO 5346PP
VAL VERDE CO., TX PROPERTY27-Wells.VINEGARONE 3,196 MCFDMultiple Upside Opportunities.74% WI Available; 64% NRINet Production: 3,196 MCFDMultiple Drilling Opportunities.Net Cash Flow: $400,000/MnAGENT WANTS OFFERS APRIL 2009
PP 5264
WEBB CO., TX PROSPECT5 To 8-Proposed Wells. 1,011-Acres.LOBO TREND 10 BCFTargeting Claiborne Sands. 7,400 Ft.Wilcox Potential Identified.3-D Seismic, AVO, SubSurface Geology.80% WI Available; 59.2% NRIOperations Available To Qualified Partner.Est Reserves/Well: 2.0 BCFEst Reserves/Proj: 10 BCFEXPLORATION MGR HAS DETAILS
DV 5285
WEBB CO., TX PROSPECT SALE4-Potential Wells. 1,000-Acres.LOBO TREND LOBOLobo Targets Identified. 11,000 Ft.3-D Seismic, AVO, SubSurface Geology.80% WI Available; 59.2% NRIOperations Available To Qualified Partner.Est Reserves/Well: 2.0 BCFEst Reserves/Proj: 11 BCFEXPLORATION MGR HAS INFO
DV 5286
WILLACY CO., TX PROSPECTSOUTH TEXASStacked Pay. 2,000 Ft. - 14,000 Ft.3-D Seismic Data. STACKED PAY/3DWorking Interest For Sale.CONTACT AGENT FOR PACKAGE
DV 3459
ZAPATA CO., TX PROSPECT6-Potential Wells. ~665-Acres.Charco Target Identified. 9,800 Ft.Very Active Area. ~12 BCF3-D Seismic, AVO, SubSurface Geology.80% WI Available; 59.2% NRIOperations Available To Qualified Partner.Est Reserves/Well: ~2.0 BCFEst Reserves/Project: ~12 BCFEXPLORATION MGR HAS MORE INFO
DV 5283
SOUTHEAST TEXASAUSTIN CO., TX PROSPECT4+ Wells. 3,400-Acres.DEEP AUSTIN CHALK TRENDObj 1: Knowles Reef. 23,000 Ft. 1.4+ TCFObj 2: Glen Rose. 17,000 Ft.Obj 3: Austin Chalk. 15,000 Ft.2-D Seismic, SubSurface & Well Logs.100% OPERATED WI; 75% NRIEst Reserves/Well: 50 BCFEst Reserves/Project: 1.4+ TCF
DV 5655
BASTROP & LEE CO., TX PROPERTY17,000-Net Acres.UPDIP GIDDINGS FIELD2-PDP. 4-PUD. 5-PROB. 2-PDNP.68-Drilling Locations Identified.Austin Chalk/Buda Play. ~15 MMBOETotal Depth: 7,500 Ft.50% NonOperated WI; 76% NRI (Lease)Gross Production: 250 BOPD & 250 MCFDEst Reserves: 14.8 MMBOENet PV9 Value: $27,757,500
PP 5426DV
BRAZORIA CO., TX PROSPECT1-Proposed Well. 400-Acres.RATTLESNAKE MOUND 28 BCFObj 1: Big Gas Sand. 10,300 Ft.Obj 2: Grubbs Sand. 10,500 Ft.3-D Seismic & SubSurface Geology.35% NonOperated WI; 74% NRI (Lease)Offset To Excellent Recent Well.Est Reserves: 28 BCFDHC: $5,200,000; Compl: $2,000,000GENERATOR HAS MORE INFO
DV 5423
wanT ads. PLS can create a WANTED AD which describes a buyer’spreferences, criteria, areas of interest and/or acquisition budget. These adscost only $25 per month and run all year, off and on in PLS’ various reportsand online at www.plsx.com. The ads are a simple and inexpensive medium toget a buyer’s specific needs in front of the industry in a discreet, professionaland anonymous manner. Leads from Wanted Ads are referred directly throughPLS to a buyer.
disPlay adVERTisEmEnTs. PLS also offers traditional advertise-ments in our reports including logo ads, shared logo ads, one column blockads, multi-column rectangular ads and traditional 1/6th, 1/4th, 1/2 and full page ads. These traditional display advertisements cost between $50-$3,500per placement depending on ad size, color preferences and ad position within the report(s). PLS also offers Sponsorship Programs on our website atwww.plsx.com and in our hard copy publications. These sponsorships costbetween $2,500 and $3,500 and allow a buyer’s ads and logos to appear allyear long. PLS advertising and sponsorship programs offer buyers a unique,professional and public platform to solicit deals. PLS recommends that buyersexecute an advertising program as opposed to a one-time ad placement. As a buyer it’s important to keep your name circulating in the industry to pro-mote deal flow and prompt seller memory.
diREcT mail camPaigns. In addition to advertisements, PLS can also design and implement a Direct Mail Campaign for applicable buyerstargeting potential sellers. For example, PLS could target a specific area(Permian Basin or Offshore); formation (Wilcox, Barnett Shale) or property type(royalties, operations or non-operated WI) for a potential campaign. The DirectMail effort can be done on a buyer’s letterhead or PLS’ letterhead if the clientdesires to remain anonymous. Direct mail is a solid, aggressive format for get-ting your message out to potential sellers and a campaign has a more lastingeffect over a one-time advertisement. Direct mail is also cost effective sincemost campaigns cost $1,500-$3,500 upfront plus $1.00 per letter. PLS hasmore than 60,000 companies in our database in the U.S. and Canada.
REFERRals and soliciTaTions. PLS also offers consulting serv-ices for buyers including originating transactions and/or screening deals for buyers with specific noncompetitive needs. PLS is uniquely qualified to accessdeal flow and/or screen opportunities for buyers desiring help. Based on a formal engagement agreement, PLS can originate and create opportunities,source deals and or screen opportunities for specific buyers. We can alsoremind buyers what’s for sale on a one-off basis and/or drop your name, or regularly refer buyers on an applicable case-by-case basis. PLS acts as an addi-tional tool for buyers with limited business development resources of their own.
I trust these four services offer your company food for thought. Please give me a call if you have any questions or comments.
Tony motto, director of Business development, 713-650-1212
PXP drills ahead in haynesville partnership Plains Exploration & Production has drilled nine gross wells in the
Haynesville Shale this year under its joint venture agreement with ChesapeakeEnergy. Currently 18 wells are producing 100 (14.2 net) MMCFeD and another
15 wells are awaiting completion. The joint venture plans todrill 150 gross wells and run an average of 26 rigs in the playduring 2009. By year end, production should ramp up to 575
MMCFeD (65 MMCFeD net to PXP).Nevertheless, PXP recently requested to amend the terms of the joint venture
and gain a one-time option to avoid paying the last $800 million of its $1.65 bil-lion drilling carry obligation to Chesapeake, which represents 25% of the origi-nal JV transaction. (For more details see related story on Chesapeake Energy.)
PXP has still slated 43% of its $1.05 billion capital budget to the HaynesvilleShale this year. PXP will also drill its committed high-impact exploration proj-ects including the deepening of the Friesian discovery in the Tahiti field, itsSalida prospect with Shell, and its WhiteShark prospect in Vietnam.
Remaining capital spending will befocused on the Flatrock development in theGulf of Mexico and maintaining productionin its long-life reserve base in California. Flatrock production recently surpassed200 (45 net) MMCFeD, and proved reserves at year-end were in excess of 350(74.4 net) BCFe. PXP is producing from four wells at Flatrock, with a fifth wellbeing completed and a sixth drilling ahead.
PXP is also participating in two McMoRan-operated Flatrock step-outprospects. The companies have decided to drill the Tom Sauk (24.4% WI) well(Louisiana Lease 340) deeper than originally planned towards 21,150 ft. to testthe deeper Gyro sands. And the Ammazzo (28.1%) prospect (South Marsh Island251), is drilling towards 24,500 ft.
Due to asset sales last year, PXP expects sales volumes to fall to ~80,000BOEPD in 2009 from 90,500 BOEPD in 2008 (76,000 BOEPD after adjustingfor the sales). The company reported total y/e proved reserves of 292 MMBOE(72% developed), down from 689.9 MMBOE a year ago, due to 204 MMBOE innegative price revisions and 207.4 MMBOE in divestments.
PXP has slated 43% of its
$1.05 billion capital budget to
the Haynesville Shale this year.
PLS offers buyers added value services
southern star sees cotton Valley successSouthern Star Energy and Dynamic Resources drilled their ninth successful
Cotton Valley well in the Sentell field, in Bossier Parish. The L. Moore 20-1 wellreached 9,904 ft. TD and encountered 104 feet of net pay. The eight prior wells hitsimilar pay and five wells are now producing, the sixth is awaiting pipeline con-struction, and two wells were extended as successful Haynesville delineation tests.
The two Haynesville wells Southern Star Atkins-Lincoln 17-2 and Burt 20-1encountered 327 feet and 249 feet of net pay, respectively. The field'sHaynesville potential is 258 to 321 BCF in place per section. Southern Star willspud its third delineation well, the Boyce Pate 16-1, in Q2.
st. mary drills four shale playsSt. Mary Land & Exploration is directing its efforts towards three emerging
shale plays this year – the Haynesville, Woodford, Marcellus and recently-dis-covered Eagle Ford shales. St Mary has already drilled its first operatedHaynesville horizontal to 15,100 ft. TD, with a 3,300 ft. lateral. The Johnson
Trust 1-2 (90% WI) is in De Soto Parish and will have a 10-stage frac.St. Mary will now move to Texas and spud its next Haynesville well inShelby Co. The company has 50,000 prospect Haynesville acres.
In the Eagle Ford (210,000 acres) and Marcellus (43,000 acres)plays, St. Mary hopes to spud its first operated horizontal wells in midyear. Thecompany will allot $80 million of its $341 million capex to the three shale playsthis year in addition to $38 million for the Woodford Shale. Currently, the com-pany is running seven operated drilling rigs, with one a piece in the Rockies, EastTexas and the Permian, plus four in the Midcontinent.
Last quarter, production reached a company record 30 BCFe (333 MMCFeD).But y/e proved reserves of 865.5 BCFe were 20% lower than a year ago due to199.7 BCFe in negative price revisions and poor drilling results at the Olmosshallow gas properties in South Texas, acquired in 2007. Drilling in this area hasbeen suspended. Despite its shale exposure, St. Mary expects production todecrease each quarter this year due to less drilling.
Trae Ellerbe & Associates, [email protected] www.cggveritas.com
Matagorda County that is an extremely
deep well that crossed multiple intervals.
Most of the drilling is routine, except
when working in very deep areas with
very high temperatures. That can affect
the performance of the equipment.
What we were finding is that some
foreign companies that have been drilling
deeper in the Gulf of Mexico, particularly
the deep shelf plays, are moving back
onshore because the plays are similar
to those being drilled in the deep shelf
areas of the Gulf of Mexico. In our case,
the wells are comparable to the high
pressure, high temperature wells that
we drill in the United Kingdom sector
of the North Sea. The two areas do
not completely correlate, but there are
similarities between what we are doing
in both places.
Pls: what kind of stake doesEndeavour have in its south Texasactivities, and what are the net drilling costs to the company?
Endeavour: We have not operated
any wells in Texas to date, although we
have operated wells in both the United
Kingdom and Norway. In South Texas,
we have teamed with very competent
partners, one being El Paso Corp.
Our costs depend on a number of
factors. Our working interest averages
range from 10% to 25%. Well costs differ
dramatically depending on the depth of
the well. The Cochran #1 well only was
drilled to about 17,000 ft. so our net costs
were around $3.0 million. We hold a
20% interest in that well.
The Alligator Bayou well was drilled
to a total depth of almost 25,000 feet. It
is a much deeper well and therefore a
much more expensive well, but we only
hold 10% interest. The total net cost
for that well will be around $4.0 to $5.0
million. We will continue to try to spend
somewhere between a half a million
and $5.0 million for these wells, because
a company our size does not need to
expose itself to $10 or $20 million in a
single project.
Pls: how much capital spendingwill Endeavour allocate to u.s. opera-tions in 2009?
Endeavour: We have approved a $90
million capital budget this year and will
spend upwards of one-third of that budget
in the United States. We also have sev-
eral developments moving forward in the
United Kingdom and one fairly significant
exploration project in Norway.
You can expect us to spend between
$15 and $30 million in the U.S. this year
and probably drill eight to 10 exploration
e&p
Endeavour sails from north sea to south Texasinternational indy announces new onshore playinterview by kyle Francis
Since its inception in early 2004,
Endeavour international corp. has
transformed from a start-up entity to a
balanced oil and gas com-
pany, becoming one of the
most active independents in
the North Sea, with a strong
production base that gener-
ates significant cash flow.
In late 2008, Endeavour transferred
some of that cash flow to the United
States, launching an onshore exploratory
campaign in South Texas that resulted in
a discovery and first U.S. production.
Endeavour has
two prospects in
South Texas –
Alligator Bayou
and Garwood,
where the com-
pany’s Cochran
#1 well recently
flowed
6.2 MMCFD
and 96 BOPD.
Endeavour plans
at least eight
additional explo-
ration wells in the region this year. The
company has also spud a well at Alligator
Bayou that reached 24,000 ft. and is now
flow testing.
Endeavour is headed by CEO William
Transier, who also co-founded the com-
pany in 2004. Previously, Transier served
as EVP and CFO for Ocean Energy and
was part of the management team that
spearheaded the 2003 merger between
Ocean and Devon Energy that created
the largest independent oil and gas
exploration and production company in
the United States.
Recently, PLS caught up with Transier
to discuss Endeavour’s transition to
South Texas and what the company has
planned for 2009.
Pls: why did Endeavour chooseto expand from the north sea intosouth Texas?
Endeavour: Basically for two rea-
sons. One, we wanted to balance our
portfolio between our offshore assets
in the North Sea, which require a higher
cost and longer-cycle time to develop,
and onshore properties in the United
States that require much less cost
per unit and offer shorter lead times
to production.
Second, because of the way
Endeavor was formed by backing into a
company with a net operating loss (NOL)
that carried over for tax purposes, we
have sig nificant unrecognized tax benefits
that improve our economics. We could
do a great deal of work tax free with
PAGE 7PROSPECTS & PROPERTIES
A successful oil and gas company is notbuilt by drilling a few individual wells butby creating a niche position or play.
We will spend $15 to $30 million in the U.S. this year to drill between eight and 10 wells.
William Transier, CEO
1. 2008 discretionary cash flow$130 +/-million
2. 2008 ending cash balance $60 +/-million
3. Valuable hedge position at $80 oil (4Q08 gain in excess of $100 million)
4. 2008 production at higher end of forecast range 8,900+/-boepd
5. Successful E&A process12 consecutive successes
6. Recent launch of onshore U.S. exploration campaign
7. 2P reserves of 35 mmboe
8. Sustainable, self-fundedbusiness model
Endeavor at a glance
1. Initial entrance onshore Texas
2. Prospects planned AlligatorBayou & Garwood
3. Lower finding cost
4. Higher pre-drill reservepotential
5. Lower tax rate and NOLs
6. Shorter cycle time, fromdiscovery to production than North Sea
7. Recent downturn providesopportune time
8. Strong capital position
9. Increased deal flow
10. Successfully drill 13 wells in 2009
11. 3 appraisal and 10 exploratory
Endeavor’s Objectives
almost $60 million in tax NOL available
to us. Plus we already had our office
here in Houston.
Pls: how is Endeavour adaptingits drilling techniques to succeed insouth Texas?
Endeavour: About a year and a half
ago, John Williams joined our company
from ConocoPhillips to run our explo-
ration program. He has a lot of experi-
ence around the world and had worked
for a number of different companies
drilling in South Texas. Our first well,
the Cochran #1, was placed on produc-
tion during flow testing. Now that is
quick turnaround. We are currently flow
testing the Alligator Bayou prospect in
Sourcing Capital. Energy Finance.PLS’ Capital Markets Group sources capital and provides strategic advisory services to both public and private companies.
Contact us today in order to discuss potential opportunities.
Get more info on our services at plsx.com/capital
Jason Reimbold, Director, Capital Markets GroupDirect: 713-600-0119 • Fax: 713-658-1922 • Email: [email protected]
PLS, Inc., P.O. Box 4987, Houston TX 77210Office: 713-650-1212 • www.plsx.com
and production wells. We have a fairly
firm drilling program in place, it is just a
matter now of working with our partners
and evaluating the results of what is
already drilling. We’ll move as quickly
as we can.
We plan to initially develop the
Cochran discovery by drilling two devel-
opment wells, and then taking it from
there based on the results. For the
Alligator Bayou prospect, we’ll wait until
we get the final results of our initial well,
the Armour Runnels ST #1, before decid-
ing what to do, but we think we can drill a
number of wells there going forward.
You can assume that in the first year,
we will fund our South Texas drilling with
cash flow from our North Sea operations
because there is no cash flow from the
U.S. yet. Our tax NOL will offset any rev-
enues. It will be basically tax free income
in the U.S. that is small but growing. As
our cash flow in the U.S. grows, we will
use it to move forward.
Pls: will Endeavour look to makeany acquisitions in the united statesthis year?
Endeavour: The answer is yes.
There is a real disparity between what oil
and gas properties are selling for today
in the United States versus what they’re
selling for in the North Sea. We are a
company that is clearly stable financially,
and we have cash and are generating
cash flow that gives us the opportunity
to pursue the right transactions.
A successful oil and gas company
is not built by drilling a few individual
wells but by creating a niche position or
play. We continue to look to add to our
portfolio in a significant way through
either business development or via
merger and acquisition opportunities just
as we have done in the North Sea. This
business requires scope and scale, and
you can’t do it fast enough through
organic growth.
We will be opportunistic and do what
makes sense for us. We look for M&A
activity that allows us to gain extra capital
and a property position in which we can
put that cash and capital to work to
expand more quickly. We’re not neces-
sarily confining ourselves to South Texas.
With that said, we recognize that a small
A&D company is not in a position to pio-
neer new technical developments to a
particular play or area. That requires a
bigger company than we are now. We
seek opportunities and properties that
complement our assets, expertise and
balance sheet. That’s how we are build-
ing value.
Of The E&P Sector
–Listings For Sale
PAGE 8 MARCH, 2009
SOUTHEAST TEXASWALKER CO., TX PROSPECT SALE20 To 30-Potential Wells. 1,097-Acres.18,911-Acre Option.Significant Horizontal OpportunityObj 1: Georgetown. 11,900 Ft. 98.5 BCFEObj 2: Buda. 11,750 Ft.2-D Seismic & SubSurface Geology.100% OPERATED WI; 75% NRIEst Reserves/Well: 250 MBC & 2.5 BCFEst Reserves/Proj: 6.0 MMBC & 62.5 BCFCompletion Cost: $3,500,000CALL PLS FOR INTRO TO SELLER
DV 5173
WALLER CO., TX PROSPECT5,915-Net Acres.KATY FIELD >5,900 ACRESObj 1: Yegua Formation. 6,000-8,000 Ft.Obj 2: Wilcox. 10,300-11,750 Ft.Reprocessed 2-D Seismic.Located On Downthrown Fault Closures.Wants To Spud ASAP. Late 2008.LAND MANAGER HAS SHOWING
DV 5465
WALLER CO., TX OFFERING4,097-Net Acres.KATY FIELD SETX/DVObj 1: Frio Formation. 2,000-3,000 Ft.Obj 2: Vicksburg. 3,000-4,000 Ft.Obj 3: Wilcox. 8,000-9,000 Ft.Multiple Horizons. UnTested.Reprocessed 2-D Seismic.CONTACT SELLER FOR MORE DATA
DV 5467
WALLER CO., TX PROJECT6,233-Net Acres.KATY FIELD YEGUAYegua Formation. 5,000-7,000 Ft.Multiple Horizons.Reprocessed 2-D Seismic.Q4 2008 Spud Date.LAND MANAGER HAS MORE INFO
DV 5466
WALLER CO., TX PROJECT SALE1,500-20,000 Acres Possible.KATY FIELD EXTENSIONObj 1: Wilcox. 10,400-12,500 Ft.Obj 2: Yegua. 6,700-7,500 Ft.Located On 4-Way Closure. 3-D MULTI PAY2-D & 3-D Seismic Available.Some Frio Potential ExistsCONTACT LANDMAN FOR DETAILS
DV 5464
WALLER CO., TX OPPORTUNITY100-Proposed Wells. 16,032-Net Acres.Obj 1: Wilcox Formation. 10,000 Ft.Obj 2: Yegua Formation. 7,000 Ft.Multiple Objectives Identified. WILCOXDefined By 3-D & 2-D Seismic. G&G.50% OPERATED WI; 36.3% NRIDry Hole Cost: $1,570,000LAND DEPT HAS MORE DETAILS
DV 5836
WHARTON CO., TX PROSPECT200-Acres.FRIO PRODUCING TRENDTotal Depth: 6,200 Ft. FRIO75% Net Lease Available.Analogous Wells Cumm’d 3.25 BCF.Estimated IP: 1,000 MCFD & 5.0 BOPDPotential Rsrvs: 7.0 MBO & 2.8 BCFDHC: $495,000. Compl: 795,000.SELLER HAS MORE INFORMATION
DV 5184
WHARTON CO., TX SALE PACKAGE1-Property.GULF COAST BASIN 139 MCFEDBLACK OWL FIELDYegua Production. ~8,150 Ft.11.25% NonOperated WI; 8.44% NRIGross Production: 26 BOPD & 1,494 MCFDNet Production: 139 MCFEDAvg Net Cash Flow: $38,803/Mn
PP 4246AU
WHARTON CO., TX OFFERING1-Property.BLACK OWL FIELD 28 MCFEDYegua Production. ~8,150 Ft.1.69% ORRI For Sale.Gross Production: 26 BOPD & 1,494 MCFDNet Production: 28 MCFEDAvg Net Cash Flow: $7,600/mn
RR 4247AU
EAST TEXASBOWIE CO., TX PROSPECT>2,500-Acres.EAST TEXAS DV/ETXUpper Smackover Objective. 9,300 Ft.Lease Block Has Structural Features to- Produce Several Long Lasting Prolific WellsSubSurface, Gravity/Magnetic Maps Show- Strike Slip Faulting/Hydrocarbon Entrap.100% OPERATED WI; 75% NRI (Negotiable)Estimated IP: 90 BCPD & ~3.0 MMCFDSome Bowie Co Wells: Producing >20 YrsEst Reserves: 3.0 MMBC & 10.9 BCFProspect Includes 5-Yr Paid Up Leases.DETAILED PACKAGE DATA AVAILABLE— SELLER HAS ASKING PRICE
DV 3878
CHEROKEE CO., TX PROSPECT2,010-Gross & 1,925-Net Acres.COTTON VALLEY 3-6 BCFHaynesville Shale. 13,000 Ft.100% Working Interest Available.Est Reserves: 3.0-6.0 BCFG/WellDHC: $704,500; Compl: $693,000— Deepens Existing Well To Haynesville.OPERATOR HAS MORE DETAILS
DV 5924
CHEROKEE CO., TX PROJECT10,000-Acres. 1-ReEntry. 1-New Well.Targeting Travis Peak & Cotton Valley.Proposed Depth: 13,400 Ft.Seller Will Deliver 79.3% NRI.Analogue Production: 210 BCFEst Well Reserves: 3.0 BCFG&G Costs: $250,000 3.0 BCF/WELLTotal Land Cost: $2,876,480
DV 5687
DALLAS CO., TX MINERALS18.5-Gross/Net Acres.BARNETT SHALE LEASEBenjamin F Smith A-1377100% MINERAL INTEREST FOR LEASE
L 3669M
EAST TEXAS LEASEHOLD2-Counties. 1,425-Net Leasehold Acres.HAYNESVILLE SHALE POSITIONMultiple Target Potential.SHELBY COUNTY:— 746.5 Net Acres. ETX LEASE— 3 Years + 2 Year OptionNACOGDOCHES COUNTY:— 680 Net Acres.— 3 Years + 2 Year Option100% OPERATED WI; 75% NRISurrounded By Large Independents.Seller Has Set Asking Price.CALL PLS FOR DATA PACKAGE
DV 5753L
EAST TEXAS LEASES~5,915-Net Mineral Acres. ETX LEASESABINE & SAN AUGUSTINE CO.Primary Objective: Haynesville ShaleSecondary Objective: James LimeAcreage Is Available For Lease.CALL PLS TO LEARN MORE
L 5771
EAST TEXAS MIDSTREAM ASSETS2-Systems.HARRISON & LIMESTONE CO.FREESTONE SYSTEM -— 36 Miles Of Gathering System.— Exposure To Haynesville Development.— On Bossier / Cotton Valley Trend.— 34.2 MMCFD Of ThroughPutDARCO SYSTEM - MIDSTREAM— 10 Miles Of Gathering System— 6.8 MMCFD Of ThroughPutBoth Systems Have 2 Sales Points.AGENT WANTS OFFERS MARCH 17
PL 6479
EAST TEXAS MINERAL RIGHTS~22,000-Gross & ~17,000-Net Acres.JASPER, SAN AUGUSTINE,& ANGELINA CO.Deep Rights - Below Base Austin Chalk.Prolific Haynesville Area. DEEP RIGHTSEagle Ford Shale Potential.MINERALS FOR SALE OR FARMOUTMost Of Acreage Is HBP.OPERATOR HAS DETAILS
M 5903
EAST TEXAS PROPERTY36-Wells.NACOGDOCHES & SHELBY CO.Travis Peak Production With Upside.46% WI Available; 34% NRINet Production: 3.0 MMCFD 3.0 MMCFDNet Cash Flow: $350,000/MnAGENT WANTS OFFERS APRIL 2009
PP 5263
EAST TEXAS PROSPECT OFFERING50-Potential Wells. ~8,000-Acres.SABINE & ST. AUGUSTINE CO.Haynesville & James Lime Targets.Defined By SubSurface Geology. >1.0 TCF50%+ WI Available; ~37.5%+ NRIEst Reserves/Well: ~8.0 BCFEst Reserves/Project: >1.0 TCFEXPLORATIONIST HAS SHOWING
DV 5280
FREESTONE CO., TX LEASEHOLD>900-Acres For Lease.EAST TEXAS LEASESurrounded By Production.AGENT CONTACT INFO PROVIDED
L 5366
FREESTONE CO., TX PROSPECT2-Potential Wells.Cotton Valley Targets Identified.Generated With SubSurface Geology.100% OPERATED WI; 75% NRIEst Reserves/Well: 1.5 BCF 3.0 BCFEst Reserves/Project: 3.0 BCFLAND DEPT HAS MORE DATA
DV 5716
• admiral Bay Resourcesreached its previously stated goal of4.0 MMCFD of gross sales from itsKansas projects. Admiral installed threeelectric compressors and is adding new third-party gas production in itsShiloh project. Admiral has also com-pleted the expansion of its gatheringsystem and connected 15 new wells to sales at its Mound Valley project.Admiral has also completed three wells in its Devon/Ft. Scott project and is adding additional third-party gas production.
• ameriwest Energy received apermit to drill the Ameriwest Fee #1well at the Geary prospect in Wyoming.The target location is offset to two wellsin the Geary Dome field in the PowderRiver Basin. Objectives include theDakota sandstone and the Upper andLower Muddy, and Wall Creek (Fron-tier) sands.
• approach Resourcesincreased proved reserves to 211.1BCFe at y/e 2008, up 17% from 2007.
Reserves consisted of 45.9 BCFe in the Cinco
Terry field (up 150%), 144.4 BCFe atOzona Northeast in West Texas and20.8 BCFe at the North Bald Prairiefield in East Texas.
• atlas Energy Resourcesgrew its net proved reserves to 1,001BCFe last year, up from 897 BCFe at
the end of 2007. This growth isprimarily attributable to activity in the Appalachian Basin
where proved reserves grew 63% to374 BCFe. Atlas replaced 607% of itsproduction last year, entirely throughthe drill bit. Atlas has also booked627.2 BCFe on its acreage in Michiganand Indiana.
• aztec oil & gas participated inthe West Powell #1 well in Goliad Co.,Texas. The well is producing 200MMCFD into a Duke Energy gatheringsystem. Estimated reserves are 300 to500 MMCF. Aztec and its operatorResaca Resources have identifiedthree locations that are direct analogsof the West Powell #1. These wells will be drilled in the near future.
• Basic Earth science systemsand operating partner Panther Energydrilled their second well on Basic’sBanks prospect (6.5% WI) in McKenzieCo., North Dakota. The Roscoe #2H-8horizontal Bakken well reached 16,000ft. TD (11,252 ft. TVD). In Montana,Basic and a 50% partner may drill avertical Red River test on the SouthFlat Lake prospect. The well isexpected to cost $1.35 million to drill.
• Basic Energy servicesadded one newbuild rig and retired one rig in January, leaving its well serv-icing rig count at 414 at the end of themonth. Rig hours for the month were49,300, for a rig utilization rate of 49%, down from 51% in December and 71% in January 2008. Drilling rigdays for January 2009 were 123, for a rig utilization of 44%, a decreasefrom 66% in the prior month and 64%in the year ago month.
E&P Briefs
Prospect Available
BIENVILLE PH., LA PROSPECT1-Well. 536-Acres.NORTH LOUISIANA SALT BASINObj 1: James Reef. 7,500 Ft.Obj 2: Haynesville Shale. 15,000 Ft.Obj 3: Smackover Reef. 16,000 Ft.2-D Seismic & SubSurface Geology.100% OPERATED WI; 75% NRIEst Well Reserves: Up To 50 BCFDry Hole: $1,589,750; Compl: $239,800SELLER HAS SHOWING AVAILABLE
DV 2222L
For more information on this package contact PLS at 713-650-1212.
Bearkat energy, LLCPhone: 281-681-4315
5 Grogan’s Park Dr., Suite 200
The Woodlands, TX 77380
www.bearkatenergy.com
EAST TEXAS MULTIPLE LISTINGS FOR SALE
HARRISON & MARION CO., TX LEASES1,510-Mineral Acres For Lease.HAYNESVILLE SHALE TREND MINERALSMajority Of Acreage Covers All Depths—— Some Limited To Below Cotton Valley.Seller Will Deliver 75% NRI.CALL SELLER FOR ADDITIONAL DATA
M 5609L
HARRISON CO., TX ACREAGE5,200-Gross Acres.HAYNESVILLEVertical Haynesville Test. HAYNESVILLEAcreage Is A Contiguous Block.Seller Will Deliver 75% NRI.SEEKING POTENTIAL JV PARTNER95% Of Block Is Held By Production.LAND DEPT HAS MORE DETAILS
DV 5473
HARRISON CO., TX MINERALS~1,484-Gross Acres. ~468-Net Acres.HAYNESVILLE SHALE12-Properties. LEASEVery Active Area: Bossier-Haynesville Play.Unleased Mineral Interest Available.
M 3389L
HARRISON CO., TX SWD SERVICECommercial SWD & Trucking Business.HAYNESVILLE / COTTON VALLEY4-SWD Facilities Available.20-Water Hauling Tractor/Trailers. SERVICEAGENT HAS MORE DETAILS
SWD 5085
HAYNESVILLE ACREAGE14,747-Gross, 5,400-Net Mineral Acres.FANNIN & LAMAR COUNTIES LEASE/SALEMINERALS FOR LEASE OR SALEMultiple Pipelines Transverse Acreage.OWNER/SELLER SEEKING OFFERS
RR 3926M
HILL CO., TX PROSPECT~3,000-Acres.Prolific Barnett Shale Position. >3,000 ACRESCALL PRINCIPAL FOR MORE INFO
DV 5711
LIBERTY CO., TX PROSPECT153-Acres.Targeting Cook Mountain Fan Sand.Proposed Total Depth: 14,300 Ft.100% Working Interest Available. 15 BCFEst Upside Reserves: 15 BCFCONTACT HOUSTON SELLER
DV 5669
LIMESTONE CO., TX DISPOSAL11-Pit Permits. 53-Acres. PERMITSFor Water-Based Drilling Muds/Fluids.Add’l 670-Acres Available (50% Minerals).CALL AUSTIN AGENT FOR INFO
SWD 5092
LIMESTONE CO., TX DISPOSAL WELL1-SWD.EAST TEXASCommercial Salt Water Disposal Facility.Permitted For 12,000 bls/d.100% OPERATED WI AVAILABLEMonthly Oil Sales: 180 MBO SWTX/SWDMonthly Skim Oil: 300 BONet Cash Flow: $50,000/Mn
SWD 3965
LIMESTONE CO., TX FACILITY1-Commercial SWD Facility (Active).Recent Casing & Tube WorkOver.2-Water Hauling Tractor/Trailers.Current Flow: ~4,666 BPD SWD FACILITYAvg Net Cash Flow: $45,000/MnCALL AUSTIN AGENT FOR INFO
SWD 5094
MILAM CO., TX PROSPECT4,833-Gross & 4,417-Net Acres.Buckner/Bossier/Cotton Valley Sands& Knowles Limestone Play.Offsets XTO #1 Voelkel Cotton Valley—— & Knowles Discovery. ETX/DVSeller Will Deliver 75% NRI.SELLER HAS MORE INFO TO REVIEW
DV 5461
NACOGDOCHES & RUSK CO., TX4,796-Acres Available. Farmout.HAYNESVILLE SHALE PLAY HAYNESVILLECOTTON VALLEY LIMEFormation Depth: 10,400-11,400 Ft.100% OPERATED WI. Negotiable FarmoutArea Wells/Initial Volumes: 5-10 MMCFeDWell Reserves: 5-7 BCFe/80 Acre SpacingHaynesville Produces 37-45 BCFE/Section.Total Recoverable Rsrvs: 277-337 BCFEEXPLORATIONIST HAS MORE INFO
DV 5181
Lasserdata.comQuality Oil and Gas Production Data Online
FREE TRIAL - A $300 Value!
Call 1.800.489.DATA for more information.
