OKLAHOMA ASSET DIVESTITURE
170-Net PDPs. 24,700-Net Acres.
SCOOP & GOLDEN TREND
Garvin, Grady & McClain Counties.
491-Hz Locations & 90-Vertical Locations.
Includes 83-Recompletions.
87% Avg. Operated PDP WI (69.8% NRI)
Q1-2022 Production: 4.506 MBOED
Net PDP Reserves: 19.136 MMBOE
PV-10: $224,000,000
Proposals Will Be Considered For The
Total Asset Or As Distinct Packages
BIDS ARE DUE AUGUST 25, 2022
PP 4521DV
| Onshore |
Land Base |
| Unconventional |
Play Type |
EVERCORE - RED ROCKS ENERGY PARTNERS LP
Deal Summary
Red Rocks Energy Partners LP (backed by Fortress Investment Group) has retained Evercore to assist in the divestiture of SCOOP and Golden Trend assets in Oklahoma. The transaction will be structured as an asset sale, proposals will be considered for the total asset or as distinct packages (conventional and unconventional).
Highlights:
-- Located in Garvin Co., Grady Co., and McClain Co., OK;
-- Covers ~24,700 net total acres (12,700 conventional, 12,000 unconventional, 99% HBP with no lease retention requirements or drilling obligations);
-- Holds 87% average operated PDP WI (69.8% NRI);
-- SCOOP and Golden Trend fairway features significant liquids-rich, stacked pay development across multiple horizons;
-- Includes 170 net/390 gross PDP wells (158 net operated, 12 net OBO), 491 horizontal and 90 vertical gross locations with 83 low-risk re-completion opportunities;
-- Net PDP Reserves (effective as of 1-Jul-2022): 19.136 MMBOE (17% oil, 39% NGLs, 44% gas, 62% conventional, 38% unconventional, PV-10: $224 million);
-- Total Reserves (effective as of 1-Jul-2022): 128.808 MMBOE (18% oil, 37% NGLs, 45% gas, 44% conventional, 56% unconventional, PV-10: $1.075 billion);
-- Net production (Q1-2022): 4.506 MBOE/d (19% oil, 39% NGLs, 42% gas, 55% conventional, 45% unconventional, 14% NTM PDP decline rate);
-- NTM EBITDA: $139 million;
-- NTM free cash flow: $68 million;
-- Q1-2022 EBITDA margin of ~$37.50/BOE (78% of revenue, $61 million annualized);
-- Sustainable low LOE and marketing costs per unit of ~$7.30/BOE and ~$2.70/BOE realized in Q1-2022 respectively;
-- ~$720 million in cumulative free cash flow through YE2027 (based on a targeted 35 – 45% targeted reinvestment ratio), development plan is fully funded by existing cash flow.
Conventional asset highlights:
-- Legacy Golden Trend vertical production base located in Garvin Co., Grady Co., and McClain Co., OK;
-- Covers 12,700 net acres;
-- Holds 88.2% average operated PDP WI (70.8% NRI);
-- Includes 154 net/245 gross (147 net operated, 7 net OBO) 90 gross drilling locations with 83 re-completions identified with IRRs > 95%;
-- Net PDP Reserves (effective as of 1-Jul-2022): 12.028 MMBOE (20% oil, 38% NGLs, 42% gas, PV-10: $138 million);
-- Total Reserves (effective as of 1-Jul-2022): 46.032 MMBOE (25% oil, 36% NGLs, 39% gas, PV-10: $470 million);
-- Net Production (Q1-2022): 2.49 MBOE/d (21% oil, 38% NGLs, 41% gas, 140%;
-- Net PDP Reserves (effective as of 1-Jul-2022): 7.108 MMBOE (12% oil, 39% NGLs, 49% gas, PV-10: $86 million);
-- Total Reserves (effective as of 1-Jul-2022): 128.808 MMBOE (15% oil, 38% NGLs, 47% gas, PV-10: $605 million);
-- Net Production (Q1-2022): 2.016 MBOE/d ( 17% oil, 40% NGLs, 43% gas, 64% operated, 36% non-operated);
-- NTM EBITDA: $43 million;
-- NTM free cash flow: $15 million;
-- Q1-2022 EBITDA margin of ~$38/BOE (84% of revenue, $27 million annualized).
To learn more contact:
Mr. Marcel Hewamudalige
Phone: 713-427-5707
Email: marcel.hewamudalige@evercore.com
