A&D Transactions

Diversified Gas & Oil completed acquisitions in late May of conventional Appalachian assets from EQT Corp. and Carbon Energy. The two deals boosted Birmingham, Alabama based Diversified’s net production by 20%, or 109 MMcfe/d, over its 2019 average. It will also increase its 12-month EBITDA starting June 1 by an estimated $61-65 million. In a deal announced May 12 and completed May 26, Diversified picked up conventional gas assets in West Virginia and Pennsylvania from Marcellus and...

Midcontinent producer Templar Energy, which declared bankruptcy June 1, launced a Section 363 process for its assets. The company placed its portfolio on the market in February and had attracted several indications of interest by mid-April. But following the collapse of oil prices early that month, Templar ultimately opted for the bankruptcy process to complete a sale. Templar’s assets cover 273,400 net acres (75% HBP) across the greater Anadarko Basin of northeastern and western...

Fort Worth-based Titan Energy entered a restructuring support agreement May 26 with key stakeholders for the sale of its Eagle Ford assets to an undisclosed buyer. The divestment, which would comprise substantially all of Titan’s assets, is expected to generate $8.5 million in net proceeds. Titan placed its operated Eagle Ford assets on the market in September, when it hired Intrepid Partners to assist in the sale of 10,162 net acres (10,855 gross) in the heart of the black oil window...

Independent producer Clearly Petroleum and affiliates sold an offering of mostly operated assets in South Texas, the Permian Basin, North Texas and the Gulf Coast in Texas and Louisiana to a single buyer, transaction advisor TenOaks Energy Advisors told Enverus. Clearly sold a total of 25,667 net acres with 5 MMboe of proved reserves and average three-month net production ending in November of 1,516 boe/d (79% oil). Making up almost half of the sold acreage, the North Texas assets...

Bright Rock Energy, one of four US subsidiaries of Germany’s Deutsche Rohstoff, is acquiring 28,000 net acres (40% HBP) in Wyoming with five wells that produced 300 bbl/d in April. Bright Rock will operate most of the acreage. Several drilling permits have been granted across the acreage, which will be advantageous once oil prices rebound, Bright Rock said. The undisclosed purchase price reflects almost exclusively the value of current production based on the current forward curve. Only a small...

As low oil prices hammer companies’ bottom lines, Section 363 sales are becoming a more prevalent feature in the US upstream space. Rockies-focused Southland Royalty received bankruptcy court approval for the $53.32 million sale of its San Juan Basin assets in New Mexico and Colorado to MorningStar Partners (PG.1). Eagle Ford producer Freedom Oil & Gas, the Houston-based operating arm of Australia-listed Freedom Oil & Gas Ltd., is selling its assets to Australian environmental services...

The Houston-based energy arm of South Korean investment firm Atinum Partners is marketing its interests in an active Marcellus-Utica development program operated by privately held Tug Hill Operating in West Virginia. Atinum Energy Investments is offering its non-op 38% WI in the assets, amounting to 8,100 net acres primarily in Marshall and Wetzel counties with net production of 31 MMcfe/d and PDP reserves of 90 Bcfe (40% liquids). Tug Hill has identified more than 60 dry gas Utica...

EnerVest Energy retained Detring Energy Advisors to shop a non-operated 15% WI position in its operated Nora field coalbed methane assets in Virginia (Enverus Deal ID: 12526). The interests for sale cover 54,000 net acres with a low royalty burden of 2% and net PDP reserves of 95 Bcf (100% gas), as well as stakes in gathering pipelines, disposal wells and a compressor fleet. EnerVest will retain the remaining 85% WI. The assets have net production of 15 MMcf/d (100% gas) with 6% annual...

Chevron put up for sale its Van field in East Texas via EnergyNet. The supermajor operates 110 wells producing from the Austin Chalk, Rodessa and Woodbine at the field in eastern Van Zandt County, where it owns 90% WI (79% NRI). It also has seven water injectors, 142 shut-in wells and 289 abandoned wells at Van. In addition, Chevron is marketing a non-op 30.1% WI (21.8% NRI) in producing and nonproducing wells at neighboring Van West field. Overall, the sale effort covers 5,834 HBP net...

CH4 Energy, backed by NGP Energy Capital Management, is shopping operated Delaware Basin assets in Reeves County, Texas. The offering covers 1,317 net acres (1,328 gross), which include two undeveloped sections with strong offset production and three-year lease terms. There are 22 operated wells, 16 shallow producers and three injector and disposal wells; and three productive horizons, Third Bone Spring, Wolfcamp A and Wolfcamp B—plus emerging First Bone Spring potential being tested in the...