PANOLA & RUSK CO., TX ACREAGE14 Units. >4,000 Net Deep Acres.CARTHAGE AND MINDEN FIELDSHAYNESVILLE SHALE OPPORTUNITY— Majority HBP Acreage TRADE/SELL100% OPERATED WI; 75% NRISeller Looking To Trade/Sell Deep Rights.CONTACT PLS FOR INTRODUCTION
L 4518
PANOLA CO., TX LEASEHOLDHAYNESVILLE SHALE330+ Acres. HAYNESVILLEUnit Has Offset Haynesville Production.Acreage Is In North-South Configuration.CALL PLS FOR SELLER CONTACT
DV 5664
PANOLA CO., TX SWD PERMITSEast Texas Disposal.TEXAS/LOUISIANA BORDERProlific Haynesville Shale Play. SWD PERMITActive Drilling/Production In Area.Current Flow: 5,000 BPDCONTACT AGENT FOR DETAILS
SWD 5091
REEVES CO., TX PROJECT3-Prospects. 3,000-Net Acres.DEEP DELAWARE BASIN 295+ BCFWolfcamp, Barnett & Woodford Shale,Pennsylvanian, & Fractured DevonianOn-Site Salt Water Disposal SystemOn-Site Gas Gathering System100% WI Available; 75% NRI~13 BCF PDP Wolfcamp Production.Est Reserves: 295+ BCFBased On Decline Curve & VolumetricsCALL PLS FOR ADDITIONAL DETAILS
DV 5268
RUSK & PANOLA CO., TX MINERALS2,600-Acres.MINERAL LEASE FOR SALE MINERALSSeller Will Deliver 75% NRI.CONTACT SELLER TO LEARN MORE
L 5547
RUSK CO., TX OVERRIDE SALE60-Wells. 30-Gas Units. 19,791.68-Acres.MINDEN FIELDBossier, Cotton Valley, Haynesville& Travis Peak. ETX ORRIAGENT HAS MORE INFO
RR 5154
SHELBY CO., TX LEASEHOLD470-Acres.DEEP HAYNESVILLE RIGHTSUnit Is Presently HBP. HAYNESVILLEOUTRIGHT SALE OF DEEP RIGHTS—— OR CARRIED INTEREST IN WELLGathering System In Place.SELLER HAS MORE DETAILS
L 5724PL
UPSHUR CO., TX PROSPECT5-Potential Wells. 700-Acres.Obj 1: Bossier Sand. 11,500 Ft.Obj 2: Cotton Valley Lime. 12,000 Ft.Generated With GeoPhysics.75% OPERATED WI; 78% NRI 10 BCFEst Reserves/Well: 1.0-3.0 BCFEst Reserves/Project: 10 BCFEXPLORATION MGR HAS DETAILS
DV 5722
UPSHUR, GREGG & SMITH CO., TX496-Wells. 50,000-Gross & 28,000-Net Ac.COTTON VALLEY TRENDGLADWATER & OVERTON FIELD90%-Acreage Held By Production.Cotton Valley Horizontals; Untapped BHP.98% OPERATED WI For Sale.Net Production: 24 MMCFED HORIZONTALNet Cash Flow: $6,985,000/MnCONTACT AGENT FOR UPDATE
PP 3797HZ
WOOD CO., TX PROSPECT1-Drilling Prospect.Rodessa, Kirkland, Goyd, & Hill Gas.Also Targeting Sub-Clarksville Oil.Proposed Depth: 8,500 Ft. (TD) >1.3 BCFE100% Working Interest For Sale.Est Reserves: 20 MBO & 1.2 BCFCALL AGENT TO LEARN MORE
DV 5077
WOOD CO., TX PROSPECT241-Acres.Obj 1: Paluxy A Formation >1.5 MMBOObj 2: Paluxy B FormationProposed Depth: 7,000 Ft.Seller Will Deliver 77% NRI. 25% BIAPO.Anticipated Rsrvs: 1,537.5 MBOSELLER HAS MORE INFORMATION
DV 5225
PLS Sells Properties
dv
www.adairlandleasing.com
ExperienceUnparalleledService
–Listings For Sale
PAGE 9PROSPECTS & PROPERTIES
WEST TEXASANDREWS CO., TX PROPERTY447-Wells. 14,316-Gross Acres.PERMIAN BASINGrayburg - San Andres Oil & Gas.Depths Range: 4,000-4,800 Ft.>200-PUD Locations Identified. 2,750 BOEDOptimization Opportunities.Avg 97% OPERATED WI; Avg 75% NRINet Production: 2,750 BOEDNet Cash Flow: $3,200,000/MnEst Proved Reserves: 20.7 MMBOENet PV10 (Proved): $352,000,000AGENT WANTS OFFERS EARLY APRIL
PP 5345DV
ANDREWS CO., TX PROSPECT8-Potential Wells. 160-Acres.Western Edge - Basin Platform.Obj 1: Devonian. 8,300 Ft.Obj 2: Yates. 2,800 Ft. >1.0 MMBOE3-D Seismic & SubSurface Geology.75% OPERATED WI; 72% NRIEst Rsrvs/Well: 200 MBO & 333 MMCFEst Rsrvs/Proj: 800 MBO & 1.3 BCFDHC: $900,000; Compl: $600,000SELLER HAS MORE DATA
DV 5174
BREWSTER CO., TX PROSPECT>100,000-Acres.DIABLO PLATFORM BARNETTBarnett & Woodford Shale Targets.Located In Front Of Marathon Uplift.Significant Gas Shows Encountered.Regional 3-D Seismic Ran Over Area.SEEKING OPERATOR FOR——DRILLING AND NEW SEISMICCONTACT GEOLOGIST FOR SHOWING
DV 5269
CROCKETT CO., TX PROSPECT4-Leases.VAUGHN FIELD ~7.4 MMBOObj 1: San Andreas FormationObj 2: Grayburg & Queen FormationsHUGE DEVELOPMENT OPPORTUNITYEst Proved Reserves: ~7.4 MMBO3rd Party Engineering Report.CONTACT SELLER TO LEARN MORE
DV 5355
CROCKETT CO., TX PROSPECT20,000-Acres. DV/3DQueen, San Andres, & Wolfcamp Targets.Pinnacle BuildUp Multi-Pay Opportunity.Available 3-D Seismic Data.CONTACT GENERATOR FOR DETAILS
DV 5576
DAWSON CO., TX ACREAGE8,200 (+/-) Contiguous Acres.RESOURCE DEVELOPMENT PLAYSpraberry Trend Production: North/SouthSurrounded by Silurian & Devonian— To Test ReEntry Potential. LEASESSpraberry & Wolfcamp Development Trend— ReEntry Candidates Possible.100% Leasehold Interest, 75% NRIAll Depths and Rights - No Depth Release— Provisions in Leases.MultiZone Potential: Clearfork, Spraberry— Gin Sand, Wolfcamp, Strawn, Devonian— Fusselman, and EllenburgerLong Lease Expiration Dates—3-Year Leases with 2-Year Options.
L 3958DV
DAWSON CO., TX PROSPECT297-Acres.DEAN TREND 70+ MBOSprayberry/Sprayberry Dean Objectives.Targeting All Depths.Defined By SubSurface Geology.90% OPERATED WI; 75% NRIFOR FARMOUT TO QUALIFIED BUYEREst Reserves: 70+ MBODHC: $790,000; Compl: $410,000CALL SELLER FOR DETAILS
DV 5518
DICKENS CO., TX PROSPECT20-Potential Wells. 837-Acres.EASTERN SHELF 75 MBO/WELLObj 1: Croton Lime. 4,800 Ft.Obj 2: Tannehill Lime. 4,850 Ft.Defined By SubSurface Geology.100% OPERATED WI; 78% NRIEst Reserves/Well: ~75 MBODHC: $645,000; Compl: $320,000CONTACT SELLER FOR MORE INFO
DV 6440
EASTERN SHELF DEVELOPMENT4,888-Acres. 9-PDP. 3-PDBP. 28-PUD.PERMIAN BASIN >72 MMBOEHorizontal ReDevelopment Play.Depths: ~4,500 Ft.; Laterals: ~2,700 Ft.MultiPay Wells w/ 6 Productive Zones.Significant Well Control. Low Risk.100% OPERATED WI; 78% NRILOOKING FOR NON-OP WI PARTNEREst Well Reserves: 72 MMBO & 76 MMCF
DV 5495
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Exxon’s resource base grows to 72 BBoEExxon Mobil Corp. added 1.5 BBOE of proved reserves in 2008, replac-
ing 103% of production, and taking its year end tally to 22.8 BBOE (62%proved developed). Excluding asset sales, reservesadditions replaced 110% of production. Exxon has
now replaced an average of 110% of production over the last 10 years.Reserve additions in 2008 reflect both new developments and exten-
sions of existing fields. Most of the additions, or 1.1 BBOE, came fromthe Kearl Phase 1 oil sands project in Canada.
Including 2P reserves and discovered resources that are expected to berecovered, ExxonMobil added net 300 MMBOE to its “resource base” in2008, taking the total to 72.4 BBOE. In addition to Canada, key addi-tions came from onshore U.S., the deepwater GOM and West Africa.
williams opts not to splitwill allocate more funds to midstreamWilliams Cos. has concluded its strategic review and opted not to split
its upstream and midstream segments into two separate businesses due eco-nomic uncertainty. But the company will increase midstream spending 10%
from $600 million in 2008, with pipeline outlays jumpingby as much as 60%. Upstream spending, however, willdecrease 60% from $2.5 billion in 2008.
Williams also lowered its 2009 capex from as much as $3.1 billion, downto ~$2.3 billion, significantly lower than $3.59 billion in 2008. Cash flowis expected to decline from $3.36 billion last year to as little as $1.9 billionthis year. Still, Williams has $1.35 billion of cash on hand and $2.34 billionof available credit capacity with which to fund its capex.
The company’s unaudited net income was ~$1.42 billion last year, upfrom $990 million in 2007. Williams’ E&P business reported profit of $1.26billion for 2008, up 67% from 2007, despite posting a net loss of $27 mil-lion in the fourth quarter.
Drilling in the Piceance, Powder River and Fort Worth basins grewdomestic volumes 20% to 1,144 MMCFeD in 2008, with Piceance volumesup 20% to 650 MMCFeD and Powder River Basin up 34% to 228MMCFeD. Williams is reducing its Piceance rig count to 10 this year. Formore news on Williams, see our Market Alert dated March 02, 2009.
marathon’s proved reserves fell last yearMarathon Oil’s proved reserves fell in 2008 to 1,195 MMBOE (76% proved devel-
oped), compared to 1,225 MMBOE at y/e 2007. Marathon added reserves of 110 MMBOEthrough the drill bit, offset by asset sales of 3.0 MMBOE and production of137 MMBOE. Marathon’s total risked resource base is now 6.5 BBOE.
Since 2006, Marathon has added proved reserves of 344 MMBOE, but hasalso sold 48 MMBOE and produced 396 MMBOE, resulting in a reserve replacement of87%. This total excludes 388 MMB of bitumen reserves in the Canadian oil sands busi-ness acquired in 2007.
whiting plans 40 Bakken wells at sanish Whiting Petroleum’s continuing activity in its core Bakken (Sanish and Parshall) play
and CO2 floods at Postle (Oklahoma) and North Ward Estes (Texas) drove Q4 2008 vol-umes to a company record 55,540 BOEPD, up 10% from the third quarter.
Last quarter net Bakken production rose 43% sequentially to 15,300BOEPD, while production from the two CO2 projects increased 8.2% to13,310 BOEPD. Bakken volumes are split evenly between Whiting’s operatedSanish field and the EOG-operated Parshall field.
At Sanish, Whiting recently completed the Niemitalo 11-35H at 3,547 BOEPD and itsfirst Three Forks horizontal, the Braaflat 21-11TFH, at 1,005 BOEPD. Whiting intendsto drill an additional 40 operated Bakken wells (70% WI) at Sanish in 2009.
Whiting’s proved reserves fell from 250.9 MMBOE to 239.1 MMBOE during 2008.New reserves of 23.6 MMBOE in the Bakken and 5.7 MMBOE at the CO2 floods wereoffset by negative price revisions of 39 MMBOE.
Since last fall, Whiting has lowered its operated rig count from 18 drilling rigs and 51workover rigs down to four drilling rigs and 25 workover rigs. Whiting’s E&D capexbudget is $474 million this year, all funded with cash flow.
BP seeks offshore farm-insBP is making some of its operated offshore Gulf of Mexico blocks available for farm-
ins before it begins drilling them this year. On the shelf, the British super major said ithoped to farm out the shallow rights and to retain its deep gas rights. BP is alsogauging interest in its deepwater rights.
Specific leases available for farm-in on the shelf include High Island, Westand East Cameron, Vermilion, South Marsh Island, Eugene Island, Ship Shoal, SouthTimbalier, Grand Isle, and West Delta areas. Most tracts do not expire until at least 2010.
search & seekaccess www.plsx.com.
–Listings For Sale
PAGE 10 MARCH, 2009
GLASSCOCK CO., TX PROSPECT4+-Drillable Locations. 900-Acres.Targeting Wolfcamp Formation.Proposed Depth: 7,900 Ft. WTX/DVEst Reserves: 600 MBOECONTACT GENERATOR FOR DETAILS
DV 5577
HOCKLEY & LAMB CO., TX NONOPWEST TEXASANTON CLEARFORK NONOPERATEDAdditional Drilling Opportunities.NonOperated Working Interest Available.Various Net Revenue Interest.Operator: Patriot Resources, IncCONTACT AGENT TO LEARN MORE
DV 3667
HOCKLEY CO., TX PROSPECT41-Potential Wells. 1,255-Net Acres.NORTHWEST TEXAS AREAStrawn Formation. 10,000 Ft.Wolfcamp. 8,500 Ft. ~7.0 MMBOClearfork. 6,200 Ft.3-D Seismic. SubSurface Geology.75% OPERATED WI; Avg 72% NRITotal 2P Reserves: ~7.0 MMBODry Hole: $1,800,000; Compl: $800,000ASK SELLER FOR PASSWORD— TO ONLINE DATA ROOM
DV 5149
HUDSPETH CO., TX PROSPECT200-Wells. 34,000-Acres.DELAWARE AREA ~500 BCFObj 1: Barnett Shale. 3,000 Ft.Obj 2: Woodford Shale. 3,500 Ft.SubSurface Geology & GeoChemistry.100% OPERATED WI; 75% NRIEst Reserves/Well: ~4.0 BCFEst Reserves/Project: ~500 BCFDHC: $500,000; Compl Cost: $200,000
DV 5323
KING CO., TX PROPERTY6-Oil Wells.BEE WRIGHTProducing From Tannehill Sand.Secondary Recovery Potential.Field Limits Not Defined. 20 BOPD100% OPERATED WI; 75% NRIGross Production: 20 BOPDOffset Locations Identified.SELLER HAS MORE DETAILS
PP 6441DV
LOVING CO., TX PROSPECTWEST TEXASTarget is 19,000 TD Feed. DV/WTX100% OPERATED WI; 76% NRIREADY TO DRILLAGENT PROVIDING ADD’L DATA
DV 3970
MIDLAND CO., TX LEASE SALE80-Potential Wells. ~3,500-Net Acres. WOLFBERRYWOLFBERRY TRENDSpraberry / Wolfcamp. 8,000-10,000 Ft.Devonian Formation. 12,000 Ft.Resource Play. Development Drilling.Defined By SubSurface Geology.100% OPERATED WI; 77% NRILeases Expire: March 2010
L 5754DV
PECOS & REEVES CO., TX PKG4-Wells. 1-ShutIn. 1-SWD. 3,193-Acres.WEST TEXAS PP/DV/WTX2,549-Acres HBP & 644-Acres Leased.Behind Pipe Shows: Delaware, Atoka,Cherry Canyon, Bone Springs, WolfcampProlific Horizontal Devonian/Montoya— Production on Trend. All Depth Rights.100% OPERATED WI: ~80%-87% NRINet Production: ~950 MCFDOn Trend w/ Woodford & Barnett Production.Net Cash Flow: ~$61,000/MnCumulative Vertical Prod: ~10 BCFCumulative Horizontal Prod: ~2.4 BCFAll Depth Rights.TEXAS AGENT PROVIDING DATA
PP 3909DV
PECOS CO., TX PROSPECTUp to 6-Wells. 1-Show Well. 1,200-Acres.CHENOT FIELD. FORT STOCKTONPrimary Zone: Granite Wash Fault TrapAlso Targeting Wichita-Albany & WolfcampAll Zones < 6,500 Ft. TD25% Working Interest Available.Well Tested At 1.0 MMCFD In 1986. 25 BCFPlanned Drill Date: May 2009Est Reserves: 25 BCFTotal Well Cost: $1,703,900CONTACT GEOLOGIST FOR DETAILS
DV 5271
REEVES & WARD CO., TX PROSECT~6,000-Gross & ~10,000-Net Acres.DELAWARE BASINPermo-Penn/Atoka: ~16,000 Ft.Wolfcamp: Up To 15,000 Ft. TX GASSeller Will Deliver 75% NRI.Obj 1: 300 BCF: 7 BCF Gas/WellObj 2: 50 BCF: 2 BCF Gas/WellCONTACT PROSPECT GENERATOR
DV 5857
REEVES & WARD CO., TX PROSPECT9,000-Gross & 4,000-Net Acres.DELAWARE BASIN TX/DVThird Bone Spring Sands. ~10,500 Ft.Deeper Wolfcamp & Atoka Potential.Seller Will Deliver 75% NRI.Reservoir Has Cumm’d >10 MMBOE.Est Reserves/Section: 2.0 MMBOCONTACT SELLER FOR MORE INFO
DV 5860
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WEST TEXAS & PERMIAN BASIN BUSINESS OPPORTUNITIES
List with PLS – Phone: 713-650-1212 or Fax: 713-658-1922
Experienced.Capable.Knowledgeable.Flexible.Ready To Work.Five States Energy Capitalworks with independentproducers to acquire,develop, exploit, andservice producing properties.
For more information:[email protected]
www.firstenergycapital.com
214.560.2584FIVE STATESENERGY CAPITAL, LLC
REEVES CO., TX PROSPECT4-Proposed Wells.PERMIAN. WOLFCAMP FIELDWolfcamp Target. 10,900-11,600 Ft.3-D Seismic Data Available. 20 BCF75% Working Interest For Sale.Est Well Reserves: 5.0 BCFEst Project Reserves: 20 BCFASK SELLER FOR PASSWORD— TO ONLINE DATA ROOM
DV 3637
REEVES CO., TX PROSPECT4,585-Acres. 1-Well. 29-Anticipated.Obj 1: 3rd Bone Spring. 10,500 Ft. (TD)Obj 2: Delaware, Atoka, Barnett Shale.75% Working Interest Available.IPF: 406 BOPD, 667 MCFGDP, 217 BWPDEst Dry Hole Cost: $20,000,000CALL LANDMAN FOR DETAILS MULTIZONEDV 5686
SCURRY CO., TX PROSPECT~400-Acres.Active Horizontal Play In Area. 900 MBO56.25% Working Interest; 77.5% NRIEst Reserves: 900 MBODHC: $1,552,000; Compl: $950,500CALL SELLER FOR MORE DETAILS
DV 5519
STERLING CO., TX PROSPECT5-Locations Identified.WEST TEXAS WTX/DV/3DMultiple Pay Zones.3-D Seismic Data Available.Est Reserves: >600 MBOADDITIONAL DATA AVAILABLE
DV 3777
TOM GREEN CO., TX PROSPECT750-Acres.ABSTRACT A-8296. Eastern Shelf WTX/DV Obj 1: Ellenburger Formation. 5,400 Ft.Obj 2: Harkey Sands. 4,400 Ft.2-D Seismic Data, Geology, Well Control.100% OPERATED WI; 75% NRIGENERATOR HAS MORE DETAILS
DV 5708
WEST TEXAS PROSPECT SALESan Andres Target.SEEKING JOINT VENTURE PARTNERSUp to 6.0 MMBO In Reserves. ~6.0 MMBOCALL SELLER TO LEARN MORE
DV 4127
YOAKUM CO., TX PROSPECT820-Acres.MULTIPLE LOCATIONS 500 MBO5,400 Ft. San Andres Extension.Est Reserves: 500 MBOCONTACT GENERATOR FOR DETAILS
DV 5640
YOAKUM CO., TX PROSPECT640-Acres.MULTIPLE LOCATIONSTargeting San Andres Extension.Proposed Depth: 5,200 Ft. 250 MBOEst Reserves: 250 MBOCONTACT GENERATOR FOR DETAILS
DV 5578
NORTH TEXASARCHER CO., TX MINERALS258-Acres.Gunsight Sands Target. MINERALSMississippi Zone. Depth: 1,200 FtMINERAL LEASESeller Will Deliver 80% NRI.CONTACT SELLER TO LEARN MORE
M 5546L
ARCHER CO., TX PROPERTY6-Producers. 2-SWD.NORTH TEXAS AREA DV/OILGUNSIGHT SAND. ~1,200 Ft.+320 Acres w/ 28 Additional Drill Locations.100% OPERATED WI; 80% NRINet Production: 3.3 BOPDShallow Production: 3 Sands. ~1,200 Ft.Net Cash Flow: ~$14,000/MnEst Reserves/Project: >100-150 MBOCALL PLS FOR MORE INFORMATION
PP 4115DV
BARNETT SHALE CARRIED WI21-Immediate Wells. 2,400-Net Acres.NEWARK EAST FIELD (JOE POOL)East Northeast Mansfield Area.Barnett Shale Target. 8,000 - 8,500 Ft.47 Total Wells On 50-Acre Spacing. NEW PKGArea IP’s Range 3.0-7.0 MMCFED.Est Gross Reserves: 3.0-5.0 BCF/WellNet Reserves (21 Wells): 9.0 - 15.0 BCFNet PV10 Value (21 Wells): $12,000,000
DV 5160
–Listings For Sale
PAGE 11PROSPECTS & PROPERTIES
NORTH TEXASCALLAHAN CO., TX PROSPECT>500-Acres.EXTENSION OF PROVEN WELLTargeting Cross-Plains Sand. 1,800 Ft.Excellent Well Control.Nearby Well Made 85 BOPD. NTX/DVOffset Wells Cummd: 140 MBONearby Fields: 508 MBO-1.8 MMBOSUBJECT TO PRIOR SALECONTACT DALLAS GEOLOGIST
DV 5931
COOKE CO., TX DISPOSAL1-Producing Well. 1-Pending Permit.80,000 Barrels Per Month Injection.100 Barrels Per Month Skim Oil. DISPOSALNet Cash Flow: $40,000/MnCurrently Only Operating 12-Hour Days.
SWD 5076
COOKE CO., TX SALE PACKAGE2-Wells. 245-Acres.S. OKLAHOMA FOLDED BELT BASINNEWARK EAST FIELDBarnett Shale Production 12 BOED12.5% ORRI For Sale.Gross Production: 56 BOPD & 218 MCFDNet Production: 12 BOEDAvg Net Cash Flow: $8,799/MnAUCTION ENDS MARCH 24, 2009
RR 4241AU
CORYELL CO., TX DEVELOPMENT5-ShutIn. 1,066-Acres.TOGA FIELDObj 1: Cisco Strawn. 900 Ft. DEVELOPObj 2: Scully Strawn. 1,800 Ft.Gas Contractor Commits Full Capacity.Deeper Potential Identified.100% OPERATED WI; ~75% NRIAdditional Acreage Available.Total Proved Rsrvs: ~11.4 BCFENet PV10 Value: $68,000,000+CONTACT SELLER FOR DETAILS
DV 5837
EASTLAND & BROWN CO., TX SALEEASTLAND & BROWN CO., TX SALE2-Wells.Mississippian Duffer Limestone. 3,200 Ft.Strong Mud Log Shows. Logged Pay.80% WI Available; 77% NRI NTX/DVEstimated IP: 4.0 BOPD & 250 MCFDEst Reserves: 20 MBC & 600 MMCFTotal Est Completion: $346,300CALL SELLER TO LEARN MORE
DV 5616
EASTLAND CO., TX FARMOUT180-Acres To FarmOut.CrossCut Sands Target. 990-1,075 Ft.Marble Falls Potential. 3,100-3,330 Ft.Acreage Has Proven Geology. NTX/FOSEEKING DRILLING PARTNERSSignificant Shallow Resource Play.SELLER HAS MORE INFO AVAILABLE
FO 5740
FISHER CO., TX PROSPECT534-Acres.Obj 1: Wolfcampian Flippen SandsObj 2: Virgilian Cook Sands NTX/DVEst Depths: 4,000-6,000 Ft.Strawn/Ellenburger Potential Identified.Analogous Fields Cumm’d >2.0 MMBO— PLUS Significant Gas.CALL GENERATOR FOR SHOWING
DV 5384
GRAY CO., TX PROSPECT1,316-Gross Acres.MultiZone Potential.Un-Drilled, Fault-Bounded Horst Block.2-D Seismic Data & Geology.READY TO DRILL NTX/DV75% Working Interest Available.Offset Tested 10.9 MMCFD.Est Reserves: 1.6-3.0 BCF Per WellCONTACT SELLER FOR SHOWING
DV 5332
HOOD CO., TX PROSPECT437-Contiguous Acres. TX/DVSeismic Data & Detailed Well Logs.Full Production Infrastructure in Place.Seller Will Deliver 76% NRI.NEW 3 Year Term Lease.CONTACT PRINCIPAL FOR MORE INFO
DV 5211
JACK CO., TX PROSPECT100-Acres.Seller Will Deliver 75% NRI. DV/LEASE2 Year Lease Term.CONTACT PLS FOR PRICING
DV 5143
NORTH TEXASJACK CO., TX PROSPECT233-Acres.ABSTRACT 1560 & 2102Located On Barnett Shale Trend. BARNETTSeller Will Deliver 76% NRI.One Year Lease Term Remaining.ESTABLISHED PRICE PER ACRE
DV 5661
JOHNSON CO., TX DISPOSAL1-Commercial SWD Permit.Active Barnett Shale Drilling In Area.Disposal Is Pad Built.3-Acres Of Land Sold w/ Permit. TX/SWDPermitted For 25,000 BPD.CALL AGENT TO LEARN MORE
SWD 5082
JOHNSON CO., TX PROSPECT135-Acres.CLEBURNE AREA BARNETT HZHorizontal Barnett Shale Objective.Depth: 7,000 Ft. (TVD); 10,000+ Ft. (MD)95% OPERATED WI; 75% NRIEst Well Reserves: 2.0 - 4.0 BCFEst Well Cost: $2,000,000PROSPECT GENERATOR HAS INFO
DV 5292HZ
JOHNSON CO., TX SWD FACILITY1-SWD Facility. ~5.5-Acres.ACTIVE BARNETT AREACurrent Flow: 18,000-19,000 BPDPermitted For 25,000 BPD. BARNETT SWDEstablished Customer Base.CONTACT AUSTIN AGENT
SWD 5084
LIPSCOMB CO., TX PROSPECT1,872-Net Acres.FRASS (MORROW) FIELDEstablished ReDevelopment Prospect.Lower Morrow A Sand Target. ~8,900 Ft.Fracture Target Formation. ~7.5 BCFCompelling Wellbore Pressure.97.5% OPERATED WI; 78% NRIAnalogous Wells Flow 100-250 MCFD.Est Reserves: ~7.5 BCFAGENT WANTS OFFERS MARCH 16
DV 6451
MONTAGUE CO., TX DISPOSAL WELL1-Operating Commercial SWD.Strawn Formation. 3,960-4,220 Ft.100% OPERATED WI TX SWDComplete System Includes:2 Injection Pumps. 4,000 Bbl TankageDisposal Rate: 6,500 BWPDNet Revenue: $70,000+/MnENGINEER PROVIDING DETAILS
SWD 5490
MONTAGUE CO., TX PROSPECTS3-Prospects.MUENSTER ARCHSpanish Fort AreaUpper/Lower Penn Hoxbar Targets.Basal Pennsylvanian Potential.Ellenburger Detrital/Dolomite Potential.3-D Seismic & SubSurface Mapping.Seller Will Deliver 75% NRI.Shallow Depths: <4,000 Ft. SHALLOW GASOil Trend Has Cumm’d 250 MMBO.PLS-PROSPECT CENTRE PACKAGE
DV 5992
NORTH TEXAS PROPERTIES5-Wells. 3-ShutIn. 1,080-Leasehold Acres.CALLAHAN & SCURRY CO. DEEP RIGHTSFanous-Finley: All Rights, All Depths+ 4 PUD. 4-Additional Drill Sites (640-Ac).North Snyder: Rights Below ~2,200 Ft.+ 3 PUD. 4-7 Additional Drill Sites (440-Ac)100% OPERATED WI; ~80% NRINet Production: ~36 BOPD & 101 MCFDNet Cash Flow: $167,522/MnFanous-Finley Reserves: 100-300 MBO/WellDETAILED PACKAGE AVAILABLEAGENT HANDLING NEGOTIATED SALE
PP 3579DV
NORTH TEXAS PROSPECT SALE3-Proposed Wells. 200-Acres.JACK & PALO PINTO CO.Horizontal Opportunity On 2 Wells.Targeting Barnett Shale.Proposed Depth: 5,900 Ft. >20 BCFGeology, Geophysics, & Well Control.UpHole Potential Identified.75% NonOperated WI; 56.25% NRIFirst Well Completed.Est Reserves/Well: 2.0 BCFEst Reserves/Project: 20 - 25 BCFCONTACT TEXAS GENERATOR
DV 5727
PALO PINTO CO., TX PKG4-PDP. 12-PDBP. 1-SWD.BEND ARCH 272 MCFEDSTRAWN, POSIDIAN, NEWARK, E FIELDSMarble Falls, Ellenburger, Bend Conglomerate,Barnett Shale, Duffer Production100% OPERATED WI; 75% NRIGross Production: 8 BOPD & 315 MCFDNet Production: 272 MCFEDAvg Revenue: $40,000 - $45,000/MnNet Proved Reserves: 25 MBO & 4,175 MMCF3rd Party Engineering Available.CONTACT PLS FOR SALE PACKAGE
PP 4236
NORTH TEXASPALO PINTO CO., TX PROPERTY4,600-Contiguous Acres.PARKER BORDER 170 MCFDProducing Gas From Strawn Formation.UnDeveloped Newark East Acreage.Barnett Shale Potential - Offset Nearby.Seller Will Deliver High NRI.Net Production: 170 MCFDEXPLORATION SELLER HAS DETAILS
PP 5766DV
PALO PINTO CO., TX PROSPECT160-Acres.FORT WORTH BASINObj 1: Barnett Shale. 4,800 Ft.Obj 2: Conglomerate. 3,500 Ft. ~1.5 BCFExcellent MultiZone Potential.Defined w/ SubSurface Geology.87.5% OPERATED WI; 77% NRIEst Reserves/Well: ~1.5 BCFDHC: $350,000; Compl: $200,000PROSPECT GENERATOR HAS INFO
DV 6477
PARKER CO., TX PROSPECT120-Contiguous Acres.ABSTRACTS 2201 & 2189Prolific Barnett Shale Area. BARNETTSeller Will Deliver 76% NRI.2 Year Term Lease.
DV 5871
PARKER CO., TX RE-ENTRY PROJECT1-ShutIn Well. ~69.4 Acres.FT. WORTH BASINPreviously Caddo Conglomerate PayZone.Now Targeting Lower Barnett Shale.Several Additional Potential PayZones.QUICK PAYOUT - 11 MONTHS100% OPERATED WI For Sale. RE-ENTRYEstimated IP: 1,000 MCFDOffsets 7,000 MCFD Devon Well.Minimal Drilling Costs.CONTACT PLS FOR MORE DETAILS
DV 5322RE
PARKER CO., TX OFFERING100-Contiguous Acres.ABSTRACTS 2242, 2038, & 1814Seller Will Deliver 76% NRI. NTX/DV6 Month Lease Term Remaining.CALL PRINCIPAL FOR INFO
DV 5481
TARRANT CO., TX LEASE7.5-Net Acres.BARNETT SHALE PLAY MINERALSFay A-530 Abstract.50% MINERAL INTEREST AVAILABLE
L 3609M
TARRANT CO., TX NONOP PKG2-3 Permits. 600-Net Acres.BARNETT SHALE NONOPERATEDNEWARK EAST FIELDSmall NonOperated WI For Sale.CONTACT PLS FOR DATA
DV 5200PP
TARRANT CO., TX OVERRIDE3-Wells. 107-Net Acres.NEWARK EAST ORRIBarnett Shale/Conglomerate Depth.Production from 6,526 Ft. and 7,486 Ft.2% ORRI Available.Gross Production: 18,662 MCFDNet Production: 373 MCFDNet Cash Flow: $3,753/MnADDITIONAL DRILLING POTENTIAL
RR 5437
TARRANT CO., TX PROSPECT1-Proposed Well, Possibly 2. 85-Acres.BARNETT SHALETargets At 8,000 Ft. BARNETTImmediate Drilling Opportunity.100% Working Interest Available.Est Reserves: 3.0 - 5.0 BCFCONTACT SELLER FOR MORE INFO
DV 5294
WHEELER CO., TX PROSPECT14,700+-Gross Acres.Targeting Granite Wash, Misener, Hunton.Proposed Total Depth: 12,600 Ft.Various Forms Of Trap Type.3-D Seismic & Well Data. >145 BCFE83.3% Working Interest Available.Est Reserves: 145-245 BCFECONTACT SELLER FOR SHOWING
DV 5331
WICHITA CO., TX PROPERTY38-Wells. 379-Acres.3.5 Mi East Of Electra NTX/PP/DVProducing Oil From 725-1,725 Ft.18 Wells Need ReWork/Tubing/Rods.4 Drilling Sites Established.100% OPERATED WI; 72%-75% NRINet Production: 18 BOPDNet Cash Flow: $20,000/MnSELLER HAS ADDITIONAL DETAILS
PP 4429DV
WISE CO., TX DEVELOPMENT5-Development Wells. ~240-Net Mineral Ac.BARNETT SHALE BARNETTSeller Will Deliver 75% NRI.CONTACT PROSPECT GENERATOR
DV 5854
us upstream deal value slides 22%appeared in marketalert Vol. 20 issue 5, mar 24, 2009
U.S. M&A upstream transaction value declined to $38.1 billion from$48.7 billion in 2007, according to the 2009 Global Upstream M&A Reviewprepared by IHS Herold and Harrison Lovegrove & Co. To gain additionalinsight on these results and what may be on the horizon for upstream trans-actions, PLS recently caught up with Tom Biracree, SVP and SeniorFinancial Editor, with IHS Herold. He shared his thoughts on the future ofcorporate consolidation; how certain deals managed to close late last year;and what it will take to make the pace of upstream M&A healthy again.
march sale results mirror the times; values off by two-thirdsappeared in Prospectcentre Vol. 20 issue 9, mar 20, 2009
The Minerals Management Service’s Central Gulf of Mexico Lease Salegarnered $703 million in high bids, and $933.6 million in total bids. The salewas held on March 17 in New Orleans, and saw the highest bid submitted byShell at $65.6 million for Mississippi Canyon Block 721, a deepwater tract.Total high bids were expected to and indeed did fall from those in the 2007and 2008 sales, which netted $2.9 billion and $3.7 billion, respectively.
onshore, Brigham sets lower capex, lays down rigsappeared in Prospectcentre Vol. 20 issue 9, mar 20, 2009
Brigham Exploration has budgeted $37.1 million for the first half of thisyear to complete several of its Bakken wells drilled in the Williston Basin late
last year. The company will also hook up recent SouthernLouisiana wells to production, but will only drill and complete one
well, which will be along the Gulf Coast. First quarter production is expectedto average between 30 and 33 MMCFeD.
moody’s mood is up on williamsappeared in marketalert Vol. 20 issue 3, mar 02, 2009
Analysts may be disappointed, but Moody’s Investors Service was glad tosee the Williams Family stay together, revising its outlook to “stable” from“negative.” The company is one of many that have decided breaking up ishard to do during turbulent economic times. It’s a major decision to disman-tle a successful “three-legged stool” under normal market conditions; andalmost impossible to do when commodity prices and the credit crunch haveenergy segments-namely E&P segments-under pressure.
