~$178,000 / Month Net Cash Flow

Property for Sale

Property Information

  • Bid Date: April 26, 2018
  • Effective Date: April 01, 2018
  • Closing Date: TBD
  • Area Size: 1,961 acre
  • Type of Basin: Williston

Executive Summary

Eagle River Holdings, LLC has been exclusively retained by Holt Production, LLC (“Seller”) for the divestiture of non-operated working interest assets and associated development rights located in the Williston Basin of Billings and Stark Counties, North Dakota.

Property Description

Non-Operated Position under Planned Development

  • ~2,908 MBOE total net Proved Reserves (16% developed / 84% undeveloped)
  • ~180 BOEPD net production (65% Oil / 19% Gas / 16% NGL)
  • ~$178,000 monthly operating income (3-mo average) with above WTI realized oil prices
  • 2 DUC wells anticipated online in 2018 adding ~$37,000 monthly net operating income


Blocked Acreage Position

  • ~1,961 net and ~66,854 gross acres
  • 128 producing wells (3.2% WI / 2.7% NRI average)
  • 2 DUC wells under Whiting Petroleum (1) and Thunderbird Resources (1)
  • 12 active permits with development timeline proposed by Whiting Petroleum with 104 additional PUD locations identified
  • Engineered Reserves with Near and Long Term Upside 
  • ~444 MBOE PDP net Reserves
  • ~32 MBOE DUC net Reserves with completions anticipated in 2018
  • ~2,432 MBOE PUD net Reserves
  • Unquantified upside associated with horizontal Three Forks second and third bench formation targets

 

Consistent and Diverse Income Stream

  • Predictable production and revenue stream given the majority of the wells have entered terminal decline
  • Operated predominantly by top Basin operator, Whiting Petroleum Corporation
  • Primary Target: Three Forks / Pronghorn
  • Significant drilling inventory with additional upside in NexGen D&C techniques utilizing higher proppant density and plug & perf designs allowing higher pump rates

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