CONVENTIONAL ASSETS IN TX & NM
43,400-Net Acres. 881-Producing Wells.
PERMIAN EAST, PERMIAN WEST
& SOUTH TEXAS PACKAGES
115-Stacked Pay Conventional Targets.
24-Quantified Horizontal Opportunities
782-Operated PDPs. 99-Non-Op PDPs.
Permian Concentrated Assets
93% WI Across Operated Assets (76% NRI)
Net Production (Apr-2022E): 1.763 MBOED
2023E EBITDA: $61,000,000
NTM PDP Cash Flow: $34,000,000
Net PDP Reserves : 12.113 MMBOE
PV-10: $178,000,000
Net Total Reserves: 30.085 MMBOE
146-RTPs. 290-Restimulations.
PDP LOE Avg ~$16/BOE For NTM Period
BIDS ARE DUE MARCH 24, 2022
PP 8354DV
| Onshore |
Land Base |
| Conventional |
Play Type |
TRUIST SECURITIES INC - UNITEX OIL & GAS LLC
Deal Summary
Unitex Oil & Gas LLC (backed by Ridgemont Equity Partners) is exploring a sale of its assets in Texas and New Mexico and has retained Truist Securities Inc to assist in the process. Unitex is marketing the assets as Permian West, Permian East and South Texas packages while preference is to sell the assets as one package, but Unitex Oil & Gas is open to non-conforming bids. Ridgemont Equity Partners invested in Unitex Oil & Gas in 2012 and is seeking monetization given the mature vintage within its Fund 1.
Highlights:
-- Holds conventional shallow decline assets in Texas and New Mexico;
-- Covers 43,400 net acres (100% HBP) allowing for maximum operating flexibility and optimal development plan;
-- Holds 93% WI across operated PDP asset base (76% NRI and ~82% 8/8ths NRI);
-- Includes 782 operated producing wells (630 Permian East, 143 Permian West, 9 South Texas) and 99 non-operated producing wells (59 South Texas, 32 Permian West, 8 Permian East);
-- Also includes 115 stacked pay conventional targets (including significant infill drilling within Andrews Co., TX) and 24 quantified horizontal opportunities across asset base (including horizontal Abo on NW Shelf and horizontal Palo Pinto in North Texas);
-- Net PDP reserves (effective 1-Apr-2022): 12.113 MMBOE (90% oil, ~1% NGL, 9% gas, 61% Permian East, 32% Permian West, 7% South Texas, PV-10: $178 million);
-- Net total reserves (effective 1-Apr-2022): 30.085 MMBOE (88% oil, ~1% NGL, ~11% gas, 57% PD, 43% undeveloped, PV-10: $373 million);
-- Net production (Apr-2022E): 1.763 MBOE/d (55% Permian West, 37% Permian East, 8% South Texas, ~6% NTM decline);
-- NTM PDP operating cash flow (effective 1-Apr-2022): $34 million (60% Permian West, 36% Permian East, 5% South Texas);
-- NTM operating cash flow including development (effective 1-Apr-2022): $45 million;
-- 2023E EBITDA: $61 million;
-- Large inventory of low-risk, low-cost and highly economic projects including 141 operated return-to-production (RTP) projects, 5 royalty RTPs and 290 restimulations;
-- Low-cost operating environment and PDP LOE averages ~$16/BOE for NTM period;
-- Stable, predictable long-lived production with ability to lock in vast majority of cash flows through hedging;
-- Minimal value concentration risk across the assets, with 75% of PDP value captured by 85% of wells;
-- High NRI in select areas provides optionality to monetize ORRI or retain long-term exposure to PDP production and future development.
To learn more contact:
Mr. Ashley Autrey Ellis
Phone: 713-236-4239
Email: ashley.autrey@truist.com