Exxon maintains spending plans despite weak environmentappeared in Prospectcentre Vol. 20 issue 8 mar 11, 2009
Unlike most of its peers, ExxonMobil is maintaining its plans to spendbetween $25 billion and $30 billion per year for the next five years, the com-
pany confirmed at its annual analyst meeting. AlthoughCEO Rex Tillerson admitted that prices could be soft
for years to come or at least until demand recovers – the major said it wouldconduct “business as usual” and continue its long-term focus.
devon cuts capex 50%, but still borrows to spendappeared in marketalert, Vol. 20 issue 2 Feb 17, 2009
In a classic “good news, bad news” announcement, Devon Energy’s “yearend report” took the market by surprise. Although 2008 was one of the best
in Devon’s history, ceiling test writedowns of $7.1 billion drovethe bottom line to a $6.8 billion loss. Under these circumstances,
some management teams might blink, but Devon’s ignored the adjustmentand moved on, announcing a bold $4.1 billion capex for 2009, including abillion dollars of borrowing to get there. Unfortunately, the $4.1 billion ofcapex won't buy them growth, just flat production.
Jockeying for mindshareappeared in Prospectcentre, Vol. 20 issue 10 mar 26, 2009
There were new semantics this year as operators jockeyed for mindshare,much the way crabs prevent each other from getting out of the same bucket.
EOG Resources has always been good for a concept du jour. After all,it was just three years ago CEO Mark Papa teased Howard Weil atten-dees with news of its Stealth Play, then refused to say where, hinting
that investors should tune in during Q2 earnings for the Big Reveal. Only theBig Reveal never came. Also, speaking of crabs crawling out of a bucket,operators had discomforting ways of differentiating their companies byimplicitly criticizing peers.
letter from new orleansappeared in Prospectcentre, Vol. 20 issue 10 mar 26, 2009
It’s an annual financial rite of spring. For 37 years now, the investor classhas converged on New Orleans post spring break for the Howard WeilEnergy Conference, the Grand Dame of energy investor gatherings. Maybeit's New Orleans, maybe it's spring, maybe it's just the end of the first quar-ter, but whatever It is, Howard Weil has been a market mover for energy equi-ties in more years than not. It's called the Howard Weil Effect. We'll see ifthere is any old time magic this year. Despite the dismal news in the energybusiness, attendance reached a record high.
suncor and Petrocan to merge in $19 billion dealappeared in marketalert, Vol. 20 issue 5 mar 24, 2009
Suncor Energy and Petro-Canada shook up the oil patch with a C$19.6 bil-lion merger announcement that would create the biggest energy company inCanada. The deal, structured as a share exchange, would leave Suncor holding60% of the merged company, with PetroCan holding 40%. The companies saidthe deal represents a 25% premium to the 30-day average of PCZ shares. Thismega-deal is the largest deal in the global oil and gas industry since 2006.
US upstream deal value slides 22%
Corporate transactions decline to a five-year low
U.S. M&A upstream transaction value declined to $38.1 billion from $48.7
billion in 2007, according to the 2009 Global Upstream M&A Review prepared by
IHS Herold and Harrison Lovegrove & Co.
While the number of transactions in the US set a record pace dur-
ing the first half of 2008, the credit crunch, a weakened economy and
falling commodity prices con-
tributed to the decline in transactions
during the rest of the year. According to
the review, more than 90 transactions
were announced through July. However,
in the remaining five months of 2008,
only 25 deals took place. The deal
count dropped to a record low in 4Q,
historically one of the most active quar-
ters for US upstream M&A.
Corporate consolidation was also
very limited for the second straight
year, as Stone Energy’s cash and stock
takeover of Bois d’Arc Energy was the
only significant corporate merger
between two US publicly traded compa-
nies. Asset transaction value declined more than $10 billion, or 25%, from the
record high in 2007, although it still reached the second highest level in 10
years. However, the US still accounted for 37% of worldwide deal value, its high-
est percentage since 2004.
Meanwhile, weighted average proved reserves implied deal value soared to
$19.11/BOE in the second quarter and then dropped sharply in the second half
along with commodity prices. The average deal pricing for 2008 was a record
$16.56/BOE due to the stronger performance during the first-half of the year.
According to the review, shale gas
deals made up more than 35% of US
deal value last year. Gas represented
more than 70% of acquired proven
reserves for the third consecutive year,
and the average reserve life of acquired properties (15 years) was the longest in
the history of the study.
Independent Chesapeake Energy sold more than $12 billion of US assets
during 2008 (including forward sale VPP transactions) which include sales of
interests in producing properties and leasehold to form JVs with StatoilHydro
(Marcellus), Plains E&P (Haynesville) and BP (Fayetteville and Woodford). Fellow
public independent XTO spent more than $8 billion on nine US transactions,
including the $4.2 billion acquisition of Hunt Petroleum.
To gain additional insight on these results and what may be on the horizon for
upstream transactions, PLS recently caught up with Tom Biracree, SVP and Senior
Financial Editor, with IHS Herold. He shared his thoughts on the future of corporate
consolidation; how certain deals managed to close late last year; and what it will
take to make the pace of upstream M&A healthy again.
TEXAS
DIMMIT CO., TX PROSPECT
20 To 25-Potential Wells. 2,340-Acres.
Obj 1: Eagleford Shale. 7,500 Ft.
Obj 2: Pearsall. 11,500 Ft. EAGLEFORD
On Trend With Recent Discoveries.
100% OPERATED WI; 75% NRI
Est Reserves/Well: 3.0-4.0 BCFE
CONTACT AGENT FOR DETAILS
DV 5244
FRIO CO., TX PROSPECT OFFERING
1-Proposed Well. 325-Acres.
Obj 1: Edwards Lime. 4,200 Ft.
Obj 2: Detrital Reef. 3,140 Ft.
SubSurface Geology. Great Well Control. STX
2-Additional Locations Identified. DV
90% NonOperated WI; 75% NRI
Est Reserves/Well: 144 MBO & 72 MMCF
Est Reserves/Proj: 500 MBO & 250 MMCF
DV 6463
www.plsx.com
Tueday, March 24, 2009 | Volume 20, No. 5
MARKETALERTServing the Property & Prospect Marketplace with Opportunities, News & Insight
A&D
1. 2008USM&Aupstreamdeal value
drops to $38.1Bfrom $48.7B
2. >90 transactionswere announc
ed
through July 2008
3. In the remaining fivemonths of
2008, only 25 deals took place
4. No US corporate transactions
were announcedin 4Q 2008
5. US still accounted for 37% of
worldwide deal value--highest%
`since 2004
6. Average deal pricing for 2008 w
as
a record $16.56/ppboe/g
7. Stone/Bois d’Arcmerger was th
e
only significant one US
QuickLook
Chesapeake sold >$12 billion of US
assets during 2008 & XTO spent >$8
billion on nine US transactions.
Deal count dropped to a record low in
4Q, historically an active quarter for US
upstream M&A.
CONTINUES on page 3Opportunity driven.
patriotexploration.com
Suncor and PetroCan
merge in $19 billion deal
At press time, Suncor Energy and
Petro-Canada shook up the oil patch
with a C$19.6 billion merger announce-
ment that would create
the biggest energy com-
pany in Canada. The
deal, structured as a share exchange,
would leave Suncor holding 60% of the
merged company, with PetroCan holding
40%. The companies said the deal rep-
resents a 25% premium to the 30-day
average of PCZ shares.
This mega-deal is the largest deal in
the global oil and gas industry since 2006.
On the announcement, Petro-
Canada shares jumped 29% to $31.00
in premarket trading, gaining back much
of the 31% drop incurred during the last
12 months. Suncor shares fell $0.29 to
$25.00. At press time, PCZ traded at
$30.28, rebounding from a 52-week
low of $15.82, but still off from its 52-
week high of $62.78 last summer.
Could this be the deal that kick
starts M&A in the oil patch? Read the
details on this deal and what it could
mean for the E&P landscape in our
upcoming Canadian Market Alert.
Your Information Platform— For News, Insight, Price Metrics & Deal Flow
Call PLS at (713) 650-1212 to subscribe today or accesswww.plsx.com for more informat
ion.
Market Alerts& Special Reportswww.plsx.com
PROSPECTCENTREServing the Property & Prospect Marketplace with Opportunities, News & Insight�66.-�, (-2 (-1�1/$-#(-&�/+ -1�#$1/(2$�5$ *�$-4(0.-,$-2Rapid expansion in Piceance targets 1.0 BCFDUnlike most of its peers, ExxonMobil is maintaining its plans to spend
between $25 billion and $30 billion per year for the next five years, the companyconfirmed at its annual analyst meeting. Although CEORex Tillerson admitted that prices could be soft for years
to come or at least until demand recovers – the major said it would conduct
“business as usual” and continue its long-term focus.Last year, Exxon’s total capital expenditures totaled $26 billion ($19.7 billionupstream), while net income reached a record $45.2 billion and cash flowtopped $60 billion. Exxon expects togrow production 2-3% this year to
about 4.0 MMBOEPD, compared to 3.9 MMBOEPD in 2008. Longer term,the company hopes to add another 1.5 MMBOEPD by 2015, although thisgoal is contingent upon other compa-nies’ spending plans, said Mark Albers,head of Exxon’s upstream business.
Production started at eight majorprojects in 2008, which at their peakare expected to add net volumes of260,000 BOEPD. Start ups included
the deepwater Thunder Horse platform in the Gulf of Mexico and other offshore
projects such as Qatar II Train 4, Mondo, East Area NGL II, Saxi/Batuque,
Jerneh, Volve and ACG Phase II. A further nine major projects are expected to com-
mence production in 2009, adding another 485,000 BOEPD. One of those projects
is in the U.S. Rockies – Piceance Phase I in Colorado, which should produce 200
MMCFeD, according to consultants Bentek Energy.
Wednesday, March 11, 2009 | Volume 20, No. 8
E&P
CONTINUES on page 3
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QuickLook
Business as usual, says the major.
Like every politically-correct superconglomerate – Exxon's first twopower point slides were on safetyand the environment.Its record earnings came third.
SOUTH TEXAS - RRC 1, 2 & 4������������� $�������� ��(CABAD76�/7>>D������5C7D�'(�&'���1'4<�����C;A�+3@6D��������E �!������'4<� ���@A?3>;@3���������E�C73� 3D�(CA>;8;5��77B�(CA6F5E;A@������+:3>>AH�+3@6D�(CADB75E;G7����+7;D?;5����.'��A@8;C?3E;A@����'(�*�,���/!����������&*!�DE�*7D7CG7D/7>>�� �����������DE�*7D7CG7D(CA<75E�������� ��������$$��&�!&��*��'*�%'*��!&�'�"� �����
SOUTHEAST TEXAS - RRC 3�� ������������ $�������� �������CADD��5C7D+�*��&,�+'-, ��!�$��77B7@;@9�'8���������E��3D76� A>7�NN��F>8�&A��� 3?;>>��� 3?;>> ;9:�)F3>;EJ� ���+7;D?;5��3E3 �����!������/AC=;@9�!@E7C7DE��G3;>34>7�DE�*7D7CG7D�������E�����������DE�*7D7CG7D��������E����������'&,��,�(*'+(��,���&�*�,'*�"�� ����
�- # 0*.� --.3-"$1�5$-$!. �#(1".4$07Integrated oil major AnadarkoPetroleum announced its Tweneboa-1discovery well offshore Ghana encoun-tered 70 feetof net pay.The well discovered a light hydrocarbonaccumulation in similar-age sands asthe nearby, but separate, Jubilee field.
“Anadarko keeps finding hundredsof millions of barrels worldwide,” wroteanalysts at Tudor Pickering & Holt. “Thestreet is thinking 500 MMBOE predrill,but more work is needed to understandthe field size,” the analysts added.Appraisal is planned in the second halfof the year.The Tweneboa-1 well, on the deep-water Tano License, was drilled, loggedand cased to a depth of 11,790 ft., andis being deepened to further assessadditional pay zones. CONTINUES on page 2
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$K
15
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9
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Value of $1,000 invested
20 Years 10 Years
5 Years
ExxonMobilCompetitor Average*S&P 500
Exxon continues to outperform the market and its peersShareholder returns
*RDS, CVX and BP
*RDS, CVX and BP
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www.donsdirectory.comWe pay cash for overrides and royalties.
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–Listings For Sale
PAGE 12 MARCH, 2009
SOUTH LOUISIANAASSUMPTION PH., LA OFFERING340-Acres.Upper To Middle Miocene (6) Sands.Proposed Depth: 11,840 Ft.3-D Seismic Available. >18 BCFETrap Type: Faulted Anticline75% WI Available; 74% NRILOW-RISK OPPORTUNITYEst Well Rsrvs: 932 MBC & ~12.5 BCFIncludes PUD Reserves Of 7.25 BCFE.DHC: $2,600,000; Compl: $1,400,000
DV 5723
ASSUMPTION PH., LA PROSPECT~500-Acres.Prolific Field - Shallow Stacked Pays.Four Shallower Secondary Targets.Proposed Total Depth: 13,900 Ft.4-Way Anticlinal Closure. SLA/DVDefined By 3-D Seismic.SEEKING PARTNERS TO DRILL~125 Ft. High To 100 Ft. Thick Sand.Est Reserves: 50 BCF Plus CondensateGEOLOGIST HAS MORE INFO
DV 5553
ASSUMPTION PH., LA PROJECT~558-Acres.NORTHWEST OAKLEY FIELD SLA/DV/3DTargeting Lower Miocene Of Robulus L.Subsurface Data & 3-D Seismic Available.Total Est Reserves: ~763 MBO & 1.41 BCFTotal Est Dryhole Cost: $3,586,500CONTACT PROSPECT GENERATOR
DV 5666
BATON ROGUE PH., LA PROSPECT2,220-Acres.IRENE AND PORT HUDSON FIELD5 Lower Tuscaloosa Sand Targets.3-D Seismic Available. >146 BCFETotal Reserves: 146.9 BCFEDHC: ~$3,841,000; Compl: ~$1,994,000
DV 5897
CAMERON PH., LA PROSPECTObj 1: Siph Davisi FormationObj 2: Siph Davisi 2; Plaulina 1, 2, & 3Depth: 11,800 Ft. (MD), 10,600 Ft. (TVD)Three-Way And Four-Way Closures.Seller Will Deliver 70% NRI. ~12.4 BCFEEstimated IP: 150 BCPD & 3.0 MMCFDTotal Reserves: 480 MBC & 9.6 BCFTotal Completion Cost: ~$980,000
DV 5851
E. BATON ROUGE PH., LA PROSPECTNo-Pipe Frio Test. 200-Acres.ALSEN FIELD FRIO TESTTargeting 1st Frio Sand. 7,800 Ft.Total Reserve Estimate: 3.23 BCFESeller Terms Upon Request.Drilling Cost: $525,000; Compl: $345,000
DV 5176
EAST BATON ROUGE PH., LA2-Wells. 2,090-Acres.IRENE FIELD >220 BCFETargeting Tuscaloosa Sands A & G.Proposed Depths: 18,300 Ft. & 20,300 Ft.3-D Seismic Available.Est Total Reserves:~227.2 BCFEDHC: $1,898,000; Compl: $2,142,000DHC: $9,011,100; Compl: $3,260,900SELLER HAS MORE DETAILS
DV 5873
EAST BATON ROUGE PH., LAIRENE FIELDUpper Frio Sand Target. 5.0 BCFETarget Zone is 8,300 Feet.3-D Seismic Available.Analogous Well Produced 16.7 MBO.Est Total Reserves: 5.0 BCFEDHC:~$530,000; Compl:~$360,000.
DV 5872
EAST BATON ROUGE PH., LA OFFER~10-Potential Wells. 6,480-Contiguous Acres.GULF COAST EMBAYMENTTuscaloosa Objective. 17,700 Ft. 480 BCFE2-D Seismic, SubSurface, Petrophysical.100% Working Interest; 75% NRIEst Reserves/Well: 30-48 BCFEEst Reserves/Project: 300-480 BCFECompletion Cost: $4,000,000SELLER HAS MORE INFO TO REVIEW
DV 5606
IBERVILLE PH., LA PROSPECT1,200-Acres.Targeting Cib Haz, Marg Tex, Bol Mex,Nonion Struma, Nod Blan. 14,500 Ft. (TD)3D Seismic Data Available.Prospect Is On Fault Trap. 100 BCFESeller Will Deliver 71.5% NRI.Est Reserves: 100 BCFEDry Hole Cost: $4,500,000CONTACT GENERATOR FOR DETAILS
DV 5575
JEFFERSON PH., LA PROSPECT1,947-Acres.BAY DE CHENEMiddle Miocene Targets. 18,000 Ft. (TVD)Located On Three-Way Closure Trap.Defined By A Proprietory 3-D PSDM.1,500 Ft Of Structural Closing.75% WI Available; 73.25% NRI SLA/DVPotential Rsrvs: 45-200 BCFEProspect Holds Considerable Potential.DHC: $10,345,000. Compl: $4,428,233SELLER HAS MORE INFO
DV 5610
SOUTH LOUISIANALAFOURCHE PH., LA PROPERTIES4-Wells. 669-Acres.LONG LAKE FIELD >4.0 MMCFEDProducing Miocene Oil & Gas.Several Behind Pipe Zones.2-Drilling Locations Identified.Avg 80.5% WI; Avg 60.4% NRINet Production: 75 BOPD & 3,693 MCFDNet Cash Flow: $572,000/MnNet Proved Rsrvs: 174 MBO & 2.57 BCFNet PV10 (Proved) Value: $18,000,000Comprehensive Data Package Available.CONTACT BURKS FOR MORE INFO
PP 5828DV
LAFOURCHE PH., LA PROSPECT700-Acres.Targeting Rob 43 Sand. SLA/DVREADY TO DRILL100% OPERATED WI; 75% NRIAGENT HAS MORE DATA AVAILABLE
DV 5156
LINCOLN PH., LA PROSPECT911-Gross Acres.Targeting Cotton Valley Davis Sands.Proposed Depth: 9,500 Ft.Seller Will Deliver 73% NRI. >9.0 BCFEEst Total Reserves: 200 MBC & 8.0 BCFDry Hole Cost: $1,400,000CONTACT SELLER TO LEARN MORE
DV 5585
LIVINGSTON PH., LA PROSPECTS60,000-Acres For Lease of Option,GULF COAST TREND SLA/DVDefined Wilcox Oil Prospects— Deeper L Tuscaloosa Delta Front Sands— Trapped On Growth Faulted Anticlines.Reprocessed 2D Show Growth Fault Leads— Similar To Lockhart & Livingston Fields— Potential Of ~32 MMBO & 98 BCF2nd Reservoir: Shallower Miocene & Frio ShoreMiocene Bright Spot Production Present— Northern Livingston PH: Poss EUR 3.5 BCFComplete Well Log Files.Multiple Vintage Prospects/Interpretations.CONTACT LAND COMPANY FOR FLYER
DV 3946L
LIVINGSTON PH., LA ROYALTY3-Wells.SOUTH LOUISIANA ROYALTYROYALTY INTEREST FOR SALETotal Net Production: ~5.3 BOPDDecline Curves & Financial Info Available.Part Of A Larger Royalty Package.SELLER CONTACT INFO PROVIDED
RR 3791
LOUISIANA EXPLORATION PROSPECTS45,000-Net Acres. Multiple Prospects.DownDip Tuscaloosa Trend.Multiple Zones Targeted. LA/DV/3DExtensive 3-D & 2-D Seismic Data.Est Reserves: 700 BCF (Tuscaloosa Only)CONTACT SELLER FOR MORE INFO
DV 5597
LOUISIANA PROSPECT FOR SALE935-Acres.IRENE FIELD 89.5 BCFE9 Lower Tuscaloosa Sand Targets.3-D Seismic Available.Est Total Reserves: 89.5 BCFEDHC: ~$3,692,000; Compl: ~$1,195,000
DV 5833
LOUISIANA SALE PACKAGE7-Properties. 3-Parishes. 400-Net Acres.RUSTON, PORT ALLEN, BAYOU PEROT, MITTENS LAKE & SOUTH MITTENS LAKEProducing From Multiple Zones.Deep Potential & PUD Upside Identified.Defined By 3-D Seismic Data. 189 MCFED2.0%-11% NonOp WI; 1.1%-9.1% NRINet Production: 8.0 BOPD & 141 MCFDNet Cash Flow: $24,000/MnProved Rsrvs: ~57 MBO & ~692 MMCFAGENT HAS MORE DATA FOR REVIEW
PP 5561DV
POINTE COUPEE PH., LA PROSPECT2,791-Acres.JUDGE DIGBY FIELDTuscaloosa Sands Test. 22,000 Ft. (TVD)3-D Seismic Data Available.Additional Prospects On Acreage. >90 BCFEMinority Working Interest Available.Well Spudded January 2009.Est Reserves: 90 BCF & 592 MBODHC: $19,646,000; Compl: $7,224,500CONTACT OPERATIONS MANAGER
DV 5752
SOUTH LOUISIANA SALE PKG5-Well. 2-PDBP. 2-PUD Locations.THREE BAYOU BAY. BAYOU POSTILLONMiocene Objectives. 8,000 Ft -15,000 Ft.Significant UpSide Potential. ~2,700 MCFED3-Exploratory Wells. 2-Operated Locations.Operated & NonOperated WI For Sale.Total Net Prod: 17 BOPD & 2,595 MCFDNet Cash Flow: $1,276,000/MnLong Life of Reserves.BURKS HAS NEW ENGINEERINGMOTIVATED SELLER WITH NEW PRICESELLER WILL LOOK AT STRUCTUREDTERMS BASED - MARKET CONDITIONS
PP 8606DV
SOUTH LOUISIANAST. BERNARD PH., LA PROSPECTJurassic Cotton Valley Deltaic Sandstones.Proposed Depth: 27,000 Ft. (TD)Extensive 3-D Seismic Coverage.Pipeline Located In Area. 5.0 TCF80% Working Interest Available.Est Reserves: Up To 5.0 TCFCONTACT SELLER TO LEARN MORE
DV 5637
ST. CHARLES & JEFFERSON PH., LA1-Prospect.SOUTH LOUISIANA BARGETargeting Cib Op 1 & Cib Op 3.No GeoPressure. >5.0 MMCFEDProposed Depth: 10,500 Ft. (TVD)3-D Seismic Data Available.100% Working Interest; 71.5% NRIEstimated IP: 350 BCPD & >5.0 MMCFDEst Reserves: 2.7 MMBO & 25 BCFDHC: $3,469,900; Compl: $1,124,500
DV 5569
ST. CHARLES PH., LA PROSPECTAmph B, Upper Rob L, & Lower Rob L.3-D Seismic & SubSurface Geology.Seller Will Deliver 72.5% NRI. LA/DV/3DEst Reserves: 2,800 MBO & 29 BCFDry Hole Cost: $6,352,200
DV 5572
ST. CHARLES/JEFFERSON PH., LA835-Acres.Targeting Cib Op Sands.Proposed Depth: 10,500 Ft. (TVD)Defined By 3-D Seismic Data.Stratigraphic/Structural Trap. >30 BCFE100% Working Interest For Sale.Est Reserves: ~2.7 MMBO & 25.1 BCFDHC: $3,469,900; Compl: $1,124,500
DV 5503
ST. MARTIN PH., LA PROSPECTMarg Tex-2 Sand, Marg Tex-4 Sand.Seller Will Deliver 72.5% NRI. SLA/DVEst Reserves: 650 MBO (Marg Tex-2 Only)Dry Hole Cost: $2,500,000
DV 5564
ST. MARY PH., LA PROJECT10-Well Project. 50-Sq Miles.SOUTH LOUISIANA MIOCENE SLA/3-DMULTI PAY RESERVOIRSMiocene Targets. 7,000 Ft. & 15.000 Ft.67 Documented Pays.Geology & Geophysics DefinedDefined By Proprietary 3-D Seismic.25% NonOperated WI AvailableLOW RISK EXPLOITATION PLAYGenerator Can Deliver 72.5%-80% NRIDEEP EXPLORATION POTENTIALWell Reserves: 500 MBO & 15 BCFProject Reserves: 78 MMBO & 430 BCFLOW RISK EXPLOITATIONDHC: $3.0-$8.0MM; Compl: $0.75-$2.0MMLAND MANAGER HAS DETAILS
DV 5552
ST. MARY PH., LA PROSPECT3-Well Prospect. ±645-Acres.PLANULINA >50 BCFEObj 1: Planulina 68. 14,400 Ft.Obj 2: Planulina 69. 14,700 Ft.3-D Seismic & SubSurface Geology.25% NonOperated WI; 72.5% NRIOriginal Well Made: 2.0 MMCFDREDRILL OF WELL 3.25 BCF & 49 MBOWell Reserves: 216 MBO & 14 BCFProject Reserves: 750 MBO & 50 BCFDHC: $6,330,000; Compl: $2,060,000LAND MANAGER HAS MORE INFO
DV 5560RE
ST. MARY PH., LA PROSPECTS4-Sidetrack Prospects. 3,000-Acres.MIOCENEMiddle Miocene Targets. 10,900-11,500 Ft.Deep Gas Exploratory Potential.Engineered Field ReDevelopment. SLA/DVSurface & SubSurface Geology Defined75% NonOperated WI; 75% NRIProposed Sidetracks Existing SI WellsNonPressured Objectives.Well Reserves: ~300-750 MBOProject Reserves: ~2.5 MMBO & ~10 BCFDeep Potential Adds 150-200 BCFDry Hole: $2,000,000; Compl: $400,000CONTACT HOUSTON LANDMAN
DV 5603
TERREBONNE PH., LA OFFERING~342-AcresFour Sand Targets. Above 7,500 Ft.Updip Of San Jacinto Alba #1Seller Will Deliver 71% NRI. >1.8 MMBOETarget Sands Never Produced.Est Reserves: 1,234 MBO & 3.5 BCFCompletion: $5,403,849
DV 5639
TERREBONNE PH., LA PROSPECTTargeting Rob 5 Sands.Proposed Test Depth: 13,030 Ft. >60 BCFE3-D Seismic & SubSurface Geology.Seller Will Deliver 70% NRI.Est Reserves: 2,890 MBC & 50 BCFDry Hole Cost: $4,702,142SELLER HAS OTHER LA DEALS
DV 5571
• Blast Energy services appliedits lateral fluid jetting services to twoAustin Chalk wells drilled by RelianceOil and Gas in South Texas. The wellsare each producing 33 BOPD and pro-duction continues to increase. At adepth of 2,700 ft., the Blast Rig #1 jetted a total of 20 laterals up to 90 ft.in length at three separate depths. The laterals were cut at 1.5 feet perminute using water, acid and otheradditives at 3,000 psi. Reliance willnow drill a seven-well project and hasreceived funding for an additional 18wells in the area.
• Blaze Energy has participatedin over 100 wells in the FayettevilleShale play, with over 70 of those wellson production by the end of 2008.
• Brinx Resources participated in drilling Ranken Energy's Selman #1-21, which reached 6842 ft. TD and encountered pay in the GibsonSand and the Viola Formation. TheOklahoma drilling program is com-posed of four 3-D seismically definedprospects with one explor atory well in three of the prospects and two in the fourth prospect.
• Bronco drilling’s utilization forits drilling fleet was 55% in February,down from 76% in January and 83%
for the fourth quarter. Broncohad an average of 45 mar-keted drilling rigs in February
compared to 45 in the previous monthand 43 for the fourth quarter. The aver-age dayrate on operating drilling rigs asof February 28, 2009, was $17,705compared to $18,225 as of January 31,2009, and $18,933 for the fourth quar-ter of 2008.
• cano Petroleum reported salesvolumes of 1,203 BOEPD in Q4 2008,up 10.6% from a year ago, but down
2.6% sequentially. Cano now plans to spend $38.5million in 2009 in order tokeep Q4 volumes flat, with
activity mainly at its Panhandle ($13million) and Cato waterflood ($20.5 million) projects. Production at Cato (New Mexico Permian) ramped up toover 300 BOEPD in January.
• carrizo oil & gas reportedrecord year-end proved reserves of502.6 BCFe, up 45% from y/e 2007.
Carrizo replaced 705% of production, which rose 46%
to 70 MMCFeD last year and topped 78 MMCFeD in the fourth quarter. Barnett Shale reserves rose 57% to432.1 BCFe. Carrizo has 33.8 net horizontal wells in the Barnett alreadydrilled but awaiting completion orpipeline connection.
• constellation Energy Partnersproduced 17.3 BCFe (~47 MMCFeD) in 2008, completing 115 net wells and
recompleting 43 more in theCherokee Basin. An additional39 net wells and recomple-
tions were in progress at year end.Proved reserves were 232.4 BCFe atyear end, down by 70 BCFe from 2007,due mainly to pricing revisions. Con-stellation plans to drill as 75 wells thisyear and keep annual volumes flat.
• contango oil & gas is pro -ducing 228 (85 net) MMCFD from alloperations, with its Mary Rose #1 wellshut-in and undergoing a workover.Contango plans to spud its EugeneIsland 56 prospect, High Country West,in the Gulf of Mexico this quarter.
• dejour Enterprises andBrownstone Explorations’ 2,000acre Gibson Gulch prospect in Col-orado is estimated to hold between 104 and 392 BCFe of prospectiveresources. In addition, Dejour andBrownstone signed a JV with LaramieEnergy II LLC, which has the right toearn 55% on the 22,000 gross-acreRangely prospect by completing atleast four productive wells. Drilling isexpected in the third quarter.
E&P BriefscnX books Easternshale reserves
Pittsburgh-based CNX Gas has builta sizeable shale position in the easternU.S., holding a total of 630,000 net acres
in the Marcellus, Chattanoogaand Huron Shales. Altogetherthese positions contain net
unrisked resource potential of 4.7-12.6TCF. Combined with 3P reserves thecompany reports total recoverablereserves (and resources) of 7.4-15.3 TCF.
Last year, CNX booked initial provedreserves from its Chattanooga andMarcellus Shale plays. The companyspent $291 million on drilling last year,adding 182.7 BCF proved from exten-sions and discoveries, partially offset by76.6 BCF of production, yielding a238% reserve replacement rate.
CNX is targeting volumes of 85 BCFfor 2009, with contributions from itsCBM plays in Virginia, Moun taineer,Nittany, Marcellus and Chattanoogashale plays. Total proved reserves at yearend were 1,422 BCF (55% proved devel-oped) at y/e 2008, up 6% from year-end2007. CNX also reported an additional1,323 BCF in probable and possiblereserves, up 41% from a year ago.
Venoco seesproduction falling Venoco lowered its 2009 capex
budget to $150 million, with $74 millionslated for the Sacramento Basin, $35
million for southern California,and $5.0 million for Texas.Annual volumes are expected to
fall to 19,000 BOEPD from 21,674BOEPD in 2008.
Last year’s volumes were up 11%from 2007, from Sacramento (9,700BOEPD), Southern California (8,990BOEPD) and Texas (4,103 BOEPD).Proved reserves totaled 97.5 MMBOE atyear end. Net of production in 2008,Venoco added 5.7 MMBOE proved inSouthern California (West Montalvofield) and 7.8 MMBOE in theSacramento Basin. Reserves declined by8.0 MMBOE, including 5.8 MMBOEfrom the $200 million sale of theHastings field to Denbury. Venoco isreducing its Sacramento activity fromfive rigs in 2008 to three in 2009.
Patterson sees rigcount free fallPatterson-UTI Energy rig count
declined from 276 rigs in Q3 to 132 rigsin February, with 120 in the U.S. and 12in Canada. Patterson was able to reportan average operating margin of $9,000per rig last quarter, $510 higher than Q3.
Last year, Patterson activated 16 newApex® rigs with an average 1,375hpand an average drilling depth capacity of18,750 ft. During Q4, the companyretired 22 rigs averaging less than 800hpwith average depth ratings under 12,000ft. For Patterson’s tradeoff, some of theirrigs will be drilling unconventionaland/or shale wells this year.
At year-end 2008, the company had344 marketed drilling rigs with multi-year contracts for the construction of 22new advanced technology APEX® rigs.Three of these rigs were activated in2009, bringing Patterson’s total mar-keted fleet to 347.
TXco considers sale or mergerTXCO Resources has begun a
strategic alternatives review, which mayinclude a merger or sale. Goldman
Sachs is their financialadvisor. TXCO’s core
plays include the Maverick Basin in SWTexas and the Forth Trinidad field inEast Texas.
Charro Energy, TXCO’s heavy oilsubsidiary, has temporarily shut-in itsSAGD pilot in the San Miguel oil sands.The nearby fracture-assisted steamfloodtechnology pilot suspended operationslast December.
Last year, TXCO’s net sales volumesrose 17.6% to 9.38 BCFe (26MMCFeD). For 2008, the Glen RosePorosity had sales of 2,218 BOPD – up15% from 2007. TXCO spudded 96wells last year, with 30 in the Glen RosePorosity. TXCO currently has two rigstargeting the George town and one to thePearsall formations on its core MaverickBasin acreage. Fracing projects areunder way on one Eagle Ford well andone Pearsall well (both 25% WI).
no commissions: call Pls To list 713-650-1212
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888-622-9943
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arena keeps its rigsat Fuhrman-maschoArena Resources has released both
its contract rigs and is now has onlyits two company rigs in operation. The
company said it hadhoped to begin anaggressive develop-
ment program in New Mexico late lastyear, but has since deferred this planuntil prices improve. Nevertheless, thecompany continued to develop its
Fuhrman-Mascholeases last year. Inthe fourth quarter,
48 of Arena’s 54 drilled wells were atFuhrman, which accounted for 6,100BOED of Arena’s total 4Q volumes of
6,985 BOEPD. Arena grew provedreserves 18.4% last year, reaching65.6 MMBOE (38% PDP/PDNP) andreplaced 538% of production. Totalcapital for 2008 was $208.8 million.Overall Arena drilled 221 wells atFuhrman, half on 10-acre spacing. Theresults were comparable to 20-acrespacing. Arena plans more 10-acreinfield wells with two pilot 5-acrelocations this year.
Arena has one rig devoted to SanAndres while also working the Yatesbut the firm needs new gas pipelinefor further development. Arena plansto drill 36 Yates gas wells before yearend 2009. Arena is also planning torecomplete as many as 60 idle well-bores as Yates gas wells late this year.
