The following information is provided by PetroDivest Advisors. All inquiries on the following listings should be directed to PetroDivest Advisors. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Diversified Energy Company is offering for sale its operated oil and gas fee and HBP leasehold in Tioga County, Pennsylvania. The assets include ~8,400 net acres, with ~340,000 net lateral feet of highly-economic inventory, and infrastructure that allows for immediate development. Diversified Energy Company has retained PetroDivest Advisors as its exclusive advisor relating to the transaction.
Asset Highlights:
- ~8,400 Net Acres (100% Fee & HBP Acreage)
- ~5,900 net acres of fee interests + 2,500 net acres HBP leasehold provide attractive natural gas optionality
- Undeveloped Marcellus inventory across ~2,500 net acres
- Utica rights across ~95% of the position
- 95% average 8/8ths NRI
- Fee ownership provides compelling returns in any pricing environment
- Scalable position with low-cost bolt-on and partnership opportunities to extend lateral lengths
- ~5,900 net acres of fee interests + 2,500 net acres HBP leasehold provide attractive natural gas optionality
- ~340,000 Net Lateral Feet of Highly-Economic Inventory
- 13 Marcellus locations with >10,000’ avg. lateral length 71% avg. WI
- 6 locations off of pre-approved pad on ~1,700 acre fee tract
- Robust type curves generate IRR’s >100% and EURs >2.5 Bcf/1,000’
- Marcellus Net Reserves: ~265 Bcf
- Marcellus PV10: ~$250MM
- Significant Utica upside
- 6 Utica locations on pre-approved pad alone add ~120 Bcf net reserves (>$100MM PV10)
- 13 Marcellus locations with >10,000’ avg. lateral length 71% avg. WI
- Infrastructure In-Place Allows for Immediate Development
- Gathering infrastructure and agreement in-place
- Delivery into TGP pipeline
- Low variable fees of $0.42/dth gathering and compression
- Ability to develop additional laterals from existing pads
- Single rig program fully develops position in under two years
- Favorable marketing area with takeaway capacity to premium markets
- Gathering infrastructure and agreement in-place
Bids are due on June 20. For complete due diligence information on this property, please visit http://www.petrodivest.com/ or contact Linda Fair.
Recommended Reading
GE Vernova Completes Spin-Off from GE
2024-04-04 - GE Vernova, an energy transition company, began trading as an independent company on the New York Stock Exchange this week.
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.
First Solar’s 14 GW of Operational Capacity to Support 30,000 Jobs by 2026
2024-02-26 - First Solar commissioned a study to analyze the economic impact of its vertically integrated solar manufacturing value chain.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Excelerate Declares Quarterly Cash Dividend
2024-02-26 - Excelerate Energy’s dividend is payable March 28 to Class A common stockholders of record by March 13.