Condor Petroleum, Inc. to Sell Producing Non-Operated Bakken / Three Forks and Other Operated North Dakota Properties
DALLAS, June 23, 2016 (GLOBE NEWSWIRE) -- Condor Petroleum, Inc. (CONDOR) has retained E-Spectrum Advisors, a division of BOSC, Inc., to sell certain producing non-operated Bakken / Three Forks and other operated properties in North Dakota. The Company will consider offers for either the non-operated and/or operated properties in North Dakota.
The non-operated properties include ownership in approximately 186 producing horizontal wells with a weighted average working interest of 16.22% (13.36% net revenue interest) across 19,512 gross / 3,165 net acres. The properties span seven counties in Montana and North Dakota including Billings, Burke, Divide, Dunn, McKenzie, Mountrail and Williams. Trailing twelve-month average production and net operating cash flow ending January 2016 for the package was 928 Boepd and $507,716, respectively. 2P Reserves account for 2,768 MBoe with a PV-10 of $28.8 MM. Non-operated Bakken / Three Forks 2P Reserves and PV-10 make up ~72% and ~81%, respectively, of the Total Reserves Value.
Upside opportunities include working interests in eight EOG Resources Drilled Uncompleted wells, four economic Bakken / Three Forks PUDs, three Probable locations, 15 Possible Bakken / Three Forks undrilled locations and additional unquantified upside from continued lease line drilling, infill drilling and refracs.
E-Spectrum Advisors was founded in 1997 to provide high-quality, focused oil and gas property sales and advisory services to energy companies focused on the upstream oil and gas sector. Since 1997, E-Spectrum Advisors has closed more than 150 transactions with a total aggregate transaction value exceeding $10 billion.
Securities offered through BOSC, Inc., a registered broker/dealer, member FINRA/SIPC and a subsidiary of BOK Financial Corporation. Advisory services offered through BOK Financial Advisors, an SEC registered investment adviser. E-Spectrum Advisors is a division of BOSC, Inc. Investments and insurance are not insured by the FDIC; are not deposits or other obligations of, and are not guaranteed by, any bank or bank affiliate. All investments are subject to risk, including possible loss of principal.
Contact
Will Hundley
214-395-1710
whundley@e-spectrumadvisors.com
Source: GlobeNewswire
(June 23, 2016 - 11:30 AM EDT)