–Listings For Sale
PAGE 13PROSPECTS & PROPERTIES
SOUTHWEST LOUISIANACAMERON PH., LA PROJECT2-Wells. 607-Acres.GULF COAST ONSHORE LA/DVObj 1: Cris A - 17b. 12,500 FtObj 2: Discobis B Sand. 12,700 FtObj 3: Disc B - 2 And B - 33-D Seismic. SubSurface Geology.100% WI Available; 70 NRI%.Operations Are Available.Est Rsrvs/Well: 432 MBO & 4.2 BCFEst Rsrvs/Project: 34.2 BCF & ~736 MBODHC: $1,900,000; Compl: $1,000,000SELLER HAS OTHER PROSPECTS
DV 5188
JEFFERSON DAVIS PH., LA233-Acre Prospect.EAST LAKE ARTHUR FIELD >8.5 BCFTargeting Upper Camarina Sands.Proposed Depth: 10,900 Ft. (TVD)Located On 4-Way Fault Closure.Offsets Cumm’d 13 MBC & 75 MMCF.Est Reserves: ~750 MBC & 4.2 BCFDHC: $2,500,000; Compl: $1,500,000CALL PLS FOR GEOLOGIST NAME
DV 5376
JEFFERSON DAVIS PH., LA PROSPECT~270-Acres.Targeting Camerina Sand. 13,200 Ft.Seller Will Deliver 72% NRI. SWLA/DVAnalog Well Cumm’d: ~85 MBO & 3.6 BCFEst Reserves: 256 MBO & 11.13 BCFDry Hole Cost: $3,840,000CALL LANDMAN FOR MORE INFO
DV 5863
LAFAYETTE PH., LA PROSPECT1-Proposed Well. 342-Acres.NORTH MAURICE FIELD >11 BCFE/3DMarg Tex 1 Target. 12,900 Ft.3-D Seismic & SubSurface Geology.25% WI For Sale; 72% NRI (Lease)UpDip To Watered-Out Well.Well Cumm’d 3.0 BCF & 50.8 MBC.Est Reserves: 10.2 BCF & 174 MBCEst IP: 8.7 MMCFD & 160 BCPDDry Hole: $1,430,000; Compl: $2,000,000CONTACT AGENT FOR DATA ROOM
DV 4179
NATCHITOCHES PH., LA OVERRIDE20,000-Gross & 1,600-Net Royalty Acres.BLACK LAKE FIELDAcreage Held By Production.Rights Below Base of Pettit. OVERRIDEChesapeake Operates.1.0% OVERRIDING ROYALTY INTERESTNegotiated Transaction.LARGE DATA PACKAGE AVAILABLE
RR 3798
RED RIVER PH., LA LEASES175-Acres Within Section/Unit(Acreage is Only Available Drillsite in Unit— Encana Leases All Other Acreage)208-Mineral Acres(6-Miles West of Encana Wells) LEASES655-Mineral Acres(Under CHK Discovery Well & CHKWells Drilling in South Caddo Parish)SELLER HAS ADDITIONAL INFORMATION
L 3964M
SABINE PH., LA ACREAGE1,052-Net Acres.HAYNESVILLE ACREAGEAdditional Acres Available.3-Year Term on a 1/4 Royalty.Vertical in Area Tested at 5,500 MCFDSeller Has Asking Price Per Acre.AGENT HAS DATA PACKAGE
DV 3659
SABINE PH., LA PROPERTIES17-Wells. 3,476-Gross/Net Acres.ZWOLLE FIELD 1,306 MCFEDFredricksburg Production. 3,700 Ft.14-Drilling Opportunities Identified.100% OPERATED WI; 75% NRINet Production: 1.0 BOPD & 1,300 MCFDAvg Net Cash Flow: $300,000/MnEvaluation CD-Rom Can Be Requested.Negotiated Transaction. No CA Needed.AGENT HAS UPDATED INFORMATION
PP 3916DV
SOUTHWEST LOUISANA PROSPECT15,000-Acres.BEAUREGARD & CALCASIEU PH.Obj 1: Wilcox Formation. 15,000 Ft.Obj 2: Cockfield, Yegua, Frio. 10,000 Ft.3-D Seismic. SubSurface Geology.8.5% Working Interest; 6.38% NRI ~5 BCFEEst Reserves/Well: 2.0-5.0 BCFEDHC: $2.0-$4.0MM; Compl: $0.6-$1.0MMSELLER HAS MORE INFO AVAILABLE
DV 5530
SOUTH LOUISIANATERREBONNE PH., LA PROSPECTS1-Potential Well. 342-Acres. ~3.6 MMBOE
Sandstone Targets. 6,800-7,200 Ft.3-D Seismic & SubSurface Geology.60% NonOperated WI; 71% NRI (Lease)Est Rsrvs/Well: 1,234 MBO & 3.5 BCFEst Rsrvs/Proj: 2,468 MBO & 7.0 BCFDHC: $1,600,000; Compl: $1,200,000WITH 24.25% CWI TO CASING POINTLAND DEPT HAS MORE INFO
DV 5532
VERMILION PH., LA PROSPECT780-Acres.Targeting Wise, Kibbe, K-2, Duhon-2,& Alliance. 12,150 Ft. - 14,500 Ft.22.5% Working Interest; 75% NRI SLA/DVEst Reserves: 2.9 MMBC & 122.5 BCFDHC: $7,826,672; Compl: $3,335,950CALL GEOLOGIST FOR DETAILS
DV 5864
VERMILION PH., LA OFFERINGHet 1, Het 2, Het 3, Cib Jeff 2 & Cib Jeff 3.UpDip PUD Potential Identified.3-D Seismic & SubSurface Geology.Seller Will Deliver 73% NRI. >12 BCFEEst Reserves: 550 MBC & 9.0 BCFDry Hole Cost: $3,694,388SELLER HAS ADDITIONAL DATA
DV 5567
SOUTHWEST LOUISIANAALLEN PH., LA PROSPECT1 To 2-Wells. ±400-Acres.Frio Gas Targets. 4,900 Ft.Additional Frio Prospect Available.2-D Seismic Data For Review.75% WI Available; 74% NRI 2.5 BCFOperations Negotiable.Est Reserves/Well: 2.5 BCFEst Reserves/Proj: 2.5 BCFDHC: $450,000; Compl: $200,000SELLER HAS MORE INFO AVAILABLE
DV 5712
BEAUREGARD PH., LA PROPERTYField For Sale. 311-Developed Acres.GORDON FIELD14 Reservoirs. Long Life Production.2-Producing Wells. 1-SWD. 3-PUD.160-Undeveloped Acres. 260 MCFEDSignificant Recompletion Potential.100% OPERATED WI; 72%-74% NRINet Production: 15 BOPD & 170 MCFDProved Gross Reserves: ~5.73 BCFEEst Probable Reserves: ~8.214 BCFENet Proved PV10 Value: $11,425,000DENVER EXPLORATION COMPANY
PP 5987DV
BEAUREGARD PH., LA PROSPECTFrio Sands, Austin Chalk, Wilcox Channel76 Square Miles of 3-D Seismic Info.15 Defined Amplitude Prospects. 6 BCF2 Analogous Wells: 750 MCF Per Day.Est Total Reserves:1.5 MBO & 6.0 BCFCALL SELLER FOR DETAILS
DV 5847
CALCASIEU PH., LA OIL PROSPECTNot Shown At NAPEUp To 6 Possible Drill Sites. >14 MMBOELarge Undrilled Yegua Structure. 15,000 Ft.3-D Seismic Including AVO Attributes.Key Acreage Under Lease/Options.100% Working Interest Available.Estimated Potential: 11 MMBO & 22 BCFFavorable Economics At Current Prices.CALL PLS FOR INTRO TO SELLER
DV 5829
CALCASIEU PH., LA PROSPECT250-Acres.Hackberry Sands. 13,600 Ft. LA/DVDry Land Location.40% WI Available; 75% NRI (Lease)Est Flow Rate: 1,000 BCPD & 2.7 MMCFDTurnKey: $4,451,000; Compl: $1,120,000
DV 5439
CAMERON PH., LA PROSPECT406-AcresGULF COAST ONSHOREObj 1: Cris A-1. 10,200 Ft LA/DV/3DObj 2: Cris A-6. 10,600 Ft3-D Seismic. SubSurface Geology.100% WI Available. 71% NRI.Operations Available.Est Rsrvs/Well: ~77 MBC & 7.7 BCFEst Rsrvs/Project: ~219 MBC & 21.87 BCFDHC: $1,100,000. Compl: $700,000.LOUISIANA SELLER HAS MORE INFO
DV 5582
Forest Capital Mineral
Management invites you to
explore oil & gas
development opportunities
on 265,000 acres of proven
productive land in
southwest Louisiana. To
learn more, please contact
Martha Kernohan.
Forest Capital Partners, LLC Mineral Management111 SW Fifth Avenue, Suite 3850Portland, OR 97204503.200.2730www.forestcap.com
The Land RigClearinghouse, LLC
A Fee Based Brokerage Firm Serving
the U.S. and International rig Markets
Call For drilling rig Inventory
Jon Snowgren (469) 384-3813www.landrigclearinghouse.com | [email protected]
stone rolls on despite rough market conditionsStone Energy drilled two exploitation wells at Ewing Bank 305 last quarter,
bringing the total number of successful wells drilled in 2008 to four, plus threesuccessful workover projects. Ewing Bank 305 production more than doubled
last year to over 40 MMCFeD. Stone is now completing theApoc prospect at Ewing Bank.
At South Timbalier 102/110 Stone is testing the first two ofa multi-well program and at Ship Shoal 113, two wells drilled last year hit paybut then met mechanical difficulties. Stone is now evaluating the wells for com-merciality and possible re-drill. Both blocks were acquired in the $1.8-billionBois d'Arc transaction last April. Production at Mississippi Canyon 109 is still
shut in after hurricane damage. Onshore, Stone has two wells producing
in West Virginia at a combined net rate of250 MCFD. In January, Stone initiated afour-well drilling program offsetting these
producing wells. In Pennsylvania, Stone recently completed a well in ClintonCounty which is currently being evaluated subsequent to a production test. A sec-ond well remains under evaluation.
Stone reported a net loss of $1.3 billion and $1.1 billion for the fourth quarterand full year 2008, respectively, due to a pre-tax non-cash charge of $1.3 billion ona ceiling test write-down and a $466 million non-cash impairment of goodwill.
Net volumes for 2008 averaged 175 MMCFeD, down 22% from 2007, with vol-umes of 50 MMCFeD being lost due to Hurricanes Ike and Gustav. Stone is nowaveraging 225 MMCFeD, with 35-50 MMCFeD still shut-in at Mississippi Canyon109 (Amberjack). The oil pipeline from the Amberjack platform was damaged in
two sections and repairs should be completedby late summer. Full year 2009 volumesshould rise to ~225 MMCFeD. Stone set a2009 capex budget of $300 million, excluding
acquisitions, down from $403.5 million in 2008. About 75% of the budget will gotowards Gulf of Mexico exploitation.
Stone’s 2008 year-end proved reserves totaled 519 BCFe (77% proved devel-oped), up from 403 BCFe at y/e 2007, with 252 BCFe added from Bois d’Arc.Stone also has 186 BCFe of probable and 285 BCFe of possible reserves.
Stone has $153.9 million of available borrowings from its borrowing base of$625 million. The base is re-determined semi-annually. “It is likely that the bor-rowing base under our bank credit facility will be reduced in May and that thereduction could be substantial,” said Stone CEO David Welch.
Stone reported a $1.3 billion
write-down and a $460 million
impairment to goodwill.
Ironically, offshore company
committed to Marcellus efforts.
Most of Arena’s 7,000 BOPD is
coming from Fuhrman Mascho.
chevron completes wheatstone appraisal programChevron Corp. completed a seven-well exploration and appraisal program
for the Wheatstone and Iago fields in northwest Australia. Chevron estimates thefields hold enough gas to support a two-train Wheatstone LNG and domestic gas
project. Chevron announced plans to locate the Wheatstone project atAshburton North near Onslow in late 2008 and expects to enter front-end engineering and design in the second half of 2009.
Discovered in 2004, the wholly owned Wheatstone field is 125 miles north ofOnslow in water depths of around 650 feet. The adjacent Iago field was discov-ered in 2000 and spans two retention permits, one wholly owned by Chevron theother one-third owned by Shell, with Chevron holding remainder.
The offshore northwest shelf of Australia is one of four exploration focusareas for Chevron. During 2009, Chevron has two rigs scheduled to drill multi-ple exploration and appraisal wells in its operated acreage there.
Offshore
access our online library to view any past and/or present publications offered by Pls
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March 17, 2009 • Volume 20, No. 4
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�)28)22-%0��2)6+=��%682)67�'%007�*36���$�7%0)Shareholder urges strategic review for East Texas independent
GMX Resources continues to expand its Haynesville Bossier prospective acreage in East Texaswith contracts in place for 3,900 gross (3,700 net) acres of acquired and drill to earn leasehold rep-resenting 49 gross (46 net) H/B horizontal locations. The company is currently drilling on 1,100
gross acres of the drill to earn leasehold. GMXR has also obtained first right ofrefusal on an additional 5,000 gross acres which could add as many as 62 gross
H/B horizontal locations.The company has reduced its 2009 capex by
$70 million to $150 million. Under this modifiedbudget, GMXR expects to drill fourteen and com-plete sixteen net Haynesville Bossier horizontal wells (100% WI) including the two completions thata
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Speaking at a conference call, CimarexCEOF. H. Merelli said the company would constantlyadapt and adjust to the economic climate. The
company’s capital pro-gram will focus on threeplays, with the primary
play its Anadarko-Woodford, which will com-p
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–Listings For Sale
PAGE 14 MARCH, 2009
ALABAMACHOCTAW CO., AL REDEVELOPMENT3-Wells (1-ReEntry). 4,500-Net Acres.SELMA CHALKWEST GILBERTOWN FIELD PP/DV/ALTarget Formations ~2,300 Ft. to 2,700 Ft.SWD System w/ 7,000 BWPD capacity— Operational w/ Commercial Potential.Significant UpSide Opportunities.54% to 100% Working Interest; 80% NRIGross Production: ~30 BOPDPotential For 750 BOPD to 1,000 BOPDInfrastructure in Place: Future DevelopmentEst EUR: 63 MBO Per Well2-D Confirms Structural Interpretation.50-Location Potential (40-Acre Spacing).Drill & Complete: ~$1,000,000AGENT STILL ACCEPTING OFFERS
PP 3668DV
PICKENS CO., AL PROSPECT1-ReEntry Prospect.UnCased Hole ReEntry. RE-ENTRYDepth: 5,200 Ft.Deepen 300 Ft. For Lewis Sands.CONTACT SELLER FOR MORE INFO
DV 5493RE
MISSISSIPPICLARKE CO., MS PROSPECTPUD Development Play. 140-Acres.HARMONY SOUTH DEVELOPMENTNorth And East of Nancy FieldsObj 1: UpDip Smackover FormationObj 2: Norphlet Eolian SandsTaregted Depths: 12,000 Ft.50 Ft High To Offset Well.100% OPERATED WI. Deliver 75% NRI.Analogous Fields Have High Oil Cumm’s.Offset Fields: 7.0-20 MMBO RecoveryCONTACT GENERATOR FOR INFO
DV 5386
FORREST CO., MS ROYALTY4-Tracts. 105+ Net Royalty Acres.PROSPECT ROYALTYTargeting Hosston Formation.Total Depth: 15,200 Ft. MS/RR/DV640-Acre Unit Spacing.Estimated IP: ~4.5 MMCFEDEstimated Payout Term: ±10 MonthsSELLER HAS MORE INFO AVAILABLE
RR 6436DV
HINDS CO., MS PROSPECT1-Proposed Test Well.WESTERN HINDS COUNTY ~50 BCFObj 1: Cotton Valley Targets. ~19,000 Ft.Obj 2: L. Cret Rodessa, Sligo, HosstonSimple Anticline. Turtle Structure.Est Reserves: ~50 BCFGEOLOGIST HAS MORE DETAILS
DV 5835
MARION CO., MS PROSPECT16,000-Net Acres. Hosston Leads Identified.MISSISSIPPI SALT BASINHosston & Jurassic. >23 BCF15,500 Ft. Ptd & 24,000 Ft. Ptd.100-Miles 2D Seismic Data: Show Growth— Fault Anticlines & Stratigraphic Traps— Cotton Valley/Bossier Reservoir PotentialSOLICITING LEASE OFFERS FOR ACREAGEAdjacent To Hosston Production.Est Reserves: >23 BCFProlific Oil & Gas Reservoirs.SELLER HAS DETAILED PACKAGE
DV 3719L
MISSISSIPPI DEVELOPMENT PROJECT1-Proposed Test Well.SMITH STATION FIELD DV/2DHINDS & WARREN CO.Obj 1: Cotton Valley Target. ~19,500 Ft.Obj 2: L. Cret Rodessa, Sligo, HosstonSimple Anticline. Turtle Structure.Defined By 2-D Seismic Data Set.Analog Produced ~2.0 MMCFD.Est Reserves: ~25 BCFCALL PLS FOR GEOLOGIST INTRO
DV 5834
MISSISSIPPI NONOP PACKAGE16-Wells. 15,302-Gross & 3,036-Net Acres.WARREN, JEFFERSON DAVISCOVINGTON, & MARION COUNTIESMooringsport, Rodessa, Sligo, Hosston— & Cotton Valley Production.15-Drilling Locations Identified. NONOPERATEDSignificant UpSide: Behind PipeNonOperated Working Interest For Sale.Net Production: 32 BOPD & 979 MCFDNet Cash Flow: $272,000/MnAGENT HAS UPDATED DATA AVAILABLE
PP 3769DV
MISSISSIPPIPERRY CO., MS PROSPECT3 to 4-Proposed Wells. 360-Gross Acres.Paluxy Formation. 11,500 Ft.Also Lower Tuscaloosa & Wash-Fred.2-D Seismic & SubSurface Geology.40% Working Interest Available. 1.5+ MMBOSeller Will Continue To Operate.Est Reserves: >1.5 MMBOCONTACT PROSPECT GENERATOR
DV 4519
SIMPSON CO., MS PROSPECT46,278-Optional & 6,400-Prospect Acres.GULF COAST SMACKOVERSmackover Reservoir. 24,000 Ft.Hosston. Rodessa & Sligo Potential.Faulted Anticlinal Structure: 3-Way Closure— At Smackover Level. SMACKOVER160-Miles 2-D Seismic In Option Area.LEASE AT NEGOTIABLE TERMSMost Analogous to Field w/49 BCFMain Well w/121 Ft Pay. Cumm’d 33 BCF— and Still Producing 2.0 MMCFDEst: >220 BCF/120 Ft. Pay/1,000-AcresOwner Will Consider Offers For 10,000 Ac40-Miles 70’s Vintage Shell Seismic— Reprocessed in 2008LANDOWNER HAS DETAILED PACKAGE
DV 3466L
SIMPSON CO., MS ROYALTY2-Wells.GULF COAST ROYALTYROYALTY INTEREST FOR SALETotal Net Prod: ~7.5 BOPD & 1.0 MCFDDecline Curves & Financial Info Available.Part Of A Larger Royalty Package.WASHINGTON STATE SELLER
RR 3792
SMITH & PEARL RIVER CO., MS SALE5-Wells. ~8 PUD. 3,800-Acres.CENTER RIDGE, BLACKSTONE& STEWART FIELDSSligo/Rodessa/Tuscaloosa. 12,500 Ft.Tuscaloosa. 11,000 Ft.5 Center Ridge PUD. 3,530 MCFED2-3 Stewart Field PUD.100% OPERATED WI; 77% NRIGross Production: 260 BOPD & 3,100 MCFDNet Production: 200 BOPD & 2,200 MCFDNet PV10: $62,000,000SELLER HAS DETAILED PACKAGE
PP 5031DV
MIDCONTINENTARKANSAS
ARKANSAS ACREAGE OFFERING2,300-Acres.FAYETTEVILLE SHALE PLAY FAYETTEVILLEProspect Has Proven Reserves.8 Counties w/ Established Fields.FOR ASSIGNMENT OR JOINT VENTURECALL PLS FOR INTRO TO SELLER
DV 5500L
ARKANSAS MINERALS FOR LEASE7,180-Gross Acres. 4,700-Net Acres.MOST ACREAGE IN UNION CO.Additional Small Tracts In: Columbia,Lincoln, Calhoun, And Jefferson CO.MINERALS FOR LEASE MINERALSM 3779L
ARKANSAS NONOPERATED POSITION7-Counties. 505-Wells.FAYETTEVILLE SHALEAll Acreage Held By Production (HBP).All Wells Are Horizontal.52-Rigs Currently Drilling. FAYETTEVILLE734-Additional Horizontal Drill Sites.2.5% WI In 228 Sections; 83% Avg NRI.Net Production: 8,123 MCFDNet Cash Flow: $1,053,000/MnSTILL AVAILABLE - CALL FOR UPDATE
PP 6447DV
ARKANSAS PROPERTY DIVESTMENT~38,000-Net Acres.LOGAN, SEBASTIAN, & SCOTT CO.Middle Atoka (Hartford) Gas.Behind Pipe Potential In Upper Atoka——Mansfield & Alma Formations.10-PUD Locations Identified.Seller Will Deliver 80% NRI. 833 MCFDNet Production: 833 MCFDExisting Infrastructure On Premisis.CONTACT AGENT FOR UPDATE
PP 5336DV
NORTH LOUISIANAJACKSON PH., LA ACREAGEMineral Acreage In Producing Trends – Vernon,EROS, CHATHAM & CLEAR BRANCHObj 1: Upper & Lower Cotton Valley11,500 - 15,000 Ft. Ptd ACREAGE/3DPLUS: Rodessa, James & Sligo3-D Seismic Data.SELLER SOLICITING LEASE OFFERSFOR AVAILABLE ACREAGERecent Horizontal Completions Show— Potential 5-8 Times Higher Than VerticalReserves Potential: Multiple TCFSELLER HAS DETAILED PACKAGE
DV 3887L
JACKSON PH., LA PROJECTCotton Valley & Bossier Gas.VERNON, CHATHAM, CLEAR BRANCHCotton Valley Targets. 1,500-15,000 Ft.Upper Cotton Valley Group Production— Occurs Across Mineral Block. LEASEAcreage Within Producing Bossier Trend.3-D Shows Downthrown Growth Fault Trap.Undeveloped Trend Acreage.Multiple TCF Reserves Potential.
DV 3768L
NORTH LOUISIANA PROJECTTap Natural Gas From Continuous— Jurassic Shale Reservoirs w/Horiz— Drilling & Massive Multi Frac StimulaHaynesville & Mid-Bossier Shale. MULTIPLE 10,500 Ft. to 13,000 Ft. + 5,000 Lateral. TCFPrimary Target: Overpressured CalcareousShale-Haynesville In Age w/Finely Dispersed— Organic Matter w/Reported TOC’s ~6%.Acreage, Oil & Gas Mineral Rights For Sale.Reserves Potential: Multiple TCFMany Successful Horizontal Wells Drilled& Completed w/Multistage Fracture Stimula.CONTACT SELLER FOR MORE INFO
DV 3918HZ
NORTH LOUISIANA SHALE PLAY60,000-Acres.SABINE PH., LA TX/LA/DVNATCHITOCHES PH., LARapidly Developing Haynesville Shale.Tested Hanesville & Bossier Shales.Vertical Well Test: 5.5 MMCFDCONTACT SELLER FOR DETAILS
DV 5869
SABINE PH., LA LEASE SALE~11,533-Acres.HAYNESVILLE SHALEAll Acreage Is Contiguous. LA/ACREAGE100% OPERATED WI; 75% NRILeasehold Is Available For Sale.CALL PLS TO LEARN MORE
L 5773
SABINE PH., LA PROSPECT50-Potential. ~13,000-Acres.Haynesville & James Lime Targets.SubSurface Geology. NLA/DV50%+ WI Available; ~37.5%+ NRIOperations Available To Qualified Partner.Est Reserves/Well: ~8.0 BCFEst Reserves/Project: >1.0 TCFEXPLORATIONIST HAS INFO
DV 5281
WEBSTER PH., LA PROSPECT720-Contiguous Acres.Targeting Haynesville Shale.Seller Will Deliver 74% NRI.Lease Is On 3 Year Term. HAYNESVILLECALL CALIFORNIA PRINCIPAL
DV 5111
WINN PH., LA PROJECT2,300-Gross Acres.Louisiana Re-Drill Project.Targeting Calvin Sands/Knowles Lime.Proposed Depth: 14,300 Ft.80 Sq Mi 3-D Seismic Survey.Fault & Stratigraphic Traps. 45+ BCFKnowles Intervals Tested:Est Reserves: 45+ BCFGENERATOR HAS MORE DETAILS
DV 5203
WINN PH., LA PROSPECT480-Gross Acres.Targeting Shallow Wilcox Gas. 2,600 Ft.Defined By 3-D Seismic.Stratigraphic Trap Type. >2.0 BCF3-Offset Wells Have Cumm’d 596 MMCF.Est Reserves: >2.0 BCFLAND MANAGER HAS MORE INFO
DV 5201
WINN, LASALLE, CALDWELL PH., LA126,000-Acres.CRETACEOUS/JURASSIC PLAY TRENDSCalvin, Cotton Valley & Bossier, Knowles— Hosston & Rodessa, James & Sligo.5,000 Ft. to 25,000 Ft. Ptd. ACREAGE/3D2nd Targets: Tuscaloosa, Glenn Rose— Mooringsport, Paluxy & Selma Chalk.900-Miles 2D & Two 3D Seismic Surveys.SELLER SOLICITING LEASE OFFERSFOR AVAILABLE ACREAGEReserves Potential: Multiple TCFSELLER HAS PACKAGE
DV 3687L
SOUTHWEST LOUISIANAVERMILION PH., LA PROSPECT180-Acres.GUEYDAN DOME ~15 BCFMiocene Target Identified.Prospect Sitauted On Wedge Fault.Supported By 3-D Seismic Mapping.25% Working Interest; 72% NRI (Lease)Anticipated Spud: Q1 2009Est Reserves: ~15 BCFDHC: $2,000,000; Compl: $1,000,000
DV 5584
VERNON PH., LA LEASE SALE~8,343-Net Acres. 1-Contiguous Block.HAYNESVILLE SHALE HAYNESVILLE100% OPERATED WI; 75% NRILeasehold Position Available For Sale.CALL PLS FOR INTRO TO SELLER
L 5772
NORTH LOUISIANAAVOYELLES PH., LA PROSPECTS1 To 2-Wells. ±200-Acres.Frio Gas Targets. 4,500 Ft.Additional Frio Prospect Available.Defined With 2-D Seismic.Offset DryHole Logged Gas. 2.0 BCF75% WI Available, 74% NRIOperations Negotiable.Est Reserves/Well: 1.5 BCFEst Reserves/Proj: 2.0 BCFDHC: $450,000; Compl: $200,000EXPLORATION DEPT HAS DETAILS
DV 5714
BIENVILLE & RED RIVER PH., LA11-Wells. 8,967-Net Acres.NORTH LOUISIANACotton Valley & Hosston Production.Undeveloped Haynesville AcreageTwo Operated & Five NonOperated Units.7-Additional Operated Units Being Formed.OPERATED & NonOperated WIEst Net Production: 2,300 MCFD PP/DV/LAProjected Net Cash Flow: $425,000/MnNegotiated Transaction.CA Required To Review Data.CONTACT AGENT FOR UPDATE
PP 3678DV
BOSSIER PH., LA PROPERTIES5-Wells.REDLAND FIELD 654 MCFDCotton Valley Production With Upside.100% WI Available; 77% NRINet Production: 654 MCFDNet Cash Flow: $112,000/MnDozens Of Proved Drilling Opportunities.AGENT WANTS OFFERS APRIL 2009
PP 5262
CADDO & BOSSIER PH., LA ROYALTY~429-Net Royalty Acres.HEART OF HAYNESVILLENo Depth Restrictions. Title Done.Acreage Has Wells Permitted.Some Shallow Production. ORRIRoyalty Interest For Sale.Negotiated Sale.AGENT HAS ASKING PRICE
RR 3379
CADDO PH., LA PROSPECT480-Acres.HAYNESVILLE TREND 39 BCFObj 1: Cotton Valley Formation. 7,700 Ft.Obj 2: Haynesville Shale. 9,850 Ft.Obj 3: Smackover Formation. 11,300 Ft.2-D Seismic & SubSurface Geology.100% Working Interest; 74% NRI100% Operations Available.Active Area - Recent Offset Completions.Est Well Reserves: 6.5 BCFEst Proj Reserves: 39 BCFCONTACT EXPLORATIONIST FOR INFO
DV 5699
CADDO PH., LA ROYALTIES125-Acres.NORTH LOUISIANAHAYNESVILLE DRILLINGRoyalties Combined With Leases— Giving 93.75% NRICONTACT AGENT TO LEARN MORE
RR 3629
CONCORDIA PH., LA PROSPECT220-Acres.DONNELLY LAKEObj 1: Tew Lake Channel. 5,750 Ft.Obj 2: E-5 Sands. 6,000 Ft.Good SubSurface Control. ~950 MBOStructural-Stratigraphic Trap.Analogous Field Cumm’d >1.6 MMBO.Est Tew Lake Rsrvs: 750 MBOEst E-5 Sand Rsrvs: 200 MBODHC: ~$626,000; Compl: ~$385,000
DV 5487
Advertise with PLS!Call Beau Kelley
713-650-1212
for rates and available placement.
• doral Energy acquired 92% WI in six San Andres waterflood leasesin the Levelland field in Cochran Co.,Texas, for $2.3 million. Gross pro duc-tion is 98 BOPD and 220 MCFD. Theacquisition adds 500,000 BOE of netPDP reserves, raising Doral’s totalproved developed reserve base to 1.5 MMBOE. The leasehold covers3,061 net acres with a total of 81 wells(41 producing, 30 water-injection, and10 shut-in).
• Ecco Energy corp. is pur-chasing from Samurai Corp. workinginterests in properties previously ownedby Lake Fork Resources and M-J OilCompany on eleven counties in easternOhio. ECCO gains operatorship of 40 producing wells and multiple devel-opment drilling and workover opportuni-ties. Productive horizons include theClinton Sandstone, Ohio Shale, Oris -kany Sandstone, Berea Sandstone and Marcellus Shale. Net production is 240 MCFD and 23 BOPD.
• El Paso corp. set a $2.7-$3.3billion capital program for 2009, with$1.7 billion allocated to its pipeline
group and $0.9 to $1.3billion for the E&P seg-
ment. El Paso will spend 35% of itsdomestic E&P budget drilling Hay-nesville Shale and Cotton Valley hori-zontal wells. El Paso expects to pro-duce between 725 and 815 MMCFeDthis year, compared to fourth quarterproduction of 752 MMCFeD, which was in turn down from 924 MMCFeD in Q4 2007.
• Enhanced oil Resourcesengaged Tristone Capital to explorepotential joint venture opportunities for the company's interests in the St.Johns Helium and CO2 field in Arizonaand New Mexico – the largest of itskind in North America with 7.7 TCF ofCO2 and 30 BCF of helium recover- able. Enhanced plans a helium extrac-tion plant capable of processing up to 500 MMCFD of raw gas and apipeline of similar size for delivery into the Permian Basin.
• Foothills Resources and itssubs filed voluntary petitions for reor-
ganization underChapter 11 in
the U.S. Bankruptcy Court in Wilming-ton, Delaware. Foothills operates inTexas, California and Oklahoma.
• geomet, inc., reported provedreserves of 320 BCF at year-end 2008,an 8.6% decrease from year-end 2007due to 42 BCF of downward revisionsand a property conveyance. The com-pany’s proved reserves are all fromCBM plays. About 57% of total provedreserves are in the Gurnee field in Alabama and 41% are in the PondCreek and Lasher fields in West Virginia and Virginia.
E&P Briefs
CENTERRAENERGY PARTNERS LLC
LIVE OAK CO., TX PROSPECT160-Acres.Targeting Queen City Formation. 7,000 Ft.READY TO DRILLHigh Porosity & Permeability.Well Control Available.90% WI Available; 75% NRISeller Will Invest Heads Up w/ Buyer.Operations Are Available.Estimated IP: 2.0 MMCFDEst Reserves: 1.0-4.0 BCFSELLER LOOKING FOR OPERATOR
DV 5435
Robert G. Watson Jr. Managing Partner
1600 N.E. Loop 410 • Suite 104 San Antonio, TX 78209
(210) 451-5545centerraenergy.com
dv
LARR
Y LEEROYALTY FREE DISCS
www.larrylee.comLarry Lee Photography | 661.259.1226
PLS Sells Midstream Assets
–Listings For Sale
PAGE 15PROSPECTS & PROPERTIES
ARKANSASARKANSAS PROSPECT OFFERING>1,550-Potential Wells. 125,000-Acres.FAYETTEVILLE SHALEObj 1: Fayetteville/Woodford. 4,500 Ft.Obj 2: Penters. 4,800 Ft.2-D Seismic Plus G&G. AR/MS/DV100% OPERATED WI; 82.5% NRIEst Reserves/Well: 1.5 BCFEst Reserves/Proh: 1.8 TCFDHC: $1,000,000; Compl: $2,000,000CALL FOR SELLER INFO
DV 5175
CONWAY CO., AR PROSPECT18,000-Gross & 9,200-Net Acres.Fayetteville Shale w/ Conventional Upside.2-D Seismic. Offset Well Control.WithIn 3 Miles Of Analog: 2.0 MMCFDREADY TO DRILL 500 BCFPotential Reserves: 250-500 BCFInfrastructure In Place.Operations Are Available.SELLER HAS MORE INFORMATION
DV 5240
MILLER CO., AR PROSPECTJurassic Smackover Carbonates.Formation Depth: 7,500 - 8,500 Ft.1,200+ Acres of Seismic Data AR/DV/3DSeller Will Deliver 73% NRI.3-D Seismic: $3,000,000 (40 Sq. Mi.)
DV 5680
WHITE & JACKSON CO., AR MINERALS8,287-Mineral Acres For Lease.Royalty/Mineral Interest Available. MINERALSCALL INTO PLS FOR MORE INFO
M 5307L
KANSASBARBER CO., KS PROSPECT20-Potential Wells.PRATT ANTICLINE 2.25 MMBOEMultiple Targets Identified At 4,500 Ft.3-D Seismic Data Plus G&G.100% OPERATED WI; 80% NRIEst Reserves: 2.25 MMBOEAll-In Per-Well Development: $450,000SELLER HAS DATA FOR REVIEW
DV 5662
CENTRAL KANSAS PROSPECT40,000-Acres.UPLIFT WELL IDENTIFIEDMultiple Pay Zones. KS/DV/3D3-D Seismic & SubSurface Geology.Working Interest For Sale.Est Reserves: >600 MBODry Hole: $131,000; Compl: $299,000AGENT REPRESENTED PACKAGE
DV 3727
ELK CO., KS SALE PACKAGE3-Wells.CHEROKEE BASIN. WALKER FIELDArbuckle and Mississippian Production.100% OPERATED WI; 85% NRIGross Production: 4.0 BOPD 3.4 BOPDNet Production: 3.4 BOPDAvg Net Cash Flow: $6,054/MnAUCTION ENDS MARCH 31, 2009
PP 4055AU
GOVE CO., KS PROPERTY6-Oil Wells. 10,440-Acres.DUFFY FIELDMississippian Oil. 5,000 Ft. PP/KSAlso Producing From LKC.12.5% NonOperated WI Available.Net Cash Flow: $4,900/MnSELLER HAS PRODUCTION INFO
PP 5260
GREELEY CO., KS PROSPECT100-Potential Wells. >16,000-Acres.STATELINE TRENDObj 1: Morrow Formation. 5,300 Ft.Obj 2: Marmaton Formation. 4,200 Ft.Geology, Geochemistry, Satellite Imagery.50% OPERATED WI; 81% NRISELLERS TO PARTICIPATE 25-50 MMBOEst Reserves/Well: 150 MBOEst Reserves/Project: 25 - 50 MMBODHC: $400,000; Compl: $386,000
DV 5756
NORTHEAST KANSAS PROJECT7-Key Areas. 2-Wells. ~45,000-Acres.NORTH NEMAHA RIDGEMultiple Reservoirs Identified.Development/ReCompletion Opportunity.34.25 Squares Of 3-D Seismic.100% OPERATED WI For Sale. MULTIZONENet Production: ~70 BOPDCONTACT PLS FOR MORE DETAILS
DV 5690PP
KANSASROOKS CO., KS OFFERING10- 3-D Locations. ±12,000-Acres.Central Kansas Uplift / K.C. EmbaymentObj 1: Lansing / K.C. 3,200 Ft. 2.0 MMBOObj 2: Arbuckle Formation. 3,500 Ft.3-D Seismic & SubSurface Geology.50% Working Interest; 85% NRI (Lease)Operations Available To Qualified Operator.Est Reserves/Well: 50 - 60 MBOEst Reserves/Proj: 1.0 MMBO
DV 5513
SOUTHEAST KANSAS SALE PACKAGE144-Wells; 80-PDP. 90,000-Gross Acres.CHEROKEE BASINCBM Production. (300 - 1,400 Ft.)MultiZone Development Upside. CBMGathering Facilities In Place.100% OPERATED WI; ~82% NRI.Net Production: 11 BOPD & 1,100 MCFD3rd Party Updating Engineering.PLS PREPARING DATA ROOM
PP 4248DV
NEBRASKACHEYENNE CO., NE PROSPECT1 To 4-Wells. 480-Acres.HEIDER >400 MBOEObj 1: J-1A Sand. 5,184 Ft.Obj 2: J-1B Sand. 5,195 Ft.Prospect Defined By SubSurface Geology.50% NonOperated WI; 80% NRI (Lease)Est IP: 75 BOPD & 10 MCFDEst Well Rsrvs: 100 MBO & 100 MCFEst Project Rsrvs: 400 MBO & 400 MCFDHC: $292,000; Compl Cost: $225,000CALL OPERATOR FOR MORE INFO
DV 5431
OKLAHOMAATOKA CO., OK MINERALS3-Tracts. ~1,000-Acres.Mineral Interests For Sale. MINERALSGovernment Survey Over Lands.CALL PLS FOR INTRO TO SELLER
M 5380
BEAVER & HASKELL CO., OK LEASES11-Leases. 5-Counties.MOCANE, ELMWOOD, CESTOS FIELDSMORROW, OSWEGO & CHESTER100% OPERATED WI FOR SALE LEASESVarious NRI.Operator: XOG Operating LLCAGENT HAS ADDITIONAL DATA
L 3893
BECKHAM & ROGER MILLS CO., OK27.5-Net Acres.10-Producing Wells. PP/OKNet Cash Flow: $5,247/MnNEW PRODUCTION OFFERING
PP 5097
BRYAN & CHOCTAW CO., OK PLAY>100,000-Net Acres.Exploratory Acreage Play. TIGHT GAS/3DMultiple Reservoirs Indentified.Acreage Within 590 Governmental Sections.300-Square Miles 3-D Seismic Shoot— Currently Being Processed.27% Avg Working Interest Available.Ave Lease Burden of 18.8%.>50% Ownership In 112-Sections.Ground Floor Opportunity For Control— of MultiPay Tight-Gas Resource Play.Leases Expirations As Late As 2013.CALL AGENT FOR PACKAGE
DV 3894
Elsewhere, Southwestern last year signed a 50/50 joint-venture agreement witha private company to drill two horizontal wells targeting the Haynesville Shale inShelby and San Augustine Co., Texas. The first well (Red River 877 #1) is being
tested, while the second (Red River 164 #1) will be tested in the secondquarter. Southwestern hinted in its latest press release that it may investmore in the Haynesville play than previously planned.
Southwestern has 351 BCFe of proved reserves in East Texas, where it spent $160million and participated in 50 James Lime wells last year. Net production from thearea was 31.6 BCFe (~87 MMCFeD) in 2008, up from 29.9 BCFe in 2007.
This February, Southwestern purchased 21,715 net acres in Lycoming Co.,Pennsylvania, for $8.2 million. The deal increased its Marcellus Shale leasehold to137,000 net undeveloped acres. Southwestern has drilled four wells (three verticaland one horizontal) on its Marcellus acreage in Bradford and Susquehanna Co.,three of which have been production tested but no results have been released.
Total company volumes reached 57.6 BCFe (640 MMCFeD) in the fourth quar-ter of last year and 194.6 BCFe (535 MMCFeD) for the full year, both up signifi-cantly from the year ago periods. This year Southwestern hopes to grow production45% to 282 BCFe, with 230 BCF expected to come from the Fayetteville Shale.
Total company proved reserves were 2,185 BCFe (62% proved developed) atyear end, up 51% from the end of 2007. In 2008, Southwestern replaced 523% ofits production by adding 920 BCFe of proved reserves, including net upward revi-sions of 98 BCFe.
Southwestern also divested of some non-core properties last year, selling allleases, wells and equipment that comprised its Permian Basin and onshore TexasGulf Coast operating assets to various buyers for $240 million. Net productionfrom these areas during 2008 was 3.1 BCFe, compared to 6.1 BCFe in 2007.
In other news, Southwestern CEO Harold Korell said he will retire in Q1 2010,when current president and COO Steven Mueller will assume the post of CEO.Korell will serve as executive chairman until his retirement, after which he willbecome non-executive chairman. Korell joined Southwestern in 1997 and hasserved as CEO since 1999. Under Korell’s leadership, Southwestern’s market cap-italization grew from $187 million at year-end 1998 to over $9.0 billion today.
southwestern reaches milestone continued from page 1
Later on, Economides showed a picture of Gwyneth Paltrow at theAcademy Awards and commented, “Here is a picture of the EIA’s newestenergy analyst” at which point the EIA researcheryelled from the back of the room: “I’m not that pretty.”The crowd roared with laughter.
Near the end of his presentation, Economides madeanother pressing point: the world wants what the U.S. andCanada have, including cars and computers. “There are no substitutes for carbonbased fuels in the foreseeable future.”
We are going to reschedule Econo mides for another event!
Economides calls for $100 oil cont. from page 1
Mid-ContinentEdition Available!
888-622-9943
www.donsdirectory.com
cabot drills third marcellus horizontalHouston-based Cabot Oil & Gas announced that its second and third horizon-
tal wells in its Marcellus Shale play (Eastern Pennsylvania) at 24-hour IP rates inexcess of 8.0 MMCFD each. The Black 1H and 2H wells along with Cabot’s orig-
inal Marcellus horizontal, Ely 6H, are now producing at greater than 20MMCFD. Thirty additional horizontals are scheduled for 2009.
Cabot is also producing from 15 vertical wells and plans 30 additionalMarcellus verticals this year. Cabot has five rigs running in the Marcellus, twodrilling horizontals with the other smaller rigs drilling the vertical sections for laterhorizontal work. Cabot will expand to six rigs by Q2, then to as many as eight rigs.
Since closing its East Texas acquisition last August, Cabot has four rigsdrilling vertical Cotton Valley and Haynesville limestone wells. Recent verticalsuccesses include the Jarrell #4 (Haynesville lime) at 3.3 MMCFD and theCotton Valley at 1.7 MMCFD. The two zones have since been commingled. TheHays #4 tested from the Haynesville lime at 1.1 MMCFD with Cotton Valleypay behind pipe and the Hughes #2 tested the Haynesville lime at 1.5 MMCFDand the Cotton Valley at 2.2 MMCFD.
Cabot has also completed two horizontal Haynesville limestone wells fromthe same pad. The Pinkerton 11H, the first horizontal shale test in Minden, wasdrilled to 14,144 ft. in the middle Bossier with a 3,000-ft. lateral. The comple-tion “was not optimal,” the company said. Cabot encountered similar problemswhile completing the Pinkerton 12H.
Cabot has adjusted its 2009 drilling program to match cash flow at $475 mil-lion and lowered its production guidance accordingly. As Cabot entered 2009, ithad 18 rigs operating, with 15 rigs operating in February. June may see only 13rigs despite the Marcellus ramp up.
Cabot reported proved reserves growth of 20% year-over-year, reaching 1,942BCFe at year-end 2008, replacing 443% of production, which rose 11% to 95.2BCFe (260 MMCFeD).
ultra reaches recordannual productionUltra Petroleum reported record
annual production of 145.3 BCFe (~400MMCFeD) in 2008, up 27% over 2007.
Q4 production hit a record 40.7BCFe (452 MMCFeD), up 21%from a year ago.
Ultra drilled 307 (158 net)wells last year. At Pinedale (southernWyoming), Ultra reduced drilling time31% from 2007, averaging 24 days fromspud to TD, flowing 8.5 MMCFD peroperated well (6.8 MMCFD for non-ops).
Ultra confirmed with Kinder Morgantheir access to the REX-East pipeline.First phase is expected to be in servicefrom Missouri to Indiana in April, thento Ohio in June and into eastern Ohio byNovember.
Ultra’s proved reserves increased 18%during 2008 with 3.52 TCFe at year endfor an organic reserve replacement of470%. In 2008, Ultra participated in 307wells, ending the year with an undrilledinventory of 5,570 locations, increasingalmost 600 locations from 2007. Ultra hasset a 2009 capex of $720 million, with$632 million allocated to Wyoming and$73 million to Pennsylvania.
EgPi signs JV withPetroconsultants
Arizona-based EGPI/Firecreek andTemplar PetroConsultants signed a JVto drill and recomplete some wells inHaskell, Shackelford and Jones Co., WestTexas. The property has 38 existing wells,with 14 producers and 24 shut-ins to bebrought back online. It holds over 50proved undeveloped or inside locationswith at least four formations behind pipefor future development. Recoverablereserves are estimated at 400,000 bblsfrom the Cook, Bluff Creek, King, andTannehill zones.
The companies anticipate an initialsix-well drilling program to shallowdepths of 1,700 to 2,300 ft. to be fol-lowed with 18 to 20 additional wells.
unit contracts lessthan half its rigsUnit Corp. reported 55 of its 132
drilling rigs are under contract this year.Although the company added three new
1,500 HP diesel-electricdrilling rigs to its fleet, near theend of the year the companywas forced to store one of
these. Unit has postponed the construc-tion of five drilling rigs and cancelledthree planned rig constructions. Q4 rigutilization was 74%, with an average of97 rigs working, down 6% from 2007 Q42007 and a decrease of 13% from Q32008. Full year drilling rig utilization was79% compared to 80% for 2007. Unitaveraged 103 drilling rigs working duringthe year, 4% higher than 2007. Contractdrilling rig rates for Q4 averaged $19,330per day, 4% higher than Q3 and 7%higher than a year ago.
The Premier Oil & Gas EventApril 21 & 22, 2009 @ Witchita Falls Texas
• 350 Booths in Exhibit Hall • Golf Tournament
• Outdoor Equipment Showcase • Technical Seminars
• Sponsorships available • Networking
For more details, call Donna or Jo Ann at 800-299-2998www.texasalliance.org
Falling through the $4.00 thresholdDespite last week’s 112 BCF draw, prices continue to stay soft
U.S. natural gas futures closed below their key $4.00/MMBtu psychologicalfloor March 6 amid warnings of worse to come. Some producers and analystsare bracing for front-month NYMEX gas to fall below $3.00 this summer: an 80% drop from near $14.00 in mid-2008. With wellhead prices already nearing$2.00 in the Rockies, many smaller and even large independents
could find themselvesin tough straits.
Even if the marketcan rebound this fall,on hopes plummetingrig activity can ease a nationwide gasglut, more write-downs and squeezed
c
Monday, March 16, 2009 | Volume 2, No. 3
QUICKPRICEA Weekly Recap of Market Moves, Transaction Analysis and Price Projections
MARKETALERT
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QuickLook
At press time OPEC refused to cut further volumes as predicted b
3
SpecialReportIII
Economides calls for $100 oilFireworks at Marketmakers
All pessimism aside, last weekPLS’ Marketmakers conference sawsome fireworks at the end of the day when leading oil and gas analystDr. Michael Economidesfollowed the EIA speaker.Economides effec-tively threw coldwater and applicablebarbs at the newadministration, allpoliticians, Californiaactresses and the EIA, noting that$40 flat oil projections for 3 yearsare “incompetent.” “Forty-dollar oil isunsustainable,” he said. “Mark myw
PLS presents
2009
PAGE 16 MARCH, 2009
OKLAHOMAOSAGE CO., OK WATERFLOOD5-Active Wells. 1-SWD. 720-Contiguous Acres.BARTLESVILLE WATERFLOOD36-Temp Abandon. 1-ShutIn. 25-Plugged.WEST BARNSDALL FIELD WATERFLOODMississippi Chat & Arbuckle Gas Potential.Project Situated On Red Eagle Anticline.63-Wellbores Drilled To 1,278 Ft.-2,961 Ft.100% OPERATED WIt; 80% NRICumm’d Oil To Date: 2,137 MBO450-Leasehold Acres Available For Flooding.Sufficient Source Water May Be Obtained.Est Recoverable Rsrvs: >1,500 MBO3-Analogous Bartlesville Floods.Total Development Cost Est: $4,370,0003-Independent Studies Supporting— Viability Of The Flood & Est RecoveryCALL AGENT FOR SALE STATUS
PP 3956WF
PAYNE CO., OK PROSPECT5,538-Contiguous Net Acres.Horiz. Misener/Hunton Dewatering Project.Targeting Hunton Zone. 5,100 Ft. (TVD)3-D Seismic Shoot Completed.Seller Will Deliver Avg 79% NRI. OK/DV/3DEst Reserves: 1.0-20 MBO & 1.0-2.5 BCFCALL GENERATOR FOR DETAILS
DV 5387
PITTSBURGH CO., OK PROSPECT1-Proposed Test Well. 268-Acres.Targeting Hunton Formation Gas. OK/DVProposed Depth: 6,600 Ft.Selling All Depths Below Base Hartshorne.43.3% WI Available; 33.5% NRIEstimated IP: 2.0 MMCFDOKLAHOMA AGENT HAS UPDATES
DV 5288
POTTAWATOMIE CO., OK PROSPECT3-ShutIn.Significant Development Opportunity.100% Working Interest Available. DV/OKLast Production: 3.0 BOPDCONTACT AGENT TO LEARN MORE
DV 5110
ROGERS CO., OK PROPERTIES50+ Oil & Gas Wells. 4,375-Acres.Producing From Penn. Age Reservoirs —— Also Rowe Coal Seam. 700-1,100 Ft.Numerous PUD Locations Identified.Great Development Opportunity.100% Working Interest; 80% NRI ~650 MCFDAvg Net Production: ~500 MCFDLAND DATA AVAILABLE UPON REQUES
PP 5498DV
SEMINOLE CO., OK PROSPECTOil Prospect.75 Miles SE Of Oklahoma City. ~40 MMBOHorizontal ReDevelopment.Analogous Field Cumm’d 90 MMBO.Est Reserves: ~40 MMBO
DV 5522
TULSA CO., OK GATHERING SYSTEMShutIn Pipeline With Equipment. 10 Sq Miles.OKLAHOMA SYSTEM CBM/PIPE
Significant CBM Exploration Within Acreage.Shallow Coal Seam Gas Production.100% OPERATED WI FOR SALESuitable To: Production & Pipeline BuyerSELLER HAS SOLID RIGHT OF WAYS
G 5617PL
WAGONER CO., OK PROJECT9,250-Net AcresWoodford Shale. 1,200-1,800 Ft.Upside Potential In Dutcher & Cromwell.Seller Will Deliver 78% NRI Average.Up To 60 BCF Per Well. 60 BCF/WELLCompletion: $800,000 per WellSUMMARY DATA ALSO AVAILABLE
DV 5678
WOODWARD CO., OK PROSPECT640-Acres. 1-Test Well.Morrow Sand, Chester Limestone.Total Depth: 9,100 Ft. OK/DV65% Working Interest; 78% NRIEst Reserves: 2.0 - 4.0 BCFDHC: $794,796; Compl: $572,631
DV 5593
CALIFORNIACALIFORNIA PROSPECT OFFERING1-Prospect.NW MCKITTRICK FIELDTargeting Main Area, Upper Zone,& Steven Sands. Depth: 3,500 Ft.Well Data, Surface Geology, >13 MMBO& Well To Well Correlations.50% Working Interest; 77% NRI (Lease)Horizontal Potential.Est Recoverable Reserves: 13.7 MMBOSELLER LAND DEPT HAS INFO
DV 5734HZ
OKLAHOMANOBLE CO., OK WATERFLOOD6-Well Bores. 760-Leasehold Acres.RED FORK-Secondary Recovery Project.11-Wells To Be Drilled For Maximum— Waterflood Sweep Efficiency.Skinner Formation - Behind Pipe Secondary— Objective & Deeper Mississippi Potential.Only Portion Of Trend Never Waterflooded.100% OPERATED WI; 75% NRIInfrastructure In Place. WATERFLOODRecoverable Rsrvs: 1.1 MMBO & 6.0 BCFSecondary Recoverable: 800 MBOExploit PNP Remaining Recoverable Rsrvs.Negotiated Sales Process.CA Required to Review Reservoir— Engineering & Other Extensive Data.SUMMARY PACKAGE AVAILABLE
PP 3896WF
NORTH PAWHUSKA GAS PLAY PKG4-Wells.CHAUTAUQUA PLATFORM BASINPAPPIN FIELDWayside and Lovell Sandstone Production.100% OPERATED WI; ~80% NRIGross Production: 159 MCFD 127 MCFDNet Production: 127 MCFDAvg Net Cash Flow: $12,774/MnAUCTION ENDS MARCH 31, 2009
PP 4025AU
OKFUSKEE CO., OK PROSPECTS4 To 6-Potential Wells. 640-Acres.Targeting Wilcox Formation. 3,700 Ft.Cromwell Potential Identified.Probable BailOut In The Atoka Formation.Defined By Subsurface Geology. >780 MMBOE75% NonOperated WI; 78% NRI (Lease)Est Reserves: 750 MMBO & 200 MMCFDHC: $291,000; Compl: $342,000LAND MANAGER HAS MORE INFO
DV 6481
OKLAHOMA OPERATED PROPERTIES23-Wells; 3-SWD, 19-PDP & 1-INAEIGHT COUNTIES 2,285 MMCFEDProducing from 14 Zones.Additional Revenue Stream: Gathering— Line w/Interconnect On CenterPoint.Mostly 100% Working Interest For Sale.Est Net Production: 24 BOPD & 348 MCFDEst Net Cash Flow: $175,294/MnNet Reserves: 150 MBO & 1,385 MMCFNet PV10: $10,863,996VIRTUAL DATA ROOMAGENT REPORTS SALE IS PENDINGCONTACT AGENT FOR UPDATE
PP 3799DV
OKLAHOMA OVERRIDES FOR SALE~12,000-Net Acres.WOODFORD SHALE PLAY OVERRIDESHUGHES & PITTSBURGH COUNTIES80% of Leases Held By Production.16-Additional Wells Recently Drilled.Numerous Permits In Progress.OVERRIDING ROYALTY INTERESTTotal Net Cash Flow: $15,500/MnAGENT PROVIDING ONLINE PACKAGE
RR 3852
OKLAHOMA PROSPECT SALE40-Wells. 3-SWD. ~24,000-Net Acres.OKMULGEE, OKFUSKEE, HUGHESWoodford Shale Horiztonal Activity.3-D Seismic Data Available.Complete Infrastructure In Place.READY TO DRILL WOODFORDEst Reserves: 413 BCFCONTACT SELLER FOR MORE INFO
DV 5709HZ
OKLAHOMA SALE PACKAGE30-Wells. 1-New. 1-Compl. 34-Locs.CUSTER, HASKELL, LE FLORE,& PITTSBURG CO. 264 MCFEDWEATHERFORD, STIGLER WEST,& KINTA FIELDSSkinner, Atoka, Cherokee, Hunton, Brazil,Red Oak, Spiro, Wapanucka Production.3-D Seismic Available.Small NonOperated WI For Sale.Est Gross Prod: 129 BOPD & 6,441 MCFDEst Net Prod: 4.0 BOPD & 255 MCFD(2)New Wells to Add $9,600 - $16,050/MnNet Proved Rsrvs: 8.2 MBO & 5.9 BCFNet Proved PV(10): $9,153,571CONTACT PLS FOR MORE DETAILS
PP 4231DV
OKLAHOMA SHALE ACREAGE8,400-Net Acres.WOODFORD SHALE PLUSMultiPay Prospects. 1,500-10,000 Ft.Goddard, Sycamore, Hunton, Caney ShaleViola, Stanley, Jackfork.Polk Creek & Womble Shales. OKLA/DEALSProprietary 3-D Shoot In Progress.Seller Will Deliver 73% NRI.>1,400 Drilling Locations. 80-Ac Spacing.HOUSTON SELLER HAS ACREAGE
DV 5468
OKLAHOMACARTER CO., OK PRODUCTION4-Wells; 1-SWDMorris & Deese FormationsHorizontal Drilling Potential HORIZONTAL100% Operated WI; 87.5% N.R.I.Avg. Production: 12 BOPDSWD Well Permitted For CommercialAll Wells Located Within 10 Sq. Mi.SELLER REVIEWING ALL OFFERS
PP 6196DV
CENTRAL OKLAHOMA DEVELOPMENTSeveral MultiLateral Locations.Skinner Sand & Hunton Lime Formations.Depths Range: 6,400 - 7,000 Ft.SEEKING WI PARTNERS TO DRILLSeller Will Deliver 79.25% NRI. HORIZONTALSuperb Economics, Safe Environment.1st Location Rsrvs : 496 MBO & 3.2 BCFConfidentiality Agreement Required.CALL GENERATOR FOR DETAILS
DV 5911HZ
CENTRAL OKLAHOMA OIL DEALWaterflood Project. 760-Acres.NORTH PLAINS AREA WATERFLOODTargeting Red Fork Sands. ~4,300 Ft.Skinner & Mississippi Upside Identified.6-Existing Wellbores & Equipment.Additional Wellbores Need Drilling.Vertical & Horizontal Opportunity.100% OPERATED WI; 75% NRIPrimary Cumm’d Production: ~586 MBOEst Reserves: ~1.1 MMBO & 6.0 BCFEst Rsrvs From New Drilling/Waterflood.Net PV10 Value: $54,000,000Est Development Costs: ~$11,000,000CA Required to Review Technical Data.
DV 4369WF
CREEK CO., OK PROPERTY1-Gas Well.GYPSY SOUTHWEST 130 MCFDMultiple Productive Horizons Include —— Dutcher, Skinner, Squirrel, & Atoka.100% OPERATED WI; 81.25% NRINet Production: 130 MCFDEstimated Well Life: 20+ YearsRecently Purchased New Equipment.AGENT HAS MORE DATA AVAILABLE
PP 6435DV
DEWEY CO., OK PROPERTYWellBore Only; 160-AcresCESTOS SE FIELD - JONES H LEASE100% OPERATED WI; 76.5% NRIGross Prod: 20 BOPD & 125 MCFD PP/OKIncludes SaltWater Disposal WellOperator: XOG Operating LLCAGENT HAS ADDITIONAL DATA
PP 3934
DEWEY CO., OK PROSPECT640-Acres. 2-Test Wells.Oswego Limestone, Morrow Sand, 2 TEST & Chester Limestone. 9,000 Ft. (TD) WELLS75% Working Interest; 78% NRIEst Well Rsrvs: 1.0-2.0 BCFG & 20 MBODHC: $855,181; Compl: $600,100
DV 5594
DEWEY CO., OK PROSPECT20,000-Acres (Mostly Contiguous).ANADARKO BASIN ANADARKOObj 1: Woodford Shale. 14,000 Ft.Obj 2: Mississippian Osage. 13,500 Ft.Obj 3: Cottage Grove Sand. 8,500 Ft.Develop With Horizontal Drilling.OPERATIONS ARE AVAILABLESELLER HAS MORE DETAILS
DV 5579
GARVIN CO., OK PROSPECT5-Proposed Wells. ±200-Acres.Multiple Reservoir Potential. ~1.6 BCFETotal Depth: ~4,750 Ft.Low-Risk Prospect. Pipeline Nearby.Up To 37.5% WI Available; 75% NRI (Lease)Offsets Recent 500 MCFD Completion.Est Reserves: ~100 MBO & 1.0 BCFGENERATOR HAS MORE DETAILS
DV 5425
JACKSON CO., OK PROSPECT200-Acres.HARDEMANMiss Mud Mound. 9,600 Ft. 500 BCFLow Risk Horizontal.Excellent Porosity & Permeability.3-D Seismic. G&G. EMT.100% OPERATED WI; 75% NRI.Est Reserves: 500 BODHC: $1,232,225; Compl: $210,000CONTACT SELLER FOR MORE INFO
DV 5608 HZ
LOGAN CO., OK COMPLETION1-Horizontal Well. Needs Completion.Hunton Clarita Formation.Total Depth: 7,500 Ft.Contact With PayZone: 2,500 Ft.Drainage Spacing Of 320 Acres.Seller Will Deliver 75% NRI. COMPLETEEstimated IP: 1.0-1.5 MMCFD>20 5x-10x Payout Horiz Wells Close By.Potential Total Sales: $15,000,000Est Proved Rsrvs: 1.0-3.0 BCF & 150 MBOPrice Set - 1% WI HU Min BTB 10%Acquisition/Completion Cost: $1,750,000DETAILED SUMMARY AVAILABLE
DV 5755HZ
CALIFORNIACALIFORNIA PROSPECTS FOR SALE9-Prospects. >10,000-Acres.SAN JOAQUIN BASINAntelope Valley TrendMulti-Zone Potential. >90 MMBOEDepths: 2,750-5,500 Ft.2-D Seismic Data, Well Data,& Surface Geology.25% Working Interest; 78% NRI (Lease)Est Total Rsrvs: >60.9 MMBO & 185.9 BCFLAND MANAGER HAS MORE INFO
DV 5738
KERN CO., CA PROSPECT1,416-Acres.WEST ANTELOPE HILLS >2.6 MMBOEObj 1: Point Of RocksObj 2: Marbury #1 & #2 SandsObj 3: Paleocene/Cretaceous Sands3-D Seismic & SubSurface Mapping.Field Has Cumm’d 17.2 MMBO & 8.0 BCF.Est Reserves: ~2.38 MMBO & 1.5 BCFDrilling Costs/Well: $417,000-$492,000GO TO PLSX.COM FOR PACKAGE
DV 5079
KERN CO., CA OFFERING420-Acres.WEST CARNEROS CREEKObj 1: Agua FormationObj 2: Phacoides Sands ~4.1 MMBOObj 3: Point Of Rocks2-D Seismic & GeoChemical Survey.Field Has Cumm’d 1.4 MMBO & ~8.0 BCF.Est Reserves: ~4.1 MMBODrilling Costs/Well: $417,000-$492,000GO TO PLSX.COM FOR PACKAGE
DV 5078
STANISLAUS CO., CA PROSPECT1-Proposed Test Well.SAN JOAQUINNear McMullin Ranch & VernalisTargeting Upper Cret. Winters. >39 BCFTest Depth: 7,500 Ft.Defined By Seismic & Well Control.100% WI Available; 76% NRIEst Reserves: >39 BCFEst Drill Cost: $700,000SELLER HAS MORE INFO AVAILABLE
DV 5730
NEVADAELKO CO., NV PROJECT11,000-Net Acres. 14,000-Gross Acres.MARY’S RIVER VALLEYTERTIARY & PALEOZOIC TESTDepth On Each High Is 8,000 Ft.Seismic Control Confirms Major Low-Relief Surface Anticlinal High.38 Degree Oil. 250 MMBO100% OPERATED WI; NRI NegotiableSEEKING JV PARTNERS TO DRILL3-Wells Drilled Down West Flank EncounterVery Good Oil & Gas Shows - Light Oil.Est Total Reserves: 250 MMBO2-IMMEDIATE PROPOSED TEST WELLSMajor Oil Company In This PlaySeller Acreage Costs Are ReasonableGeological & Drilling Data Available.
DV 9505
WHITE PINE CO., NV PROSPECT2-Proposed Wells. 10,914-Acres.BUTTE VALLEY BASINRANGE PROVINCE 2.9 MMBO/WELLObj 1: Diamond Peak. 4,500 Ft.Obj 2: Guilmette. 7,500 Ft.Flat Topography. Easy Access.2-D Seismic & Geology/Geochemistry.100% OPERATED WI; 80% NRIEst Well Reserves: 2.9 MMBODry Hole: $2,100,000; Compl: $1,000,000CALL LANDMAN FOR SHOWING
DV 4130
WASHINGTONPACIFIC COAST PROSPECT3-Proposed Wells. 11,325-Acres.ASTORIA BASINSouthwest Washington MULTIPAYTargeting Eocene Sand Reservoir.Add’l Potential Zones Identified.Drilling In Early 2009.SEEKING 49% PARTNER TO DRILLSeller Will Deliver 80% NRI.Est Reserves: 230 BCFLocal Markets & Infrastructure.CALL LANDMAN FOR SHOWING
DV 5421
–Listings For Sale
• heartland Energy develop- ment corp. purchased 100% WI in theCerda #1 Wilcox gas well in Jim HoggCo., Texas. Heartland is shooting 3Dseismic on its 860-acre lease, with anoption to lease an additional 800 acres.Heartland also has WI in the MargoHeirs Field in Starr Co., Texas. Thecompany has participated in drillingMargo Heirs wells 1-4 (10 MMCFeDcombined), and plans to participate inthe drilling of two more Vicksburg wellsduring the first half of 2009.
• idgloBal corp. is partici pat-ing in the San Simon project, an 11,000ft. re-entry gas well in Lea Co., NewMexico. San Simon is a proposed re-entry of a 2004 Morrow wildcat drilledby EOG Resources. Production testswere performed in the Morrow and the Wolfcamp prior to abandon ment,but the Atoka Lime between 11,950 and 12,000 feet was not tested. IDGacquired 56% WI in the 320-acre project for $260,000 and 100% of there-entry costs ($295,000).
• mariner Energy increased year-over-year net production 18% to118.4 BCFe (325 MMCFeD). Mariner
posted capital expenditures of $1.4 billion last year,increasing proved reserves
17% to a record 973.9 BCFe (70%proved developed) at year end andreplacing 217% of reserves. Marinerwas successful in 20 of its 25 offshorewells drilled in 2008. Mariner also hasfour rigs drilling in the Permian Basin,where it drilled 122 wells last year.
• ngas Resources reported 57 BCFe in proved reserves at y/e2008, up 20% over 2007. Including
PUD locations, however,proved reserves fell from
105 BCFe to 78 BCFe in the sameperiod. Production increased 13% to3.7 BCFe (11 MMCFeD) last year. During 2008, NGAS began horizontaldrilling in its Leatherwood field(Appalachia), drilling 20 such wells (56% WI) with 3,500-ft. laterals in theDevonian shale. Initial 30-day produc- tion rates averaged 309 MCFD.
• northern Explorations and anoperator are shooting seismic in twoCentral Valley, California, gas projects.Norex will have 50% WI in the initialtwo wells. The first gas well targetsexisting seismic data that indicates a50 foot pay zone at 8,000 ft. The com-pany is also negotiating a majorityworking interest in two gas projects inCalifornia which show the potential tocontain up to 50 BCF.
• occidental Petroleum reported2.98 BBOE of proved reserves at year-end 2008 (74% proved developed), up
from 2.87 BBOE at the end of2007. Oxy added 463 MMBOE
last year, but then lost 127 MMBOE in negative price revisions. Occidentalspent $4.4 billion on exploration anddevelopment activities in 2008 andanother $3.5 billion on property acquis i-tions in the Rockies and Permian Basin.
E&P Briefs
NACOGDOCHES/RUSK CO., TX4,796-Acres.HAYNESVILLE SHALE PLAYDepth: 10,400 - 11,400 Ft.
Surrounded By Haynesville Production.
Seller Is Farming Out Haynesville/CV Lime.
Haynesville Produces 37-45 BCFE/Section.
6.5 BCFE/Well On 80-Acre Spacing.
Total Recoverable Rsrvs: 277-337 BCFE
DV 5180
Call Ronyld Wise
For a Showing
713-650-1212
dv
www.plsx.com
Property Review?PLS offers quick turnarounds on engineering and technical property reviewsContact Richard Martin, 713-650-1212 To Learn More
Rates $75-$250 per hour
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–Listings For Sale
PAGE 17PROSPECTS & PROPERTIES
WASHINGTONPACIFIC NORTHWEST GAS PROSPECT>44,000-Net Mineral Acres.ASTORIA BASIN 500 BCFProven Eocene Sand Reservoir.Drilling Down To Crescent Volcanics.Drilling Late 2008.SEEKING 40% PARTNER TO DRILLSeller Will Deliver 80% NRI.Est Reserves: 500 BCFInfrastructure & Facilities Nearby.CALL LANDMAN FOR SHOWING
DV 5420
WAHKIAKUM & COWLITZ CO., WA50-Well Project. 55,000-Net Mineral Acres.ASTORIA BASINObj 1: Cowlitz Sandstone. 3,200 Ft.Obj 2: McIntosh Sandstone. 4,500 Ft.Defined By Geophysics & Geology. ~700 BCFSEEKING INDUSTRY PARTNERS49% NonOperated WI; 80% NRI (Lease)Est Well Reserves: 1.5 - 10 BCFEst Project Reserves: 700 BCFDry Hole: $1,840,000; Compl: $1,310,000CALL LANDMAN FOR SHOWING
DV 5159
ALASKAALASKAN OPPORTUNITIES50-Leases.COOK INLET BASINMultiple Prospects Areas In Basin.Obj 1: Hemlock, Tyonek & Beluga FmsObj 2: Sterling Formation100% WI Available. >6.0 TCFEPotential Industry Alliances Possible.Est Rsrvs/Prospect: 300 MMBO & 1.0 TCFCooperative Industry Effort.New Government Tax Benefits.New Tax Benefits - WORTH THE LOOKCALL GEOLOGIST TO LEARN MORE
DV 5840L
COOK INLET ALASKA PROSPECT2-Proposed Wells. 225,000-Acres.BELUGA AREATyonek Sands. 4,000 Ft.Coal-Sourced Gas Play. 50 BCFMultiple Prospects Identified.2-D Seismic Data, Geology/Geophysics.NonOperated WI For Sale.Est Project Reserves: 50 BCFDHC: $3,200,000; Compl Cost: $1,000,000
DV 5033
COOK INLET, AK PROSPECT122,000-Acres.Conventional Natural Gas Prospect.2-D Seismic Available.READY TO DRILL 1.0 TCF40% Working Interest For Sale.Est Reserves: ~1.0 TCFGas Pipeline Located On Property.Excellent Natural Gas Market.CALL CALIFORNIA GENERATOR
DV 2719
NORTH SLOPE & BEAUFORT SEA10-Leases.STINSON FIELD NORTH SLOPEEast Of Point Thomson FieldTertiary, PreTertiary, PreCambrian Horizons.— Drillable From Onshore North Slope.PROVEN PRODUCTIONLeases Exceptionally Researched.100% WI Available.Potential Industry Alliances Possible.Analog Field Has 300 MMBO & 4.0-7.0 TCF.Cooperative Industry Effort.New Government Tax Benefits.RARE OPPORTUNITY - GIANT RESERVESCOMPANY MAKER OPPORTUNITYCALL GEOLOGIST FOR MORE INFO
DV 5480L
NORTH SLOPE., AK PROSPECT135,000-Acres.PRUDHOE BAYKUPARUK RIVER 250 MMBOObj 1: Lisburne CarbonatesObj 2: Kuparuk C Sand PlayDefined By Seismic Data.Infrastructure Near Prospect.100% OPERATED WI Available.Analogs Yield Giant Oil Accumulations.Under-Explored On Block.Potential Reserves: 250 MMBOExpirations from 2011 - 2012.Sunk Land Costs: $3,800,000CONTACT SELLER FOR MORE INFO
DV 5482
NORTH SLOPE., AK OFFERING600,000-Acres.Target Multiple Reservoir & Source RocksExtensive 3-D Seismic Coverage.20-30% WI Available. 12.5%-16.6% RI.Oil And Gas Potential AK/DVPotential Rsrvs: 450 MMBO & ~4.0 TCFLeases Expire In 2014.SELLER HAS MORE INFORMATION
DV 5570
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NEW MEXICOCHAVES CO., NM PROSPECT1-Proposed Well. 2,560-Acres.PERMIAN 1.5 MMBOTargeting Strawn Formation. 6,800 Ft.SubSurface Geology & Geophysics.100% OPERATED WI; 76% NRIEst Reserves/Well: 200 MBOEst Reserves/Project: 1.0-1.5 MMBODHC: $600,000; Compl: $350,000LANDMAN HAS MORE DETAILS
DV 5550
LEA & EDDY CO., NM PACKAGE8-Wells.Located In Various Fields. PERMIANProducing From Morrow Formation.NonOperated WI & ORRI Available.AGENT HAS MORE DETAILS
PP 5155RR
LEA CO., NM LEASEHOLD480-Acres.TEAS AREA LEASEMorrow, Atoka, & Bone Spring Potential.Seller Will Deliver 80% NRI.Lease Expires: September 1, 2012PLS HAS EXACT LOCATION OF LEASE
L 5048
LEA CO., NM MINERALS±1,500-Net Mineral Acres.MINERALS FOR LEASE MINERALSMiscellaneous Leases Near Tatum, NM.~8 Adjacent Producing Zones Identified.3-Year Lease: $200/Acre + 75% NetAGENT HAS MORE DETAILS
M 6468L
LEA CO., NM PROSPECT4-Proposed Wells.PERMIAN 625 MBOObj 1: Devonian Formation. 12,300 Ft.Obj 2: Bough C Formation (3 Wells)Located On Faulted Anticline.Defined By 3-D Seismic & Well Control.87.5% Working Interest; 75% NRIEst Devonian Well Rsrvs: 250 MBOEst Bough C Well Rsrvs: 125 MBOEst Project Reserves: 625 MBOASK SELLER FOR PASSWORD— TO ONLINE DATA ROOM
DV 3787
LEA CO., NM OFFERING1-Proposed Well. 320-Acres.DELAWARE BASIN >1.8 MMBOEObj 1: Morrow Formation. 12,600 Ft.Obj 2: Wolfcamp Formation. 11,100 Ft.Other Potential Formations Identified.3-D Seismic & SubSurface Geology.100% OPERATED WI; 75% NRIEst Morrow Reserves: 5.0 BCFEst Wolfcamp Reserves: 1.0 MMBODHC: $3,000,000; Compl: $1,500,000
DV 5301
LEA CO., NM SALE PACKAGE7-Wells. 1-SWD. 560-Acres.LYNCH FIELD PERMIAN OILYates - Seven Rivers Oil Production.100% OPERATED WI; 80%-87.5% NRI.Gross Production: 26 BOPDAvg Net Cash Flow: $40,000/MnSELLER LAND DEPT HAS DATA
PP 5367DV
NEW MEXICONEW MEXICO DEEP GAS PLAY~106,000-Net Acres .ALBUQUERQUE BASIN >10 TCFDEEP GAS PLAY. 8,000 Ft. - 18,000 Ft.1,000–2,000 Ft. Mature Mancos Shale.Multiple Tertiary & Cretaceous Gas Targets.Drill Sites Identified & Ready To Permit.1,000-Line Miles ReProcessed Seismic.SEEKING JOINT VENTURE PARTNERSMulti Pipelines w/Capacity Traverse Acreage.Large Proprietary Geologic & Geophysical— Database Developed.Est Reserves: >10 TCFEst IP: 5-15 MMCFD & EUR: 5-15 BCFEPrimarily Fee Leases/No Permitting Issues.Drill & Completion: $6,000,000PART OF A LARGER OFFERINGCONTACT AGENT FOR UPDATE
DV 3761
NEW MEXICO OIL & GAS PLAYSSizeable Acreage Position. 4-Counties.SAN JUAN BASINRIO GRANDE RIFT FEE LEASESMancos Shale As Source Rock.Multiple Cretaceous Targets.Large Proprietary Geologic & Geophysical— Database Developed.SEEKING JOINT VENTURE PARTNERSEst Albuquerque Rsrvs: >10 TCFEst Santa Fe Hagen Rsrvs: 50-100 MBO3-Drill Sites Permitted & Others Identified— Ready To Be Permitted.OFFERS DATE PASSED. CALL AGENT.
DV 3760
NEW MEXICO OIL CBM PLAYS75,000-Net Acres. 1-ShutIn Included.SANTA FE HAGEN EMBAYMENT OILMultiple Cretaceous Targets. 2,500-7,500 Ft.Mancos Shale Source Rock.39-41 API Light Sweet Crude.SEEKING JOINT VENTURE PARTNERSLarge Proprietary Geologic & Geophysical— Database Developed.Primarily Fee Leases. MENEFEE CBM
Est Recoverable Reserves: 50-100 MBOEst IP: 30-125 BOED & EUR: 40-75 MBOESingle Zone-MultiZone Commingled Expected.Drill & Completion: $1,200,000PART OF A LARGER OFFERINGCONTACT AGENT FOR UPDATE
DV 3762SI
ROOSEVELT CO., NM PROSPECT4-Proposed Wells.PERMIAN ~1.0 MMBOObj 1: Devonian Formation. 11,800 Ft.UpThrown Side Of Faulted Anticline.Seller Has Seismic Data Available.87.5% Working Interest; 75% NRIEst Well Reserves: 250 MBOEst Project Reserves: 1.0 MMBOASK SELLER FOR PASSWORD— TO ONLINE DATA ROOM
DV 3759
ROOSEVELT CO., NM WILDCAT6-Well Project. 320-Acres.PERMIAN BASINNORTHWEST SHELF PERMIANDevonian Objective. 12,500 Ft.Pennsylvanian Bough C. 9,800 Ft.3-D Seismic. SubSurface Geology.87% OPERATED WI; 75% NRITotal Prospect Reserves: 1.0 MMBODevonian Est Reserves: 250 MBO/WellDry Hole: $2,000,000; Compl: $500,000ASK SELLER FOR PASSWORD— TO ONLINE DATA ROOM
DV 3984
apache targets geauxpher production by mayApache plans to spend $3.5 to $4.0 billion on exploration and development
this year targeting annual production growth of 6% to 14%. In the Gulf ofMexico, the Geauxpher field, a large gas discovery at Garden Banks 462, is pro-jected to commence production in May at a net rate of 50 MMCFD.
In Canada’s Horn River Basin, Apache plans to continue todevelop the optimum strategy for its Ootla Shale well com-pletions in 2009. The company completed seven horizontal
Ootla wells last year, the last of which had a 10-stage frac and gross estimatedreserves of 7.4 BCF.
In Australia, the 20,000 BPD Van Gogh development remains on schedulewith first production expected in the second quarter. The Pyrenees developmentalso remains on track for a Q1 2010 start-up for an additional 20,000 BPD.
Earlier this year Apache reportedthree new field discoveries in west-ern Egypt that tested a total of 80MMCFD and 5,909 BOPD – allfrom Jurassic formations. In all,Apache averaged 74,705 BOPD and 290 MMCFD in Egypt last year, but plansto drop some of its 42 rigs running in the area this year.
Apache’s volumes declined 5% in 2008 to 534,000 BOEPD as a result of theJune 3 pipeline explosion and fire at Apache's Varanus Island hub offshore west-ern Australia as well as the Gulf Coast hurricanes. Had those events not occurred,2008 production would have increased by 2.0%.
Apache replaced 122% of production last year, including 118% through thedrill bit. But proved reserves declined 2% in 2008 to 2.4 BBOE as a result oflower commodity prices. Nearly all of the reserve revisions were in NorthAmerican assets.
For 2008, Apache reported net income of $706 million despite a $3.6-billionwrite down on lower commodity prices. Excluding the write-down and certainother after-tax items net income was $3.8 billion. Apache exited 2008 with a lowdebt- to-cap of 23% and has $2.3 billion in available credit facilities.
aTP targets Telemark completionATP Oil & Gas hopes to have its deepwater Telemark Hub online by year
end. In the northern portion of the hub (Mississippi Canyon), ATP is nearingcompletion on the 25,000-BOPD and 60-MMCFD ATP Titan floating platform.
ATP has already spud three wells in the area that are drillingtowards ~17,000 ft. TD. In the southern area of Telemark,ATP plans to drill a subsea well on Atwater Valley Block 63
and connect it back to ATP Titan. On the GOM Shelf, ATP has placed two wells on production at High Island A-
589. The wells were completed in the 9,800-ft. and 10,000-ft. sands. Metricswere not released. The company isalso targeting first production fromthree wells at South Marsh Island190 in the third quarter.
This January, the Discovery Pipeline was restored to service, enabling ATP toresume production at its Gomez Hub (100% WI, operator) in Mississippi Canyon711. The Mississippi Canyon 711 #8ST2 well is now being completed.
In February, ATP received $150 million in financing from GE EnergyFinancial Services in order to own and operate a floating production unit in thedeepwater Gulf of Mexico. GE gained a 49% limited partnership stake, markingits first investment in a floating production facility. ATP remains operator andcontinues to hold 100% WI in the deepwater Gomez field.
The facility will sit 80 miles south of New Orleans. Known as the ATPInnovator, it will process up to 20,000 BOPD and 100 MMCFD. The partnershipplans to process additional reserves from a third party producer by 2010.
ATP purchased and converted the unit from a drilling semi-submersible riginto a floating production facility in 2005.
ATP estimates it added about 100 BCFe in proved reserves, while producing57 BCFe (156 MMCFeD) last year and selling 68.5 BCFe of reserves in-placelast year. This year, the company has set a capex budget of $300 to $500 million.
Offshore
Apache exited 2008 with a low
debt- to-cap of 23% and has $2.3 billion
in available credit facilities.
The ATP Titan platform will process
25,000 BOPD and 60 MMCFD.
ENERGY TRADEPRODUCERSERVICES
713.874.8400dteenergy.com
Maximize CompetitionMaximize Value
www.energynet.comwww.plsx.com
DELTA CO., CO PROJECTSOUTH PICEANCE BASINEst Project Reserves: +/- 10 BCF
DV 3992
• Petro Resources is participat-ing in Goodrich Petroleum’s Surpriseprospect in Nacogdoches Co., Texas.
The first four wells were suc-cessful with a fifth drillingahead. The Hill #1 (10% WI),
a Bossier Sand well, posted initial production of 9.4 MMCFD and theTucker #1 (5% WI), a Bossier Shalewell, initially produced 600 MCFD. The Lilly #1 (10% WI) and Grigsby #1 (10% WI) were completed in theTravis Peak with IPRs of 3.0 MMCFDand 2.9 MMCFD, respectively.
• Precision Petroleum purchasedinterests in four wells in Oklahoma,three in Garvin County and one in Pottawatomie Co. Combined produc-tion is 40 BOEPD. Elsewhere, Preci-sion is participating in a 10-well drillingprogram in the Powder River Basin in Montana.
• Probe Resources ramped upvolumes on its South Timbalier 214 A-6Sidetrack #1 well in the Gulf of Mexicoto 35 MMCFD and 450 BPD of conden-sate with a flowing tubing pressure of8,600 psi. Probe holds 100% WI and a70% NRI in the well.
• Ram Energy Resources sur-passed its production guidance of 2.55 MMBOE (~7,000 BOEPD) last
year. RAM has set a capex of$40-45 million in 2009 to keepvolumes flat. RAM plans to drill
45 wells in Burkburnett, Texas, and toundertake a number of recompletionsin Pontotoc Co., Oklahoma. RAM alsohas 27 PUD locations, 13 probablelocations and 31 possible locations inSouth Texas for the Vicksburg andWilcox formations.
• Royale Energy encountered gaswith its newest discovery, LonestarEast, in Texas. The well was drilled to6,400 ft. TD and encountered 24 ft. ofpay in the Forbes formation. Only thelower 10 ft. was perforated, flowing atan initial test rate of 1.45 MMCFD.While testing, Royal encountered threeshallower zones that may have futuregas potential.
• samson oil & gas is reworkingthe Leonard #1-23H (10% WI) in NorthDakota’s Williston Basin. Prior to thework over, the well was free flowing ataround 300 BOPD.
• saxon oil reported provedreserves at y/e 2008 of 482,943 BOand 3.0 MMCF, a 12.5% in oil reserves
and a 36.7% increase ingas reserves from a year
ago. Estimated probable reserves(unrisked) increased 38% from 43,247barrels to 69,702 barrels, while proba-ble gas reserves increased 40% from274 MCF to 459 MCF.
• south Texas oil estimates itstotal proved reserves were 5.1 MMBOE(12% developed) at y/e 2008, up from581,000 BO a year ago. The companyhas set a 2009 capex of $10 million.Most reserves are in the Giddings andBastrop fields. Drilling focuses primarilyon the Austin Chalk, Georgetown andBuda formations, where the companyhas an inventory of 27 laterals whichrange from 500 to 5,000 feet.
• w&T offshore posted sales volumes of 56 BCF and 7.0 MMBO last year on capital expenditures of
$774.9 million, which is doublewhat it spent in 2007. W&T completed 18 of 24 exploration
wells last year, 16 on the shelf and five on the deep shelf. W&T began the year with 639 MMCFe in provedreserves and ended it 29% lower with 491 MMCFe. This year, W&T hasset a capex budget of $220 to $270million, targeting volumes of 94 BCFe(~260 MMCFeD).
–Listings For Sale
PAGE 18 MARCH, 2009
COLORADOMOFFAT CO., CO PROSPECT80-Potential Wells. 19,620-Gross Acres.SAND WASH BASINObj 1: Mancos Shale. 18,000 Ft.Obj 2: Frontier / Dakota. 18,000 Ft.Large Structure UnTested At Depth. 250 BCF2-D Seismic & SubSurface Geology.100% OPERATED WI; 80% NRIEst Reserves/Well: 3.0 BCFEst Reserves/Proj: 250 BCFDHC: $3,000,000; Compl: $2,000,000LAND MANAGER HAS MORE INFO
DV 5792
RIO BLANCO CO., CO SALE PKG28-Wells. 5-ShutIn. 14-TA’d. 1-SWD.PICEANCE BASIN. ~9,520-ACRES.WHITE RIVER DOME FIELDUpper Cretaceous & Mesa Verde Production.62-PUD Mesa Verde & Wasatch Locations.Field Being Developed on 40-Ac Spacing.Newly Developed/Productive lles Sands.89% Ave Working Interest; 70% Ave NRIEst Gross Production: ~3.5 MMCFEDEst Net Production: ~2.6 MMCFED ~2.6 Net Cash Flow: $327,500/Mn MMCFEDEst PROV Gross Reserves: 108 BCFEEst PROV Net Reserves: ~78 BCFEOperators In Area Utilizing 20 & 10 Ac Sp—Represent Significant P2/P3 Reserve Base.AGENT HAS STATUS UPDATE
PP 3952DV
ROUTT CO., CO PROPERTY2-Oil Wells.GRASSY CREEK FIELD 13 BOPDWells Have Produced Gas Before.Net Production: 13 BOPDAvg Net Cash Flow: ~$36,600/MnAUCTION ENDS MARCH 18, 2009
PP 6466AU
ROUTT CO., CO PROSPECT16-Potential Wells. 2,902-Gross Acres.SAND WASH BASIN >7.0 MMBOEObj 1: Mancos/Niobrara. 6,000-10,000 Ft.Obj 2: Frontier/Dakota. 10,000-11,500 Ft.2-D Seismic & SubSurface Geology.100% OPERATED WI; 80% NRIAnalogs Have Cumm’d >1.5 MMBO Each.Est Rsrvs/Well: 100 MBO - 1.5 MMBO— PLUS 500-900 MMCFEst Rsrvs/Proj: 3.0-5.0 MMBO & 25 BCFDHC: $2,500,000; Compl: $3,500,000LAND MANAGER HAS DETAILS
DV 5793
MONTANACUSTER CO., MT PROSPECT162,000-Gross & 123,000-Net Acres.WILLISTON BASINShannon & Eagle Sandstone. 4,000 Ft.Muddy Sandstone. 5,500 Ft.100% Working Interest; 80% NRI MULTIPAYEst Well Reserves: 750 MMCFEst Project Reserves: 200-400 BCFDHC: $250,000; Compl: $200,000REQUEST PACKAGE TO LEARN MORE
DV 5531
DANIELS CO., MT PROSPECT108-Potential Wells. 138,000-Acres.WILLISTON BASINObj 1: Bakken. 7,600 Ft. 151 MMBOObj 2: Charles. 6,500 Ft.Mission Canyon Potential Identified.Generated With SubSurface Geology.100% OPERATED WI; 80% NRIEst Reserves/Well: ~1.4 MMBOEst Reserves/Project: 151 MMBODHC: $4,500,000; Compl: $1,000,000
DV 5622
MONTANA PROSPECT OFFERING71,694-Gross & 42,245-Net Acres.SHERIDAN & DANIELS CO.Williston Basin ~5.0 MMBOEHorizontal Bakken Shale Opportunity.MultiZone Potential Identified.Avg 7,500 Ft. Deep w/ 9,500 Ft. Horiz Leg.SubSurface Geology. Gravity & Magnetics.75% WI Available; 80% NRI (Lease)Complete Operations AvailableEst Reserves: ~4.5 MMBO & 2.5 BCFDrill & Completion: $5,500,000PROSPECT GENERATOR HAS INFO
DV 5673HZ
NORTHERN MONTANA PROJECT90,000-Net Acres.KEVIN-SUNBURST DOME MT PROJECTProlific & Mature Region.MultiZone Potential. 500 - 3,300 Ft.Surrounded By Shallow Production.EXPERIENCED PARTNERS50% Working Interest Available.Infrastructure Has Been Established.Est Reserves: 25 MMBO & 100 BCFLOW WELL COSTSCALL PLS TO LEARN MORE
DV 5763
UTAHCARBON CO., UTAH PROSPECT40-Potential Wells. 8,065-Acres.Obj 1: Emery TargetObj 2: Forron Potential 100 BCF100% OPERATED WI; 80% NRIEst Reserves/Well: 3.0-4.0 BCFEst Reserves/Project: 100 BCFDHC: $1,000,000; Compl: $1,000,000SELLER HAS MORE DETAILS
DV 5134
CENTRAL UTAH PROSPECT~108,612-Gross & 66,700-Net Acres.SEVIER THRUST & HINGELINE PLAYDakota, Feron, & Navajo Sand Targets.Twin Creek Limestone Potential.Est Reserves: 1.0 BBOE 1.0 BBOE
CALL UTAH PROSPECT GENERATOR
DV 5555
EMERY CO., UT PROSPECT2-Phase Project. 240-Acres.UINTA BASIN >390 MBO2 Re-Entry Wells, Then 4 Step-Out Wells.Targeting Triassic Moenkopi Formation.Proposed Depths: 3,400 - 4,000 Ft.Sinbad Lime Potential. 3,600-3,800 Ft.75% Working Interest; 87.5% NRISignificant Development Opportunity.Est Reserves/Well: 65.2 MBOEst Reserves/Project: 391.2 MBODHC: $75,000 Re-Entry, $190,000 NewCompl: $65,000 Re-Entry, $175,000 NewSELLER HAS MORE DETAILS
DV 5501RE
LARGE UTAH GAS PROJECT5-Well Pilot. ~75,000-Lease Acres.CEDAR CITY & KANEBKANE & GARFIELD UTAH CBMObj: Dakota Smirl & Bald Knoll Coals.Drilling & Producing Depth: 500-2,500 Ft.Coals Thickness: 20-30 Ft.50% WI Available In 3-Phase Project.SHALLOW GASSEEKING PARTICIPANTS TO EVALUATEEst Total Reserves: 250-750 BCF1000-Well CBM Project.PLS ASSISTING PROJECT GENERATOR
DV 4339L
RICH CO., UTAH PROSPECT1 To 10-Proposed Wells. 5,525-Net Acres.WYOMING THRUST BELTObj 1: Madison Formation. 6,400 Ft.Obj 2: Bighorn Formation. 9,000 Ft.Defined By Geophysics. 200+ BCFE25%-50% WI; 80.75% NRI (Lease)100% Operations Available.Est Project Reserves: 200 BCFEReady To Drill.Dry Hole Cost: $2,200,000COLORADO PROSPECT GENERATOR
DV 5994
TOOELE CO., UTAH PROSPECT9,355-Gross & Net Acres.SEVIER THRUST & FOLD BELTTwin Creek Limestone.Depth: 9,500 Ft. 500 MBOENavajo & Diamond Creek Sandstone.100% Working Interest Available.Analogs Producing 10,000 BOPD.Est Reserves: 500 MBOECALL UTAH PROSPECT GENERATOR
DV 5910
UINTAH & GRAND CO., UT PKG25-Wells. 6-SI. 3-Compl. 1-Well Location.UINTA BASIN (16,802-Net Acres)FLAT ROCK FIELD (3-Areas) 1,426 MCFED10 Commercially Productive Zones.Wingate, Entrada, Morrison, DakotaCedar Mnt, Mancos, Mesaverde, Wasatch.Significant Resource Play Potential.Operated & NonOperated WI For Sale.Gross Production: 22 BOPD & 8,963 MCFDNet Production: 1,426 MCFEDEst Proved Net Rsrvs: 40.3 BCFe118 Sq Mi Of 3-D Seismic Available.3rd Party Engineering Report Available.PLSX.COM FOR ONLINE SALE PACKAGE
PP 4214DV
UTAH OIL EXPLORATION PROJECT4 To 5-Wells.Targeting Ismay & Desert Creek Fm’s.Pennsylvanian Aged Objectives.Proposed Depths: 5,000-6,000 Ft.Proprietary Technologies. G&G. 25-100 MBOSEEKING 75% WI PARTNEROffsetting Field Has Cumm’d >440 MBO.Est Reserves: 25-100 MMBOTotal Project Cost: $4,611,000Total Est Net Revenue: $143,257,000CONTACT PLS TO LEARN MORE
DV 5799
MONTANARICHLAND CO., MT MINERAL LEASE960-Gross & 160-Net Acres.ELM COULEE FIELDBakken Shale Play. MINERALSOffsetting Wells Operated By —EOG And Headington.CONTACT SELLER W/ LEASE OFFERS
M 5529L
ROOSEVELT CO., MT PROSPECT100-Potential Wells. 110,000-Acres.WILLISTON BASINObj 1: Bakken. 8,900 Ft.Obj 2: Red River. 11,000 Ft. >53 MMBOMultiple Targets Identified.3-D & 2-D Seismic Data, G&G.90%-100% OPERATED WI; 80% NRIEst Reserves/Well: 536 MBOEst Reserves/Proj: 53.6 MMBODHC: $4,500,000; Compl: $1,000,000
DV 5623
SHERIDAN CO., MT FARMOUT45,000-Net Acres.BAKKEN OPPORTUNITY BAKKEN FONear Old Vertical Bakken Production.Recent Bakken DST w/ Oil Recovery.3-D Seismic Coverage Available.GEOLOGIST HAS MORE DETAILS
FO 5870
SHERIDAN CO., MT PROSPECT35,000-Acres.BAKKEN SHALE BAKKENObj 1: Bakken Horizontal.Obj 2: Three Forks, Nisku. 8,000 Ft.Defined By SubSurface Geology.75% OPERATED WI; 75% NRIEst Reserves/Well: 400 - 800 MBO— PLUS 1.0 BCF Per WellDHC: $3,000,000; Compl: $2,000,000GENERATOR HAS MORE DETAILS
DV 5744
TOOLE CO., MT PROSPECT1-Well. 40-Acres.Western Canadian Sedimentary BasinObj 1: Bakken Shale. 3,500 Ft.Obj 2: Cretaceous Sands ~14 MMBOSubSurface & Surface Geology.49% NonOperated WI; 80% NRI (Lease)Est Reserves/Well: 200-500 MBOEst Reserves/Project: 7.0-14 MMBODHC: $900,000; Compl: $1,700,000CALL MICHIGAN GENERATOR
DV 5852
NORTH DAKOTADUNN CO., ND PACKAGE138,000-Gross & ~5,880-Net Acres.WILLISTON BASINProducing Wells w/ Additional Acreage.Horizontal Bakken Shale. PP/BAKKENSanish/Three Forks Potential.Avg 9,500 Ft. Deep w/ 9,500 Ft. Horiz Leg.Several Wells Currently Being Completed..05-4% Non-Operated W.I. AvailableCumm’d To Date: ~771 MBO & 390 MMCFYOUNG PLAY - ~200 Days Old.SIGNIFICANT PUD LOCATIONSAdditional Well D&C: $6,500,000PROSPECT GENERATOR HAS DATA
PP 5672DV/HZ
DUNN CO., ND PROPERTY27-Oil Wells. 6,000-Net Acres.BAKKEN SHALE PP/NDSmall NonOperated WI Available.Net Cash Flow: $28,000/MnSELLER HAS MORE DETAILS
PP 5254
NORTH DAKOTA LEASEHOLDS142-Lease Options.BAKKEN SHALE POSITIONS238,949-Gross & 211,677-Net Acres.3-5 Year Lease Terms. LEASESAll Terms Negotiable.CONTACT GEOLOGIST FOR INFO
L 5516
NORTH DAKOTA LEASES37-Wells. ~91,800-Net Acres.WILLISTON BASINBurke, Mountrial, Dunn, McLean& Mercer Counties. 1,465 BOEDBakken Production & Leasehold.120-Potential Drilling Locations (640-Ac Sp)Federal, State and Fee Leases.77% NRI Delivered.Gross Production: 15,020 BOEDNet Production: 1,465 BOEDNet Cash Flow: $1,570,000/Mn5-NonOperated Rigs Drilling On Acreage.~75,800-Net WER Acres.Leases Expire in 2009 – 2018AGENT SAYS CA REQUIRED FOR DATA
PP 3885DV
STARK CO., ND PROSPECT~25,000-Gross & ~16,000-Net Acres.BAKKENTwenty Five (25) Potential 640-Acre Units.Multiple PayZones Identified.Seller Has Additional Info. ND/DVLeases Expire: Late 2013
DV 5458
NEW MEXICOSAN JUAN CO., NM PROPERTIES16-Gas Wells.BASIN FRUITLAND FIELD ~1,400 MCFDVarious OPERATED & NonOp WI & NRI.Net Production: 1,399 MCFDAvg Net Cash Flow: ~$28,000/MnAUCTION ENDS MARCH 18, 2009
PP 6467AU
COLORADOADAMS & WELD CO., CO PROPERTY1-Oil & Gas Package.Varying WI & NRI Available. ~450 MCFEDNet Production: 26 BOPD & 293 MCFDWell Cumm’d ~1.2 MMBO & ~12.2 BCF.Avg Net Cash Flow: ~$33,000/MnAUCTION ENDS MARCH 18, 2009
PP 6464AU
DELTA CO., CO PROJECT40-Well Drilling Program. ~13,500-Acres.SOUTH PICEANCE BASINObj 1: Dakota Sand. 2,300 Ft.Obj 2: Cedar Mt & Morrison Sand. 3,700 Ft.SubSurface Geology.100% OPERATED WI; 75% NRI +/- 10 BCFEst Well Reserves: 250 MMCFEst Project Reserves: +/-10 BCFDry Hole: $145,000; Compl: $75,000
DV 3992
KIOWA CO., CO PROPERTIES3-Producing Wells.JACE FIELD ~50 BOED2-ShutIn. 1-SWD. 1-Inj.12%-14.8% NonOperated WI; 11.95% NRINet Production: 49 BOPD & 10 MCFDAvg Net Cash Flow: ~$21,000/MnAUCTION ENDS MARCH 18, 2009
PP 6465AU
KIT CARSON & YUMA CO., CO GAS PLAY5-Horiz Develop Wells. 35,135-Net Acres.NIOBRARA CHALKSOUTHERN EXTENSION HORIZONTALDrill Horizontal Test Wells-Shallow Depths.Chalk Has High Porosity/Low Permeability.Known Gas Producing Interval—Gas- Saturated Reservoir Over Extensive Area.SEEKING JV PARTNERS TO DRILL36 Cheyenne Plains Pipeline Close By.>500 Potential Drilling Locations.Est Recoverable Rsrvs: 0.5-1.0 BCF/WellHorizontal Lateral Development Potential- Can Increase Recoverable Gas-6.0 BCFSeller To Develop Leasehold Acreage.SUMMARY PACKAGE AVAILABLE
DV 3877HZ
LARIMER CO., CO PROSPECT10-Potential Wells. 2,560-Acres.DJ BASINMuddy Formation. 4,500 Ft. ~2.0 MMBO2-D Seismic & SubSurface Geology.50% OPERATED WI; 85% NRI (Lease)Est Reserves/Well: 250 MBOEst Reserves/Project: 2.0 MMBODHC: $830,000; Compl: $700,000SELLER HAS DATA TO REVIEW
DV 5747
LOGAN CO., CO PROSPECT2+ Wells. 200-Acres.DJ BASIN >500 MBOO.1 Sands Target. 5,300 Ft.Defined By SubSurface Geology.Horizontal Offset - Heavy Oil Discovery.37% OPERATED WI; 83% NRI (Lease)Est Reserves/Well: 250 MBOEst Reserves/Project: >500 MBODHC: $700,000; Compl: $160,000SELLER HAS MORE INFO AVAILABLE
DV 5745
LOGAN CO., CO PROSPECT1-5 Drill Sites.DENVER BASIN, BONANZA FIELDMulti-Pay J & O Sandstones.3-D Seismic Survey. IP: >135 BOEDSeller Will Deliver 80% NRI.Net Production: 75 BOPD & 100 MCFDEst Reserves: 120 MBO & 180 MMCFDHC: $325,000; Compl: $250,000CALL OPERATOR FOR MORE INFO
DV 5083
MESA CO., CO PROSPECT140-Wells. 1,400-Acres.PICEANCE BASIN ~98 BCFObj 1: Mesa Verde Williams Fork. 6,000 Ft.Obj 2: Mancos Formation. 7,500 Ft.Dakota Potential Also Identified.Defined By SubSurface Geology & OffSets.100% OPERATED WI; 80% NRIEst Reserves/10 Acres: ~700 MMCFEst Williams Fork Reserves: ~98 BCFDHC: $750,000; Compl Cost: $300,000CALL PLS FOR SELLER DETAILS
DV 5073
MOFFAT CO., CO OFFERING13,212-Gross & 10,729-Net Acres.SAND WASH BASINTargeting Mancos/Baxter Formations.Thickness: 5,000 Ft. CO/DVPotential For Multi-Stage Fracs.Nearby Drilling Shows Overpressure.75% OPERATED WI; 80% NRI (Lease)CALL EXPLORATIONIST FOR INFO
DV 5161
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–Listings For Sale
PAGE 19PROSPECTS & PROPERTIES
UTAHUTAH PROSPECT FOR SALE275,000-Acres.SOUTH CENTRAL AREAObj 1: Twincreek. 6,000-10,000 Ft.Obj 2: Navajo. 6,000-10,000 Ft.Defined By Geophysics & Geochemistry.Numerous Potential Wells.100% OPERATED WI; 80% NRI 1.0 BBOEst Reserves/Well: 1.0-4.0 MMBOEst Reserves/Proj: 1.0 BBODHC: $1,000,000; Compl: $500,000SELLER HAS MORE NOTES
DV 5136
UTAH PROSPECT OFFERING150-Potential Wells. 27,389-Acres.UINTA BASINObj 1: Green River. 2,600-8,000 Ft.Obj 2: Wasatch. 8,000-12,000 Ft.2-D Seismic & Geochemistry. UINTA100% OPERATED WI; 80% NRIEst Reserves/Well: 100 MBO & 5.0 BCFEst Reserves/Proj: 5.0 MMBO & 4.0 TCFDHC: $1,000,000; Compl: $600,000SELLER HAS LEGAL LOCATIONS
DV 5133
WYOMINGBIG HORN BASIN ACREAGE SALE3-Key Areas. 29,811-Net Acres.CORRAL CREEK, POLECAT, BIG HORN& SCHUSTER FLATSObj 1: Frontier & Muddy FormationsObj 2: Greybull Potential IdentifiedProposed Depths: 8,000-16,000 Ft.Structural/Stratigraphic Trap.
DV 5119
CAMPBELL CO., WY PROPERTIES119-Total Wells. 4-PUD Locations.POWDER RIVER WY / CBMProducing CBM From Multiple Zones.Avg 25.5% WI Available; 80% NRI (Lease)Operations Available On 77 Wells.Net Production: 207 MCFDGas Rates Increasing From De-Watering.Est Remaining Net Rsrvs: 7.0 BCFElectrical & Gathering In Place.GENERATOR HAS MORE INFO
PP 5674DV
CARBON CO., WY DEVELOPMENT4-Proposed Wells. 1,700-Acres.Frontier & Wall Creek Formations.Proposed Depth: ~1,800 Ft. WY/DVDeep Rights Also Possible.Niobrara Potential - Needs Frac Job.49% NonOperated WI; 77% NRISEEKING PARTNERS TO DRILLCurrent Net Production: ~6.0 BOEDCompletion Cost: $1,750,000 (4 Wells)ESTABLISHED AREA PRODUCER
DV 5769PP
CARBON CO., WY LEASEHOLD~3,416-Gross/Net Acres.MESA VERDE CBM PLAY LEASE/CBM PLAYNonProducing Leasehold.Shallow CoalBed Methane Development.All P&NG Rights Over Leases.100% Federal Lands.100% WI Available; 87.5% NRIPipeline 1 Mile West Of Acreage.Leases Expire: Late 2009 / Early 2010AGENT HAS UPDATE AVAILABLE
L 5919DV
CONVERSE CO., WY PROSPECT5,798-Acres.READY TO DRILL WY/DV100% OPERATED WI; 75% NRIC.A. REQUIRED FOR MORE DATA
DV 5157
CROOK & CAMPBELL CO., WY PROJECT25-Proposed Wells.Minnelusa Target. 7,000 Ft. 350 MBO/3D3-D And 2-D Seismic, Plus G&G.OVER 60 DEFINED PROSPECTS50% NonOperated WI; 40% NRIEst Well Reserves: 350 MBODry Hole: $500,000; Compl: $300,000
DV 5304
CROOK CO., WY PROSPECT8-Well Project. 1,000-Acres.POWDER RIVER BASINObj 1: Minnelusa. 8,000 TD. WILDCATObj 2.: Dakota/Muddy. 6,500 Ft.3-D Seismic. SubSurface Geology.75% OPERATED; 75% NRI DeliveredEst Well Reserves: 800 MBOEst Project Reserves: 6.4 MMBOASK SELLER FOR PASSWORD— TO ONLINE DATA ROOM
DV 3967
Read the latest midstream market news
at www.plsx.com
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Tuesday, March 10, 2009 | Volume 2, No. 3
MIDSTREAMNEWSServing the Midstream Marketplace with News, Insight & Opportunities
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Regency finally receives Haynesville pipeline fundingETP launches Tiger Pipeline open season
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Dark road ahead for midstream M&A
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WYOMINGLARAMIE CO., WY PROSPECT150,000-Acres.DJ BASIN WY/DV/HZNiobrara Formation. 7,500 Ft.High Potential Well Count.Defined By SubSurface Geology.Horizontal Completion Opportunity.100% OPERATED WI; 85% NRIEst Reserves/Well: ~160 MBOEst Reserves/Project: ~10 MMBODHC: $930,000; Compl: $231,000CONTACT SELLER TO LEARN MORE
DV 5748
NATORONA CO., WY OFFERING640-Acres.WIND RIVER BASIN WY/DVObj 1: Lance & Fort Union. ~10,000 Ft.Obj 2: Muddy Formation. ~19,000 Ft.Obj 3: Lakota Formation. ~19,500 Ft.100% Working Interest; ~81% NRI (Lease)Total Est Reserves: 756 MBO & 205 BCFSELLER HAS MORE INFO
DV 5462
NATRONA CO., WY PROSPECT20-Proposed Wells. 2,322-Acres.Tensleep Formation. 4,000 Ft.SubSurface Geology Available. 20 MMBO100% OPERATED WI; 80% NRIEst Reserves/Well: 1.0 MMBOEst Reserves/Project: 20 MMBOSELLER HAS MORE INFO
DV 5135
SHERIDAN CO., WY CBM ACREAGE22,000-Net Fee Acres.POWDER RIVER BASINRoland Coals. 170 Ft. - 1,585 Ft.Roberts/Oedekoven. 2,050 Ft. - 3,575 Ft.Successful 16-Well Offset To The North.Two (2) Gas Pipelines Over Acreage. CBMDrilling Costs: ~$150,000/WellCONTACT PLS FOR MORE INFO
DV 4122
SWEETWATER CO., WY ACREAGE~29,810-Gross/Net Acres.EASTERN GREEN RIVER BASIN LEASESNonProducing Leasehold.Multi Reservoirs: Mesa Verde Almond Bars– Mesa Verde Estuarine, Lewis Turbidites– and Fractured Shales, Fox Hills Shoreline– Fort Union Coals & Mesa Verde Fluvial.100% OPERATED WI. ~83% NRI89% Federal Lands & 11% State Lands.Leases Expire 2011 And Beyond.CONTACT AGENT FOR UPDATE
L 3961DV
SWEETWATER CO., WY PROPERTY2-Gas Wells. 1-ShutIn. 2,040-Acres.EAST-CENTRAL WASHAKIE BASINMesaverde TrendProducing From Upper & Lower Almond.Depths: 11,556-12,576 Ft.Drilling Potential - Behind Pipe Reserves.ReWork Potential On ShutIn Well.100% OPERATED WI; ~75% NRIGross Production: 250 MCFD 188 MCFDNet Production: 188 MCFDNet Cash Flow: ~$72,000/MnTotal Proved Reserves: ~2.5 BCFAFFORDABLE UPSIDE OPTION
PP 5725DV
SWEETWATER CO., WY PROSPECT2-Proposed Wells. 640-Acres.GREEN RIVERTargeting Baxter Shale (Airport Sandstone).Proposed Depth: 11,700 Ft.3-D Seismic & SubSurface Geology.100% Working Interest; 75% NRI RE-ENTRYHorizontal Potential Also Identified.Est Well Reserves: 1.0-2.0 BCFEst Project Reserves: 2.0-4.0 BCFCompletion Cost: $495,000
DV 5300RE
SWEETWATER & CARBON CO., WY20-Wells. 1-Well ShutIn. 18-PUD.WASHAKIE BASINWAMSUTTER AREA NONOPERATED4,484-Gross Acres. 2,116-Net Acres.Mostly Producing From Almond Formation.MultiPay & Behind Pipe Reserves in 2-Wells.Part Of OnGoing Drilling Program By Operator.5-Well Drilling Program Planned.30%-50% NonOperated WI For Sale.Projected Net Prod: 20 BOPD & 3.0 MMCFD41-Probable & Possible Locations Remain.Projected Net Cash Flow: $860,000/MnNet PROV Reserves: 157 MBO & ~23 BCF42-Additional Locations w/40-Acre Spacing.Net Proved PV10: $60,881,000Remaining PUDs - Low Risk w/ High Return.AGENT HAS CURRENT STATUS
PP 4869DV
WESTON CO., WY PROSPECT320-Acres.POWDER RIVER BASIN 720 MBO
Newcastle (Muddy) Sand Target. 2,950 Ft.Acerage Allows 5-Infill & 4-StepOut Wells.75% Working Interest; 87.5% NRI (Lease)Operations Are Negotiable.Est Reserves/Well: 90 MBOEst Reserves/Project: 720 MBODHC: $165,000; Compl: $135,000SELLER HAS MORE DATA AVAILABLE
DV 5475
Internationally, the company is touting its Jubilee field in Ghana to flowas much as 30,000 BOED by Q4 2010, while Algeria’s El Merk projectwill add another 15,000 BOED by 2012. In March, Anadarko’s Tweneboa-1 discovery well offshore Ghana encountered 70 feet of net pay and hasthe potential for significant production. The well discovered a light hydro-
carbon accumulation in similar-age sands as thenearby Jubilee field.
“Anadarko keeps finding hundreds of millions of barrels worldwide,”wrote analysts at Tudor Pickering & Holt. “The street is thinking 500MMBOE predrill, but more work is needed to understand the field size,”the analysts added. Appraisal is planned in the second half of the year.
The Tweneboa-1 well, on the deepwater Tano License, was drilled,logged and cased to a depth of 11,790 ft., and is being deepened to furtherassess additional pay zones. It was drilled using the Eirik Raude deepwa-ter rig in a water depth of 3,770 ft., about 16 miles west of the Jubileefield. The Tano license is 18% owned by Anadarko, with partners TullowOil (49.95%), Kosmos Energy (18%), Sabre Oil & Gas (4%) and theGhana National Petroleum Corp (10% carried interest).
Once drilling activities are finished, Anadarko and its partners will con-tinue activity in the Jubilee field. The partnership also plans to continue anactive program offshore Ghana with initial appraisals of three recent dis-coveries at Odum and Mahogany Deep on the West Cape Three PointsBlock and Tweneboa on the adjacent deepwater Tano license.
In total, Anadarko has added more than one billion equivalent barrels ofnet risked captured resources since March of 2008.
anadarko sets capex continued from page 1
Parallel farms out acreage to chesapeakeParallel Petroleum has partnered with Chesapeake Energy to develop
Parallel’s Barnett Shale assets. Chesapeake already operates the lands with 60%WI and Parallel will now farm out 100% of its 35% stake on ~25,600 gross acres.
Chesapeake will fund all drilling and completing costs on the assetsthrough year end 2016. Once the wells pay out and Chesapeake recovers150% of its costs, Parallel will back in for 17.5%. An estimated 61 wells
will be drilled this year, with a total of 500 wells likely to be drilled under theentire agreement.
The deal doesn’t put cash in Parallel’s pockets, but it will alleviate more than$51 million of drilling costs.
“Parallel’s hand was forced as Chesapeake drilled wells (but didn’t complete),so Parallel had to invest capital but got no cash flow. … Chesapeake clearly wins
and Parallel retains an option on acreage they used to own,” analysts atTudor Pickering and Holt said.
At year-end, Parallel had a total of 37 (13.26 net) wells in progress, ofwhich 34 (12.12 net) wells were shut-in awaiting pipelines or completion,
and 3 (1.14 net) wells were drilling. Of the 34 wells shut-in, 31 (9.49 net) wellswere in the Barnett, 2 (1.75 net) were in the Wolfcamp, and 1 (0.88 net) was in thePermian Basin. Of the three wells now drilling, 1 (0.01 net) well was drilling in theWolfcamp, 1 (0.88 net) in the Permian, and 1 (0.25 net) in the Cotton Valley.
Meanwhile, Parallel has revised its 2009 capex budget to $29.1 million, down76% from its preliminary $118.8 million budget. Parallel plans to drill seven (4.4net) wells and rework or convert-to-injection 22 (19.3 net) existing wells thisyear. Parallel will allocate $12.1 million to the Permian, $10.2 million for theBarnett and $5.2 million for the New Mexico Wolfcamp gas project.
Parallel increased its fourth quarter volumes 14% from a year ago to 7,641BOEPD, although quarterly volumes fell 7% sequentially. New MexicoWolfcamp gas volumes rose 16% from the third quarter to 2,456 BOEPD, butBarnett volumes fell 31% to 1,715 BOEPD, South Texas volumes fell 23% to283 BOEPD, and Permian volumes fell 17% to 526 BOEPD in the sameperiod. Proved reserves decreased 13% from year over year to reach 33.2MMBOE at y/e 2008.
Quicksilver doublesBarnett volumesQuicksilver Resources plans to drill
180 operated wells in the Barnett Shaleand to connect 100 of these wells to
sales this year. In the last quar-ter of last year, Quicksilverdrilled 67 (63.2 net) operated
wells in the Barnett, connecting 58(53.8 net) of these to sales.
Company production was 327MMCFeD in Q4, up 48% from a yearago driven by higher volumes in theBarnett, where drilling coupled with theAugust 2008 Alliance acquisition (40MMCFeD) increased volumes 96%year over year. Full year production alsorose from 2007, up 23% to 263MMCFeD, on capital expenditures of$1.3 billion (excluding acquisitions).
Quicksilver also plans to drill 175(92 net) wells at Horseshoe Canyon,British Columbia, this year.Quicksilver expects to keep produc-tion flat with the fourth quarter of2008, resulting in annual productiongrowth of 23% in 2009.
noble sets $1.6 billion capexFlows 30 mmcFd from Tamar wellNoble Energy set a $1.6 billion capex budget for 2009, subject to a 15%
adjustment up or down. Last year’s capex was $2.26 billion. Expenditures inWest Africa, the North Sea, Equatorial Guinea and Israel will represent 30% of
the spending, up from 15% last year. Production should averageslightly higher than 2008 levels but U.S. volumes may decline 5%.
Last year, Noble’s net income reached $1.35 billion, with discre-tionary cash flow of $2.4 billion. In the U.S. Northern Region (Wattenberg andPiceance), Q4 production reached a record 83,000 BOEPD, up 3% from a yearago. Offshore, deepwater Noble volumes fell to 9,000 BOEPD during Q4. Thecompany ended 2008 with 864 MMBOE in proved reserves, adding 115MMBOE, or 147% of 2008 production.
Earlier this year Noble flow tested its Tamar gas discovery offshore Israel(5,500 Ft Water) at 30 MMCFD. The Tamar #1 well drilled to 16,076 feet TD, andencountered more than 460 feet of net pay. Noble has increased its estimatedgross resource potential at Tamar from 3.1 TCF to 5.0 TCF and plans on keepinga semi-submersible drilling rig, the Atwood Hunter, offshore Israel for two addi-tional wells.
Noble will next spud the Dalit exploration prospect in the Michal license. Dalithas a pre-drill gross resource of 700 BCF with a 40% chance of success. Locatedin 4,500 feet of water and 28 miles offshore, Noble is targeting 12,500 feet deep.Noble operates both the Matan and Michal licenses with 36% WI. Other interestowners are Isramco Negev 2 (28.75%), Delek Drilling (15%), Avner Oil (15%)and Dor Gas (4%).
comstock completestwo haynesville wellsComstock Resources has com-
pleted two horizontal wells with eightin progress on its 86,032 (70,504 net)
acres (70,504net) on theHaynesvilleShale. The
BSMC La 7 #1H well (88% WI) in theToledo Bend North field posted an IPrate of 9.0 MMCFeD, while the R. F.Gamble 24 #1H (22% WI) initiallyproduced 14 MMCFeD.
As reported last month, Comstockhas cut its drilling budget from $450million to $366 million and expects to
drill 41 (34.8 net) wells in 2009 spend-ing $319 million in Louisiana to drill 30(25.8 net) Haynesville horizontals andtwo (1.6 net) Cotton Valley horizontals.The company plans to spend $47 mil-lion in South Texas on five wells.
Comstock reported a net loss of$96.4 million last quarter despiteincreasing volumes 23% off a year agoup to 164 MMCFeD. However forthee year, net income reached $252million. Onshore volumes were 59.9BCFe up 32%. Comstock discontinuedits offshore operations after sellingBois d'Arc to Stone Energy lastAugust for $439.9 million in cash and5.3 million shares.
One well flowed 14 MMCFeD.
sandRidge retains six rigs at Pinon fieldSandRidge Energy drilled 257 wells
last year at its West Texas Overthrustplay, bringing that total well count to 660(632 net). SandRidge has six rigs run-
ning, primarily inthe Pinon field,which holds 5.7
TCFe of 3P reserves. The most prolificreservoir in the Pinon field is theWarwick Caballos high CO2 reservoir atdepths of 6,000 to 8,000 ft. SandRidgeestimates its 137 wells drilled there havean EUR of 7.5 BCFe each. SandRidge isconstructing the Century Plant process-ing facility to increase its CO2 treatingcapacity from its 300 MMCFD to asmuch as 800 MMCFD.
Over in East Texas, SandRidge hasdrilled its first Haynesville vertical wellin Rusk County, and tested it at 1.5MMCFeD. Sandridge has a second welland controls 36,000 acres in theHaynesville. Last year, the company(which traces linage back to NationalEnergy) drilled 54 Cotton Valley wellsfor a total well count of 232 (218 net).
SandRidge exited 2008 at 325MMCFeD, up ~40% from a year ago.Full-year production averaged 277MMCFeD and proved reserves rose42% to 2.159 TCFe. That said, the com-pany is reducing its 2009 rig count from47 operated rigs to nine.
Encore begins haynesville developmentEncore Acquisition Co. has drilled its first Haynesville well in the
Greenwood Waskom field in Caddo Parish and will complete the well with an11-stage frac. The company is also spudding a second shale well. Encore has a
JV with ExxonMobil drilling deep Permian gas wells and has alreadybrought four wells online including the McElroy Ranch 132-62H(Wilshire Field) at an IP of 8.7 MMCFeD. The well is flowing 7.2MMCFeD two months later. Encore is also completing an offset to its
Pyote 3-3H that came online at 13.2 MMCFeD.In 4Q 2008, Encore also completed 3 wells and re-fraced two more in its Bakken
and Sanish program in the Williston. During 2008, the company completed twelveBakken and Sanish wells, with seven-day IPRs of 411 BOEPD per well. Encore re-fraced six wells in North Dakota last year with average 30-day uplift rates of 118BOEPD each. Encore is now completing its first Sanish well on the 70,000-acreAlmond prospect near NE Mountrail County.
Encore averaged 41,824 BOEPD in the 4Q, 11% higher than year-ago levels.For the full year, volumes rose to 39,470 BOEPD, up from 37,094 BOEPD in2007. Encore completed 296 (111.9 net) wells during 2008. Proved reserves were185.7 MMBOE (80% developed) at year-end 2008.
Encore is also chasing the Tuscaloosa Shale east of New Orleans.
WantedAnonymous buyer seeks:
Gulf Coast &Permian Basin Assets
For more info contact: Beau Kelley At PLS: (713) 650-1212
Go to www.plsx.com for more listings!
–Listings For Sale
PAGE 20 MARCH, 2009
WYOMINGWYOMING PROPERTIES FOR SALE~40,041-Net AcresPOWDER & GREEN RIVER BASINSNatrona, Converse & Carbon Counties.Developing Horizontal Play-Multi Formations.Primary Target: Lower Mowry Shale—+ Conventional & UnConventional Targets.Operated Wells and Leasehold. HORIZONTAL55% Working Interest; ~44% NRI PLAYCurrent Production (2-Wells): ~10 BOPDLong Term Leases Cover All Depths.COLORADO AGENT HAS UPDATES
PP 3935HZ
WYOMING PROPERTIES FOR SALE68-Operated Wells. 14-NonOperated Wells. 1,500 MCFD/CBMPOWDER RIVER BASINCAMPBELL, JOHNSON & SHERIDAN CO.>9,000-Undeveloped Net Acres: Big George3-NonOp PDNP Wells. >200-Drilling Locations.Big George Coal Seams Have Over— 100 Ft. Of Coal Thickness.OPERATED & NonOperated WI Available.Net Production: 1,500 MCFDGathering, Electricity and Low Cost Water— Disposal Designed/Awaiting Construction.Net Cash Flow: $100,000/MnOver 300-ShutIn Wells Waiting For— Infrastructure Completion. Plus BHP.Additional BHP Potential In Existing Wells.Custom Negotiated Transaction.CONTACT AGENT FOR PACKAGE
PP 3688DV
WYOMING PROSPECT FOR SALE16,564-Gross Acres & 10,682-Net Acres.NORTHERN GREEN RIVER BASINMerna-Daniel Anticline Exploration.Over-Pressured Gas To Mid-Lance. WYOMINGProposed Depth: 16,600 Ft.LAND MANAGER HAS MORE INFO
DV 5736
WYOMING PROSPECT OFFERING17,793-Gross Acres. 7,770-Net AcresNORTHERN GREEN RIVER BASINLance-Mesaverde FairwayCretaceous Hilliard Target. 14,500 Ft. WY/DVSeismic Data Is Available.LAND MANAGER HAS MORE INFO
DV 5735
INDIANAPIKE CO., IN PROSPECT9,378-Gross Acres.ILLINOIS BASIN IN/DVNew Albany Shale. 2,400 Ft.50% Working Interest; 87.5% NRI.CALL LANDMAN FOR DETAILS
DV 5511
KENTUCKYCLAY/LESLIE CO., KY PROSPECTS26,000+-Acres. Development Play.Multiple Pay Zones Identified. <3,200 Ft.600+-UnDrilled Development Locations.Excellent Horizontal Candidate.Complete Pipeline Infrastructure.147-Wells Currently Producing. DEVELOPMENTProduction Can Increase w/ Treatment.SELLER HAS MORE DETAILS
DV 5295
HENDERSON CO., KY PROSPECT2-Test Wells. 30,000-Acres.ILLINOIS BASINTargeting New Albany Shale. KY/DVTest Depth: 4,600 Ft.Prospect Is On Stratigraphic Trap.92% Working Interest Available.Est Well Reserves: 1.2-3.0 BCFEst Project Reserves: 100+ BCFECONTACT SELLER TO LEARN MORE
DV 5636
KENTUCKY LEASES FOR SALE~35,134-Gross & ~21,254-Net Acres.MCCLEAN, OHIO, WEBSTER,MUHLENBERG & HOPKINS CO.100% OPERATED WI; 82.5% NRILeasehold Is Available For Sale. KY/ACREAGEPLS HAS MORE INFO AVAILABLE
L 5775
KENTUCKY PROSPECT SALE41,790-Gross & 34,080-Net Acres.ILLINOIS BASINNew Albany Shale. 3,000-4,500 Ft.80% Working Interest; 65% NRI. >345 BCFEst Well Reserves: 750 MMCFEst Project Reserves: 345-700 BCFDHC: $850,000; Compl: $800,000.DENVER LANDMAN HAS DETAILS
DV 5951
MICHIGANANTRIM SHALE PROJECT60,000+ Acres.CLINTON, GRATIOT, SHIAWASSEE CO.Antrim Shale Target. 1,500-2,00 Ft. (TVD)Additional Upside Zones Identified.Unconventional Mixed Biogenic Gas——And Thermogenic Gas 460 BCFEst Rsrvs/Well: 1.5 BCF On 320-AcreEst Rsrvs/Project: 460 BCFVertical Well Cost: $300,000Horizontal Well Cost: $1,000,000LAND DEPT HAS MORE DETAILS
DV 5515
MANISTEE CO., MI PROJECT160-Acre Unit.NIAGARAN REEF TRENDPipeline Found Nearby. MI/DVAverage NRI: 80%Est IP: 150 BCPD & 1,500 MCFDEst Total Reserves: 700 MBC & 4.0 BCFCALL OPERATOR FOR MORE INFO
DV 5797
MANISTEE CO., MI PROSPECTNIAGARAN REEF TRENDTotal Vertical Depth: 5,060 Ft.Pipeline Within 2,000 Ft. MI/DVSeller Will Deliver 80% NRI.Initial Production: 25 BOPD & 500 MCFDEst Reserves: 250 MBO & 1.0 BCFCALL OPERATOR FOR MORE INFO
DV 5316
MICHIGAN OIL RESOURCE PLAY8-Wells. 36,500-Acres.ARENAC, BAY, CLARE, GLADWIN,& ROSCOMMON CO.Detroit River & Dundde Carbonates.Enhancement Targets Identified.Depths Range: 2,500-5,000 Ft. >210 BOEDSignificant Amount Of PUD Locations.100% WI Available; Avg 85% NRINet Production: 130 BOPD & 500 MCFDNet Cash Flow: ~$175,000/MnPotential Rsrvs: 80 MBO & 500 MMCFDrill & Completion: $850,000AGENT HAS UPDATE AVAILABLE
PP 5440DV
NEW YORKDELAWARE CO., NY PROSPECT12-Potential Wells. 940-Contiguous Acres.APPALACHIAN BASINMarcellus Shale Target. 36-42 BCFSignificant Horizontal Opportunity.100% OPERATED WI; 84% NRIEst Reserves/Well: 3.0 - 3.5 BCFEst Reserves/Prospect: 36 - 42 BCF5-Year Lease. 3-Year Extension.CONTACT PROSPECT GENERATOR
DV 5728
NEW YORKSTEUBEN/TIOGA CO., NY PROSPECT2,600-Acres.1-Trenton Black River Development.Also Prospective: Onadago Reef,Utica Shale, & Marcellus Shale DV/NYProposed Depths: 3,700-10,000 Ft.SEEKING PARTNERS TO DRILL& BUY MORE ACREAGETrenton Black River Well Costs: $5.0 MMCALL PLS FOR INTRO TO SELLER
DV 5798
OHIOGALLIA CO., OH LEASEHOLDS17,730-Acres.Devonian L Huron Shale. 2,500-3,000 FtReservoir Thickness: >250 Ft. OH LEASESSilurian Clinton Potential. 3,500 Ft.Mississippian Berea Potential. 1,600 Ft.100% Working Interest; 87.5% NRIRemaining Lease Terms: 1-4 YearsLAND MANAGER HAS DETAILS
L 6473
PENNSYLVANIABRADFORD CO., PA MINERALS1,054-Net Mineral Acres For Sale.MARCELLUS SHALEMonroe & Overton Districts MARCELLUSLease Assigned To Chief O&G - 3/091/8th Royalty Available.CALL PLS FOR INTRO TO SELLER
M 5365
CLINTON & CENTRE CO., PA LEASE~9,164-Acres.APPALACHIAN BASIN PA LEASESignificant Marcellus Shale Position.Acreage Is Available For Lease.CALL PLS FOR CONTACT INFO
L 5774
PENNSYLVANIAMARCELLUS PROSPECT FOR SALE40,000-Acres.NORTHEASTERN PENNSYLVANIAPrimary Target: Devonian Marcellus.Multiple Secondary Objectives. MARCELLUSPipeline In Place.CONTACT SELLER FOR SHOWING
DV 5311
MARCELLUS SHALE ACREAGE DEALPennsylvania-Based E&P Company.Leasing/Developing Marcellus Shale.SEEKING INDUSTRY PARTNER(S) ACREAGECONTACT GENERATOR FOR DETAILS
L 4168DV
MARCELLUS SHALE LEASE414-Acres.ARMSTRONG CO. MARCELLUSRight In The Heart Of The Play.Lease Available Due To Pugh Clause.Surrounded By Producing Wells.Lease HBP To Only 6,000 Ft—— Ground Floor Investment OpportunityTerms Are Negotiable.Serious Inquiries Only.CALL PLS FOR INTRO TO SELLER
L 5472
MARCELLUS SHALE PROSPECTSeeking JV Partner.Pennsylvania & West Virginia. MARCELLUS25,000-Acres Under Lease.CONTACT SELLER TO LEARN MORE
DV 3789
PENNSYLVANIA SHALE PROJECT10,000+-Acres; 5,900-HBP.ARMSTRONG, BUTLER, INDIANA& LAWRENCE CO.Prolific Marcellus Shale Position.FOR SALE or JOINT VENTURE MARCELLUSSeller Will Deliver 80% NRI.Lease Maps Are Available.CONTACT PROSPECT GENERATOR
DV 5859
POTTER CO, PROSPECT FOR SALE3-Contiguous Blocks. ~9,000-Acres.APPALACHIAN BASINTargeting Marcellus Shale. MARCELLUSExcellent Pipeline Access.Leases Held By Production.50% WI Available; 83%-84.5% NRICONTACT EXPLORATIONIST FOR INFO
DV 5074
TIOGA CO., PA LEASEHOLD~880-Gross Acres. ~816-Net Acres.MARCELLUS SHALEGAINES & ELK TOWNSHIPS LEASE85% NRIFive Year Leases Executed Feb-Mar 2008.CONTACT AGENT TO REQUEST PACKAGE
L 3608
TIOGA CO., PA OVERRIDES FOR SALE22,000-Acres.DELMAR, SHIPPEN, JACKSON MARCELLUSRUTLAND, SULLIVAN, FARMINGTON& ELKLAND TOWNSHIPSIn The Heart Of The Marcellus Fairway.OVERRIDING ROYALTY INTERESTDevelop MultiWell Drilling Program.Successful Marcellus Horizontal: Same AreaFavorable Economics.NEW YORK AGENT HAS DETAILED INFO
RR 3438OV
WEST VIRGINIABRAXTON CO., WV ACREAGE5-Proposed Wells. 405-Lease Acres.APPALACHIAN BASIN MARCELLUSStrong Marcellus Shale Position.100% OPERATED WI; 86.5% NRIEst Well Reserves: 3.0-3.5 BCFEst Project Reserves: 15-17.5 BCF5-Year Leases w/ 5-Year Extensions.CONTACT PROSPECT GENERATOR
DV 5990HZ
PRESTON CO., WV PROSPECT~2,200-Gross & 2,000-Net Acres.APPALACHIAN BASIN APPALACHIAObj 1: Marcellus Shale. ~7,900 Ft.Obj 2: Huntersville Chert. ~8,000 Ft.Significant Horizontal Opportunity.Seller Will Deliver 75% NRI.Analogs Producing Up To 5.0 MMCFD.Est Reserves/Well: 3.0 - 4.0 BCFCONTACT PROSPECT GENERATOR
DV 5855HZ
WEST VIRGINIA DRILLING PROJECT4-Counties.CLAY, ROANE, KANAWHA, WETZEL& DODDRIDGE CO.MultiTargets Including Marcellus Shale.Depths Range: 2,000-6,000+ Ft.Seller Can Deliver 84% NRI. DV/WVSEEKING JV PARTNER TO DRILLMinimum Investment: $50,000SELLER HAS MORE DETAILS
DV 6472
WEST VIRGINIAWEST VIRGINIA PROSPECT SALE100+ Potential Wells. >10,000-Acres.PRESTON & TUCKER CO.Marcellus Shale Opportunity. MARCELLUSDefined By SubSurface Geology.50%+ WI Available; ~37.5%+ NRIOperations Available To Qualified Partner.Est Reserves/Well: 5.0 BCFEXPLORATIONIST HAS DETAILS
DV 5282
MULTISTATEAPPALACHIA BASIN PROJECT3-Wells. 41,000-Contiguous Acres.WASHINGTON CO., PAOHIO CO., WV CBMSignificant UnDeveloped CBM Acreage.Large Upside & Development Potential.Pittsburgh Seam (CBM) Producers.Kittanning Seam Also Identified.50% Working Interest; 41.25% NRIProcessing Plant Included.CONTACT PROJECT OWNER
DV 5599
APPALACHIA BASIN PROSPECTSNumerous Drilling Prospects.WEST VIRGINIA & PENNSYLVANIAObj 1: Upper Devonian Wells. ~5,000 Ft.Obj 2: Marcellus (Vertical). ~7,600 Ft.NonOperated WI For Sale. APPALACHIAAvg Upper Devonian IP’s: 60-100 MCFDVertical Marcellus IP’s: 200-500 MCFDDevonian Wells Cost: $375,000-$500,000Vertical Marcellus Cost: $1,500,000SELLER HAS ADDITIONAL PROSPECTS
DV 5419
ARIZONA & NEW MEXICO GAS DEALProlific CO2 & Helium Field.ST. JOHNS FIELD CO2/HELIUMLargest Undeveloped Helium/CO2 Field——In North America.Gas Markets In Permian Basin Area.SEEKING JOINT VENTURE PARTNERSEst CO2 Reserves: 15 TCFMORE DETAILS COMING SOON
DV 5364
ARKANSAS / LOUISIANA PROSPECT937-Gross Acres.BOSSIER PH., LA AR/LA/DVLAFAYETTE CO., ARTargeting Haynesville & Cotton Valley.Proposed Depth: 11,000 Ft.Seller Will Deliver 73% NRI.Analogue Prod: 500 MCFD & 20 BOPDEst Well Reserves: 2.5 BCF & 108 MBODry Hole Cose: $1,500,000
DV 5586
CORPORATE ASSETS FOR SALE75-Gas Wells. 40-Oil Wells.CALIFORNIA & MONTANA CORPORATECurrently Focused In Sacramento Valley.Several Drilling Prospects Identified.Uses 3-D Seismic, Well Data, & Geology.Successful Wells w/ High Cumm’s.OPERATED & NonOperated WI.Will Sell Assets Or Company Shares.CALL GENERATOR FOR DATA
CO 5388PP/DV
CORPORATE SALE OF ASSETS>66,000-Acres.PENNSYLVANIA & NEW YORKAppalachian Basin APPALACHIAShallow Devonian Sand Production.Significant Marcellus Shale Position.100% OPERATED WI; 87.5% NRINet Production: ~3.2 MMCFDReserves Report Available w/ C.A.Highly Skilled Operating Staff.Gathering Systems/Pipelines In Place.OFFERING IS STILL AVAILABLE
CO 5926PP
ILLINOIS & KENTUCKY ACREAGE~229,000-Net Acres.NEW ALBANY SHALE LEASES300-400 Ft Of Pay Thickness.Most Acreage In Rock Creek Graben.Kentucky Acreage:— Crittenden, Livingston, Marshall,
Union & Webster Co.Illinois Acreage: MULTISTATE— Hardin, Jackson, Johnson, Massac,
Pope & Saline Co.Majority Of Leases Expire: 2010-20113-Year And 5-Year Extension Clauses.AGENT HAS MORE DETAILS
L 6448DV
LOUISIANA & MISSISSIPPI ROYALTY2-Counties(Parish). 5-Wells.LA - LIVINGSTON PARISHMS - SIMPSON COUNTY ROYALTYVarying Net Royalty Interests.Total Net Prod: ~13 BOPD & 1.0 MCFDPackage Offered Individually Or Whole.Decline Curves & Financial Info Available.CONTACT SELLER FOR MORE INFO
RR 3790
Capital MarketsGroup
PLS’ Capital Markets Groupprovides capital sourcing
and strategic advisory services to both public
and private companies.
Contact: Jason Reimbold
713-600-0119
www.plsx.com
Buyers note—Besides managing a data base
of what's for sale – PLS also tracksbuyer preferences. Our companyregularly tracks buyer activity, asksfor buyers preferences and recordsbuyer interest including informationon property type, (PP, DV, OV, M,OBO, G); areas of interest, (corefields, counties, formations) and
price range. A copy of our
buyer profile form is found online atwww.plsx.com/ buy-
erprofileform.com. PLS uses this database to target select offerings andmarket assets. PLS also licenses ourbuyer list to regional affiliates andtechnical firms such as Burks Oil &Gas Properties, DivestPro and Amer -ican Energy Advisors who handle useour data base in handling their selectdivestment efforts. Its important formembers to keep their buying criteriaup to date with PLS. Quick and infor-mal updates are also welcome byEmail to [email protected]
On another note – PLS alsooffers buyers additional servicesincluding traditional display adver tis-ing, direct mail and wanted ads.
Potential purchasers can regis-ter their buying criteria with PLS andhave their listings (needs) run onlineat www.plsx.com and in PLS reportsas a “Wanted Listing.” WantedListings costs $25 per month and act as a draw for sellers who maysee the anonymous ad in PLS. Com panies desiring to “register theirwanted ad” should simply send theirinformal criteria (property type, pricerange etc) to [email protected] or [email protected] and PLS will handle the rest. A wanted ad is aninexpensive advertisement whichcan generate market interest andseller introductions.
INTERNATIONALONSHORE FRANCE PROSPECTS>12-Proposed Wells. 70,000-Acres.BORDEAUX REGIONObj 1: Basal L. Cret Sands. 8,200 Ft.Obj 2: L Cretaceous Turbidites 40+ MMBOWithin 6 Miles Of 100 MMBO Field.3-D Seismic. Geology & Geophysics.50% OPERATED WI; 44% NRI AvailableAnalogous Field Has IP’s Of 1,000 BOPD.Est Reserves/Well: ~2.5 MMBOEst Reserves/Project: 40+ MMBODHC: $5,000,000; Compl: $2,000,000CONTACT OPERATOR FOR DETAILS
DV 5902
For more International listings
go towww.plsx.com
www.plsx.com
Why wait for the capital you need? If you are a small- to mid-sized operator with a project in the $1 million to $20 million range,
contact Patriot Exploration at 713-353-3997
www.patriotexploration.comOpportunity driven.
FOREST CAPITALPARTNERS, LLC
www.forestcap.com
www.ipaa.orgAmerica’s Oil & Gas Producers
W
–Listings For Sale
PAGE 21PROSPECTS & PROPERTIES
• AM Oil Resources & Technology selected Keith Alan Johnson as itsnew president and CEO, replacing Anthony Miller who has resigned from allpositions with the company. Johnson spent more than 20 years with SouthernCalifornia Gas Company (now known as Sempra Energy Utilities) where hisprimary responsibilities were transmission and marketing management.• Anadarko Petroleum named Al Walker, formerly SVP of finance and
CFO, as its new COO. Karl Kurz, formerly COO,will be leaving the company. Robert Gwin, for-
merly SVP, will replace Walker as SVP of finance and CFO.
• Apache Corp. Chairman and CEO G. Steven Ferris formed an officeof the chief executive with three key executives reporting to him. Roger
Plank, Apache’s CFO since 1997, was named Apache’s pres-ident. John Crum, president of Apache Canada since 2007,
was named co-COO and president of North America. Rodney Eichler, gen-eral manager of Apache’s Egypt Region since 1997, was named co-COOand president, International.• Best Energy Services appointed interim president and CEO Tony Bruce
to the two posts on a full-time basis. Bruce has served as a member of BestEnergy Services’ board since the company’s formation in February 2008.• Blast Energy Services hired Larry (Al) Solansky to serve as manager
of rig operations. Solansky oversaw coiled tubing operations for Schlum-berger in California and Oklahoma for the last eight years.
• The Colorado Oil & Gas Association announced a new positionwithin the organi zation, formed to serve as a point of contact for mediainquiries regarding the economic, environmental, and philanthropic impactof oil and gas production in Colorado. The Association has hired NateStrauch to fill that role. Strauch has spent the last two years serving ascommunications director for the Colorado Department of Law and AttorneyGeneral John Suthers. Prior to that, he worked for three years in the pressoffice of Governor Bill Owens. • Constellation Energy appointed James Connaughton as EVP
of corporate affairs, public and environmental policy. He previouslyserved as chairman of the White House Council on Environmental Quality.
• Oilfield service company Deep Down, Inc., opened new corporateheadquarters in Northwest Houston, at 8827 W. Sam Houston Parkway, N.,Suite 100, Houston, Texas 77040. Deep Down also operates service andfabrication facilities in Channelview, Texas, Morgan City, Louisiana, andBiddeford, Maine.
• Dominion promoted Diane Leopold to SVP of business development& generation construction. She is VP of fossil & hydro merchant operations.
• Doral Energy promoted Clifton Bloodworth to VP of operations.Bloodworth was previously operations manager of Doral’s Eddy County,New Mexico Properties.
• North Carolina-based Duke Energy appointed company treasurerStephen De May as SVP, treasurer and chief risk officer. De May joinedDuke in 1990 as a director at Crescent Resources.
• ECCO Energy hired Ray Ward as COO. Ward is co-founder and man-aging partner of Republic Petroleum LLC, an exploration and productioncompany focused in the Gulf of Mexico.
• Gulftex Operating named three executives. Patrick E. Lee joined thecompany as Senior Acquisitions and New Business Man ager. Lee wasrecently been active in capital acquisition, marketing and strategic alliancesat Brownfields Capital in Denver. Paul H. Cheong joined the company asSenior Reservoir Engineer and Exploration Manager. In addition, RonaldH. Abreu is now an advisor to both Gulftex Operating and TBX Resources.• Lime Energy promoted James Smith to president of Applied Energy
Management (AEM), a subsidiary of Lime Energy. Previously, Smith wasan EVP of AEM responsible for the development and operations of theESCO related services.• Newfield Exploration named Lee Boothby as its new president, effec-
tive immediately. The board will also name Boothby as CEO in May.Boothby will succeed David Trice, who plans to retire asCEO at that time. Trice will likely serve a one-year term as
non-executive chairman to assist in the transition.• Northern Explorations appointed Mark Schaftlein as president and
CEO. Schaftlein comes from Capital Consulting Inc., where he served as CEO.• Paco Oil and Gas is changing its name to Paco Integrated Energy
and has relocated its head office to Houston, Texas. Paco also appointedFrank Snortheim as its new president.
• Penn Virginia Corp. promoted H. Baird Whitehead, previously EVP,to the position of EVP and COO. Since 2001, Whitehead has alsoserved as president of Penn Virginia Oil & Gas Corporation, PVA’soil and gas exploration and production subsidiary, and will retain that title.
• St. Mary Land & Exploration said Mark Hellerstein, Chairman, will retire from the board effective at the 2009 annual meeting of stock hold-
ers to be held in May, after 17 years of service. The board anticipates appointing Bill Sullivan, a member of theboard since 2004, to succeed Hellerstein as Chairman.
• Vanco Energy appointed Todd Mullen as VP – general counsel. Mostrecently, Mullen held the position of division counsel & chief legal compli-ance officer for Hughes Christensen, a division of Baker Hughes Inc.
• Plano-based Xtreme Oil & Gas appointed Russell Walker as generalcounsel. Walker, an oil and gas lawyer, will continue his practice in OklahomaCity and provide services to Xtreme through his lawfirm Walker & Walker.
in memoriam• Bill Moyer has lost his battle with cancer. Since 2001, Bill was part of
the IPAA team in Washington, serving as VP of Capital Markets, BusinessDevelopment and Membership – a position that proved hisexceptional dedication to IPAA by practically taking on three
jobs at once. The family requested that contributions, in lieu of flowers, be made to the Moyer Family Education Trust. IPAA will match the first$30,000 given to the fund. For more information, contact [email protected] (410.987.3590).
People on the MoveMULTISTATELOUISIANA / MISSISSIPPI PROSPECT11,500-Net Acres.Tuscaloosa Marine Shale. 9,000-14,000 Ft. LA/MS/DV2-D Seismic, Core Data & Well Data.Pay Thickness Ranges: 380-550 Ft.LAND MANAGER HAS DATA SHOWING
DV 5204
MID-CONTINENT PROSPECT SALE1-Oil Prospect. 2-40 Ft Oil Cores.FOREST CITY BASIN MIDCON / DVTargeting Hunton Formation. 2,500 Ft.Column Thickness: >200 Ft.HAS ONE PARTNER - NEEDS SECONDNew Leases. Report Available.CONTACT GEOLOGIST FOR DETAILS
DV 5125
MID-CONTINENT NONOP PACKAGE21-Wells. Plus: 20-PUD, 10-PROB/POSS.1-TEXAS & 4-OKLAHOMA COUNTIESCottage Grove & Atoka Production.Prolific Granite-Wash Play. NONOP WELLSOne Oklahoma Co w/20,564-Undeveloped— Net Acres Will Be Offered Separately.UpSide Potential-Drill/Compl Opportunities.NonOperated WI for Sale.Est Net Prod: 40 BOPD & ~1,500 MCFDEst Net Cash Flow: $400,000/MnMid-Value Negotiated Transaction.Agent Has Evaluation CD.No CA Required To Review Package.AGENT HAS UPDATES AVAILABLE
PP 3972DV
MID-CONTINENT SALE PACKAGE2-Key Areas.TEXAS PANHANDLEWESTERN OKLAHOMA MIDCONOil & Gas Producing Properties.Net Production: ~15 MMCFEDMORE DATA EXPECTED LATE MARCHAGENT HAS DETAILS AVAILABLE
PP 6458
MULTISTATE SALE PACKAGE14-Wells. 1-SWD.PATTERSON, LAKE ERLING, SHREVEPORT,NANCY, DANVILLE, EASTER FIELDS.Smackover, Hosston, TP, CV Zones.Small NonOperated & ORRI For Sale.Gross Production: 331 BOPD & 12,226 MCFDNet Production: 204 MCFEDAvg Net Revenue: $23,064/Mn 204 MCFEDSolid Operators In Place.VISIT PLSX.COM FOR PACKAGE
PP 4204
NIOBRARA BIOGENIC GAS PLAYColorado, Kansas & Nebraska.300+ POTENTIAL DRILLING SITES3-D Seismic Survey Available. 3D/GASSeller Will Deliver 80% NRI.Est Rsrvs Per 40 Acre: 250-500 MMCFCALL OPERATOR FOR MORE INFO
DV 5205
OKLAHOMA & KANSAS OVERRIDES642-Wells. 5-Counties.CHEROKEE BASIN CBM PLAYWOODFORD SHALE PLAYContinuous Drilling Program. OVERRIDESNumerous Permits In Progress.OVERRIDING ROYALTY INTERESTTotal Net Cash Flow: $61,700/MnOFFERS WANTED DECEMBER 23CALL TO REQUEST SALE STATUS
RR 3850OV
OKLAHOMA & TEXAS LEASEHOLD144,231-Net Acres.ANADARKO BASIN24,586-Acres Are HBP.Package 1:— All Rights ANADARKO— Ellis Co., OK— Lipscomb & Ochiltree Co., TXPackage 2:— Woodford Rights Only— Multiple Counties In OKLEASEHOLD ONLY - NO WELLBORESTotal Reserve Potential: >3.5 TCFEAGENT HAS STATUS UPDATE
DV 6199L
ROCKIES ASSETS FOR SALE273,000-Net Acres. Exposure To ~170 BCFENORTHERN PARADOX BASINAndy’s Mesa, La Sal, Hamilton Creek& Lisbon Production in MultiStacked— Sandstone & Carbonate ReservoirsStrategic Midstream InfrastructureUpSide: Multiple Infill Drill & Field OptimizationLg Undeveloped Land Position + 3D Seismic.100% OPERATED WI FOR SALENet Production: ~ 50 MMCFDNet Cash Flow: ~833,000/Mn MIDSTREAM
Net Proved Reserves: 103 BCFE (100% Gas)120 MMCFED Processing Capacity Maintained— With 47% Unutilized Capacity— Allowing for Future Growth3rd Party Engineering Available.CONTACT AGENT FOR UPDATE
PP 3899DV
MULTISTATETEXAS & LOUISIANA ACREAGE~20,025-Total Net Acres.HAYNESVILLE SHALE ETX/LA ACREAGESabine-LA. Sabine/San Augustine-TX.Bossier, Knowles & James Lime Potential.75% OPERATED WI; 56.25% NRIPipeline Infrastructure In Place or Near— Completed Near Company’s Acreage.Significant Bossier, Knowles, James Lime.Strong Haynesville Potential w/Large—Operators Producing in Prolific James Lime.All Acreage In Highly Active Areas.Sizeable Leasehold Position in Haynesville.CALL AGENT FOR RECENT UPDATE
DV 3329
TEXAS / OKLAHOMA PROSPECT SALE33,500-Acres. 4-Test Wells.BRYAN CO., OK TX/OK/DVGRAYSON CO., TXTexas Acreage: 2,000+ Ft. DepthOklahoma Acreage: No Depth Limitation50% Working Interest; 78% NRIAdditional Leasing Subject To 50-50 AMI.
DV 5596
OFFSHOREGALVESTON BAY ORRI SALE PKG3-PDP, 119-PDNP. 34-PSI. 14-PUD.TRINITY BAY, N. POINT BOLIVAR,FISHERS REEF, RED FISH REEF FIELDSStacked Miocene & Frio Production.Total Depth: 8,000 - 13,000 ft.3-D Seismically Defined. GALVESTON BAY5.00%-8.00% ORRI For Sale.Gross Proved Rsrvs: 1.8 MMBO & 31.2 BCF
RR 4239
GOM SHELF - FARM OUT1-Proposed Well.Proposed Depth: 6,850 Ft. (TVD)Water Depth: 70 Ft.3-D Seismic Data Available. OFFSHORE35.4% Working Interest; 26% NRI.Est Reserves: 9.0 BCFCompletion Costs: $8,174,450
DV 5635
GULF OF MEXICO ASSET SALEDEEPWATER LOCATIONSPOWELL FIELD - GC 461FUJI FIELD - GC 506 WY/CO/PP/DVWorking Interest For Sale.SIGNIFICANT OFFSHORE OPTION
PP 3869DV
GULF OF MEXICO OFFERING3-Fields. GOM PROJECTDEEPWATER FIELD DEVELOPMENTMirage, Morgus, & Telemark FieldsFloating Production Facility: ATP TitanDevelop Mirage/Morgus: ImmediatelyTelemark Development: 2010Export Lines Have Been Installed.100% Working Interest Available.SEEKING JOINT VENTURE PARTNERSInitial Production Set For Late 2009.Max Production: ~32 MBOED In 2011Est Total Development Cost: ~$460 MMDATA ROOMS OPEN MARCH 18, 2009
DV 6209
GULF OF MEXICO PACKAGE2-Fault Blocks.WEST CAMERON, BLOCK 145 GOM/DVLower Rob M / Gyroidina 9. 16,400 Ft.Total 50% Interest.Estimated Reserves: 87 BCFCompletion: $23,168,200
DV 5676
GULF OF MEXICO PROSPECTSHIP SHOAL AREA, BLOCK 115Obj 1: Miocene Sand. 11,950 Ft. (TVD).Additional Gas Target Identified. 2,800 Ft.50% Working Interest And NRI.Estimated Reserves 18.5 BCF 18.5 BCFDHC: $8,300,000; Compl: $2,600,000CONTACT EXPLORATIONIST
DV 5677
GULF OF MEXICO PROSPECT SALEWEST CAMERON AREA. BLOCK 146, 147Multiple Objectives: Chris I - Rob L.Block 146: 11,087 Ft. Block 147: 12,985 Ft.50% Working Interest; 41% NRI.Rob L Only - Est Reserves: 53 BCF. ~53 BCFCompletion: ~$18,600,000/Block
DV 5675
OFFSHORE CALIFORNIA PROSPECT26-PDNP Reactivations. 11-PUD Infills.PUDs From Waterflood Improvements.100% OPERATED WI Available.Net Production: 2,875 BOPD OFFSHORE CAEst Proved Reserves: 44.8 MMBOTotal Proved PV12: $409,000,000MORE DETAILS COMING SOON
PP 5270DV
OFFSHORE LEASES FOR SALE5-Wells Produce From Fixed Platform.VIRGO FIELD 7.7 MMCFEDViosca Knoll Blocks 822 & 823.Field Produces From Water Depth: 1,130 Ft.Offering Controls OPERATED & Majority WI.64% Working Interest in Two Leases.Net Production: ~7.6 MMCFED— 84% Gas WeightedNew Well Locations and Deep Potential.HOUSTON AGENT PROVIDING DATA
PP 3938DV
OFFSHOREOFFSHORE LOUISIANA PROSPECT5,000-Acres.EAST CAMERON 25Marg A Sands (5-7,10-11) >91 BCFEProposed Depth: 16,800 Ft.100% WI Available; 83.3% NRIAnalogs Produce 14-68 BCFE.Est Reserves: 699 MBO & 90.8 BCFDHC: $33,600,000; Compl: $11,700,000CALL PLS FOR PROJECT DESCRIPTION
DV 5710
OFFSHORE LOUISIANA PROSPECTLOWER MIOCENE OPERC TRENDTex W, Cris I, & Cib Op Zones.Depth: 19,000-17,000 Ft. OFFSHORE LA50% OPERATED WI Available.Prolific Operc Trend Produced 746 BCFE.Total Est Reserves: 200 BCFECALL OPERATOR FOR DETAILS
DV 5960
OFFSHORE LOUSIANA PROSPECT SALE5,760-Acres.HIGH ISLAND 48Lower Miocene Cris R Sands. ~40 BCFEDepth: 14,800 Ft.60% WI Available; 50% NRI.Analogs Produce 12-22 BCFE.Total Mean Reserves: 37.9 BCFEOPERATOR HAS ADDITIONAL DATA
DV 5905
OFFSHORE MISSISSIPPI PROSPECTMISSISSIPPI CANYONTargeting Pliocene Bul 1.Proposed Depth: 11,100 Ft.Stratigraphic Trap. 15.6 MMBOClass II AVO Anomaly.35% WI Available; 27.07% NRIEst Reserves: 15.6 MMBOUpside Potential: 23.4 MMBODHC: $23,400,000; Compl: $7,500,000CALL PLS FOR MORE GEOLOGY
DV 5589
OFFSHORE MISSISSIPPI PROSPECT1-Test Well.WEST CAMERON AREATargeting Lower Miocene Cris. 14,000 Ft.30% WI Available; 24.375% NRIEst Reserves: 20 BCF 20 BCFProbable Reserves: 35 BCFCALL PLS FOR LANDMAN INFO
DV 5587
OFFSHORE MISSISSIPPI SALE1-Test Well.SHIP SHOAL 70 BCFUpper Miocene Big A Sands.Proposed Depth: 17,500 ft.33.33% WI Available; 25.77% NRIEst Reserves: 70 BCFUpside Potential: 147 BCFCALL LANDMAN FOR MORE INFO
DV 5588
OFFSHORE PROSPECT FOR SALE5,760-Acres.VIOSCA KNOLLTargeting Miocene Gas. 3,000 Ft. (TVD)Drill From An Existing Platform.3-D Seismic Data. OFFSHORE LAHorizontal Opportunity Available.Seller Will Deliver 79% NRI.Est Reserves: 20-27 BCFAll Facilities In Place.No Abandonment Liability.DHC: $4,000,000; Compl: $3,000,000CONTACT LANDMAN FOR INFO
DV 5105
OFFSHORE TEXAS PROSPECTS2-Prospects. 3-Blocks.MUSTANG ISLAND ~46 BCFBlackberry Fault TrendTargeting Lower Miocene Marg A.Depths: 9,000-11,000 Ft.Reprocessed Proprietary 3-D Seismic.Seller Will Deliver 75% NRI.Analogous AVO Signature Identified.Total Proved Rsrvs: 46.2 BCFCompletion/Prospect: $8,160,000CONTACT PROSPECT GENERATOR
DV 5850
TEXAS OFFSHORE PROSPECTS5,613-Acres. 9-Oil & Gas Prospects.MUSTANG ISLAND 725 & 743Obj 1: Lower Cris A; 5,000 Ft.Obj 2: Siph D; 6,000 Ft. OFFSHOREThree-Way Closures. Structural Plays.100% Working Interest Available.Est Reserves: 19 MMBO & 19 BCFCALL LAND DEPT FOR DATA
DV 5849
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PAGE 22 MARCH, 2009
FOR SALE - EQUIPMENTDRILL PIPE FOR SALE3.5 Drill Pipe.11,222 Ft. 13.30 S-135. DRILL PIPE3.5 IF Hardband, Plastic Coated.USA Manufactured. Test Certificate Is Available.SELLER INFO PROVIDED ON REQUEST
E 5047
DRILLING RIG FOR SALEMobile Bock 861 - Platform C. UnManned.Water Depth: 54 Ft.Tripod Wellhead Deck.Facilities Can Flow: 17,000 MCFD RIGTotal Fluids: 1,900 BarrelsProcessing Equipment Incl Dehydration.Room For Compression.Crane: Nautilus Model 35 B4-501-Well Slot w/ Option To Add Slots.Drawings Are Available.SELLER HAS MORE INFO
E 6461RIG
DRILLING RIG FOR SALEDrill Rig For Sale.BREWSTER N45Can Drill Down To +/- 8,500 Ft. RIG900 HP Engine. Twin C-15 Engines.2-275 KW Generators. 6-CAT Motors.AGENT CONTACT INFO PROVIDED
E 5414RIG
WANTEDPRODUCING PROPERTIES WANTEDPREFERS SOUTH ARKANSASWill Also Look At North LouisianaMust Include Operations.Price Range: Up To $10,000,000CALL PLS FOR INTRO TO BUYER
W 6434PP
GULF COAST PROPERTIES WANTEDSuccessful Prospect GeneratorSEEKING SOUTH LOUISIANACALL PLS TO LEARN MORE
W 6475
WANTED: PRODUCING PROPERTIESColorado Oil & Gas Company.WEST, CENTRAL & SOUTH TEXASPERMIAN BASINWILL ALSO LOOK AT KANSASSeeks Operated Properties.Price Range: $25 MM - $100 MMCALL PLS FOR BUYER CONTACT INFO
W 5600PP
WANTED: ORRI, WI, & ROYALTYTexas, Louisiana, Gulf Coast Areas.OPERATED Or NonOperated.Quick Review & Decision Time.Gives Value To All Proved Categories--— PDP, PDNP, & PUDCALL PLS FOR INTRO TO BUYER
W 6469PP/RR
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DELTA CO., CO PROJECT40-Well Drilling Program. ~13,500-Acres.SOUTH PICEANCE BASIN
DV 3992
NORTHEAST KANSAS PROJECT7-Key Areas. 2-Wells. ~45,000-Acres.100% OPERATED WI For Sale.Net Production: 30-40 BOPD
DV 5690PP
PALO PINTO CO., TX PACKAGE4-PDP. 12-PDBP. 1-SWD.100% OPERATED WI; 75% NRIGross Production: 8 BOPD & 315 MCFD
PP 4236
EAST TEXAS LEASEHOLD2-Counties. 1,425-Net Leasehold Acres.HAYNESVILLE SHALE POSITION100% OPERATED WI; 75% NRI
DV 5753L
BIENVILLE PH., LA PROSPECT1-Well. 536-Acres.NORTH LOUISIANA SALT BASIN
DV 2222L
OKLAHOMA SALE PACKAGE30-Wells. 2-Completing. 1-Drilling.Small NonOperated WI For Sale.
PP 4231DV
PALO PINTO CO., TX PACKAGE4-PDP. 12-PDBP. 1-SWD.100% OPERATED WI; 75% NRIGross Production: 8 BOPD & 315 MCFD
PP 4236
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UINTAH & GRAND CO., UT PROJECT25-Wells. 6-SI. 3-Compl. 1-Well Location.Gross Prod: 22 BOPD & 8,963 MCFD
PP 4214DV
LAFOURCHE PH., LA PROPERTIES4-Wells. 669-Acres.Avg 80.5% WI; Avg 60.4% NRINet Production: 75 BOPD & 3,693 MCFD
PP 5828DV
CENTRAL OKLAHOMA DEVELOPMENTSeveral MultiLateral Locations.SEEKING WI PARTNERS TO DRILL
DV 5911HZ
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Range and its midstream partner MarkWest Energy plan to increase process-ing capacity to 180 MMCFD by late 2009 or early 2010. Range will drill morethan 60 Marcellus wells this year, targeting an exit rate of 80 to 100 MMCFeD.5
Meanwhile, in the Nora field in Virginia, Range drilled four horizontal HuronShale wells last quarter. To date, nine horizontals have been completed to the
Huron Shale, with average IP rates of 1.1 MMCFeD, while one Bereahorizontal well flowed 1.5 MMCFD. Range plans 220 coal bed, 60 tightgas sand and 20 horizontal Huron Shale wells in the Nora field (50%
WI) this year.Elsewhere, Range has completed what it believes to be the best Barnett well
in Hill Co., Texas, to date. The Ellig #1-H initially produced 9.0 MMCFeD andaveraged 4.8 MMCFeD over its first 30 days. Range also completed a pilot proj-ect to test 250-foot well spacing in southern Tarrant County. The first two pilotwells had a combined IP rate of 14.0 MMCFeD. Range has more than 1,000additional locations to drill in the core of the Barnett play and plans 64 (61 net)new wells for 2009.
Activity for the Midcontinent division in the fourth quarter included thedrilling of 16 (6.2 net) wells with an 88% success rate. In the Texas Panhandle,Range’s initial offset to its St. Louis discovery yielded production from the St.Louis Lime at a rate of 2.3 (0.9 net) MMCFeD. A second offset completed for3.0 (1.1 net) MMCFeD, with a third well currently being completed. Two addi-tional wells in the Watonga-Chickasha Trend commenced production during thequarter at rates of 2.0 (1.5 net) and 1.5 (1.2 net) MMCFeD.
In addition, a deep Anadarko Basin well encountered significant Springer pro-duction, commencing sales at a rate of 10.9 (3.5 net) MMCFeD. Drilling has alsocontinued in the Ardmore Basin Woodford Play, where three wells are currentlybeing completed. The division plans 44 (25 net) new wells for 2009.
In total, Range averaged production of 386 MMCFeD last year and increasedproved reserves 19% from a year ago to 2.7 TCFe at year-end 2008, replacing405% of production.
Range focuses on the marcellus continued from page 1
Energy XXi, PVa, crimson, concho andQuestar update e&p activities Energy XXI produced ~19,200 BOEPD in 2008 but volumes were as high as
26,000 BOEPD in Q4 based (3,000 BOPD) on repairs at South Timbalier 21 andnew Barolo well (1,700 BOEPD) and two recompletions (1,900 BOEPD com-
bined).Over in Vermilion XXI is drilling the E.A.McIlhenny #1 well (33% WI) on the Cote de Mer prospect.The company has found 60 ft net pay (22,300 feet) in the
Cris-A Massive sands a prospect it thinks (interval) holds (gross) 20-40 BCF.Meanwhile, XXI (16%) is also in the McMoRan-operated Ammazzo deep gasprospect spudded last November and is targeting 24,500 ft. (25 feet of water). Penn Virginia has drilled an unsuccessful Haynesville Shale well (Agnor #6-
H) on its northern Harrison County acreage. On the far western side of itsHaynesville acreage, the Hatley #15-H well has been completed. Inall, PVA expects to grow production to 49 BCFe (134 MMCFeD) thisyear, up from 46.9 BCFe last year. Last year, PVA grew provedreserves 35% annually to 916 BCFe at y/e. The company has also reduced its2009 capex for the third time, from $250 million down to about $215 million.(For more information on PVA’s midstream sub Penn Virginia Resources seePLS’ latest Midstream News.)
Houston-based Crimson Exploration acquired 13,000 net undeveloped acresin Sabine, Shelby and San Augustine Counties last year with plans to target theHaynesville, James Lime and Travis Peak. In South Texas, Crimson has com-
pleted two wells in Liberty County this year, with the firstflowing 2.7 MMCFeD. Crimson has set a $25 million capex,down from $141.8 million in 2008. Unfortunately, volumes
are down to 50 MMCFeD, down from 52 MMCFeD in 2007 and the 4th quarter.Crimson expects volumes to slip to 48 MMCFeD according to one report.Crimson reported proved reserves of 132 BCFe (69% PDP, PDNP) at year end.Concho Resources, fresh off last year’s Henry acquisition ($635 MM+) is
still operating eleven rigs with 6 rigs targeting the Yeso (SE NewMexico) and 5 working the Wolfberry. Concho produced 7.1MMBOE last year, up 41% from 2007 including half from Henry.Overall, Concho participated in 243 wells (199 operated) last yearand 242 recompletions (226 operated)Questar increased its production 22% to 171.4 BCFe (470 MMCFeD) last
year and grew proved reserves (2.218 TCF) 19%. However, the company is low-ering 2009 guidance from 189 BCFe to 183 BCFe which would target 501
MMCFeD. These numbers are still up 7% from 2008. Questaris spending less, as it is now targeting $1.3 billion, off an ear-
lier target of $1.6 billion and way off 2008 capex of $2.5 billion. Questar getsabout 283 MMCFeD from the Rockies and 185 MMCFeD in the MidContinent.The firm has offices in Denver, Oklahoma City and Tulsa. Its corporate head-quarters are in Salt Lake City. Unit’s E&P segment produced a company record 16.8 BCFe (187 MMCFeD)
in Q4, up 6% sequentially and 15% annually. Total production for 2008 was alsoa company-record at 63.4 BCFe (174 MMCFeD), at 15% over 2007.During 2008, Unit spudded 276 new wells, completing 257 for an 88%success rate. Proved reserves at year end rose 11% from a year ago to569.4 BCFe. Unit ($290 MM budget) plans to participate in 175 wellsin 2009, 37% less than 2008. On the drilling side, Unit Corp said 55 of its 132rigs are drilling. Abraxas Petroleum is producing 250 BOPD from its Lakeside #1H well
(Turner, 12,500 Ft VD, 3,800 Ft Lateral, 7-Stage Frac, 100% WI) in ConverseCo., Wyoming. Abraxas has 14,000 net acres in the Brooks Draw Area. Abraxas
spent $175 million last year including $135 million on prop-erty acquisitions. Proved reserves rose by 41% to 150.7
BCFe. Reserve additions of 53.6 BCFe were partially offset by 9.6 BCFe (26MMCFeD) of production and 20.3 BCFe in downward revisions, for a 555%reserve replacement for 2008.
gmX completes shale transitionGMX Resources began its Haynesville development last August and before
Q4 had completed its first horizontal, flowing at 7.7 MMCFD in HarrisonCounty. The company’s second well, the Bosh #11H, flowed 7.6 MMCFeD over24 hours, and (Baldwin #17H) flowed 8.7 MMCFeD in its initial test. Four more
Haynesville horizontals are drilling ahead.GMX has reduced its 2009 capex for the second time to
$150 million, to drill 14 and complete 16 net horizontalHaynesville wells. GMX is also transitioning to two H&P FlexRigs for itsHaynesville wells, to increase the number of wells drilled per year.
In 2008, GMX drilled and completed 90 (60 net) wells and produced 12.9BCFe (35 MMCFeD), up 48% from 2007.GMX’s proved reserves at year end fell7% from y/e 2007 to 465.3 BCFe.
At press time, GMX said it received a letter from Peter Seldin, of CentennialEnergy Partners, the company's largest single shareholder. Seldin requested thatthe board begin to evaluate strategic options.
Since 1988, PLS’ marketing arm and technical affiliates have advised on more than 1,200 engagements for the sale or trade of producing prop-erties, overrides, prospects, and midstream assets. In aggregate, PLS andits affiliates and principals have handled over $5.0 billion in assets andworked for more than 500 U.S. and Canadian firms. Equally impressive isour depth – handling individual and package sales from $100,000 to$750,000,000 in value.
PLS and our technical affilates, Burks and AEA, know how to handle divestment projects by making the right technical presentation and reach-ing the best buyers. And fees are flexible. Selling assets is the last chanceto make a profit on a property. Shouldn’t you maximize that opportunity?
Contact PLS today to learn more —
Parker sees fallingrig utilization ratesParker Drilling posted a Q4 net
loss of $39.5 million on a $100-mil-lion impairment of goodwill charge.
For the year, Parker posted netincome of $25.6 million onrevenues of $829.8 million.Company wide, U.S. drillingrevenues declined 34% from a
year ago to $33.6 million in Q4 whileinternational revenues rose 24% to$86.2 million.
Average utilization for its barge rigsin the Gulf was 61% in 4Q, down from83% a year ago and 79% in Q3 2008.Barge utilization has lowered to 20%.Parker’s barge day rates in the GOMaveraged $40,100 per day in Q4, com-pared to $40,900 per day a year ago,up from $39,900 per day in Q3.
Its international utilization rate wasbetter, at 87% in Q4, up from 82% ayear ago and 84% Q3. The LatinAmerican fleet operated near 90% uti-lization, with nine of ten rigs workingthroughout the quarter. Nine ofParker's ten rigs in the CIS region wereunder contract throughout 4Q and sixof the eight rigs in the Asia Pacificregion worked during the quarter. Onerig was released in late December.
Parker’s capital expenditures for2008 totaled $197.1 million, with$31.2 million to complete the con-struction of international land rigs,$53.5 million for the construction oftwo new build land rigs for Alaska and$36.8 million for tubular goods andother rental equipment.
Barge rig utilization rate in the Gulf
of Mexico has plummeted to 20%.
Committed to being America’s #1independent royalty purchaser.
© 2008 Noble Royalties, Inc.
Dallas • Houston
TM Cash for current and
future reserves
Discreet, Simple,timely closings
With over $800 million in purchases to date and an excep-
tionally high offer acceptance, it’s no wonder why smart
owners sell to Noble Royalties. Our offers maximize value.
Our evaluation is first class. And, as our record shows our
purchase transactions close on time. �is year we plan to
write more than a half billion dollars in checks for the direct
and immediate purchase from individuals, companies and
estates. Shouldn’t one have your name on it? Talk to us first.
Write on.Write on.Write on.
Contact J. D. (Doug) Bradley, CPL | Senior Vice President, Land
972.788.5839 | [email protected]
Aquisition & Divestiture
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Information. Marketing. Advisory.One company, one source, one stop.
Providing information, marketing & advisory services for the oil & gas industryPhone: 713.650.1212 • Fax: 713.658.1922 • www.plsx.com In Canada, Call 403.294.1906
PLS is the industry’s one-stop shop for information,marketing and advisory services. PLS has long assistedclients in sourcing business opportunities, bettermanaging their portfolios and facilitating profitabletransactions.
On the information front, PLS is one of the industry'sleading publishers, providing critical information inthe A&D and E&P arena. PLS also manages theindustry's multiple listing service and operates otherdatabases including news archives, market activities,transaction metrics and financial presentations. PLSalso provides unique advertising opportunities andhosts industry conferences, expositions andnetworking events.
On the marketing side, PLS handles divestments,prospect brokerage, midstream asset sales andcorporate communications. PLS also assists sellerswith technical and engineering services throughregional affiliates including Burks Oil & Gas Properties,American Energy Advisors, Wellspring Partners andDivestPro Energy Partners.
Finally, PLS also offers advisory services for clientsseeking support, valuation services, buyer assistance,deal origination and access to capital markets. Forover20 years, PLS has provided information, marketing andadvisory services for the oil and gas industry. For moredetails on PLS’ products and services please call713.650.1212 or surf www.plsx.com.