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Deal Summary

Energy Advisors Group has been retained by Cove Petroleum to assist in marketing their entire portfolio of Operated WI, NonOperated WI and RI/ORRI in 422 wells, mainly in Texas and Oklahoma.

The portfolio encompasses 422-wells. 21-Operated wells, 237-NonOperated wells and 164-Royalty and Override interest wells. The Operated wells are concentrated in Hockley and Lubbock Cos., TX and all produce from the Clear Fork Formation, a proven secondary recovery reservoir via waterflood. The upper or northern Permian Basin assets include both Operated and Non-Operated working interests and some with Royalty/ORR interests. In addition, some of the wells have both working and royalty interest ownership.

This package is a multistate producing portfolio which includes 3-Major Oil and Gas States being Texas, Oklahoma & Arkansas. There are 76 different operators whose wells are producing with long life and shallow decline reservoirs.

Cove Properties Highlights:
• All Cove-Operated properties have Waterflood Potential
• Various wells in the West Broadview field potentially have some pressure support from the adjacent West Broadview Unit
• Deep potential may exist in the Smyer field assets (Seismic to be shot in 1st Qtr)
• ORRI in Ward County, TX.
-One Hz well (UL Kerwin A 18-12 #7101H) recently drilled
-Thus Additional Wolfcamp Hz wells are expected
-Potential for Bone Springs Hz development as well
• Undeveloped Minerals
-Cove owns Mineral Interest in Sec 16-6N-9W; Caddo County, OK.
-Multi-unit Hz application by Zarvona Energy currently in OCC and continued to June 23, 2020.
• Cash flow of $1.5MM to $1.9MM annually
• Minimal number of inactive properties

Texas Producing Properties, (Operated, NonOperated, & Overrides/Royalty Interests)
–22-Counties. >230 Wells
–Panhandle; Permian; North Texas; East Texas
–Operated Properties Have Proven Waterflood Potential
–Gross Production From The Texas Assets: 887 BOPD & 3,626 MCFD
–Net Production From Texas: 140 BOPD & 216 MCFD

Key Texas Positions:
–Permian (Cochran, Dawson, Gaines, Dawson, Hockley, Lubbock)
–East Texas (Rusk, Harrison, Cass)
–Panhandle/North Texas (Coke, Ochiltree)
–South Texas (Lavaca)

Oklahoma Producing Properties (Mostly NonOperated WI)
–14-Counties. >120 Wells
–Anadarko & Arkoma Basins
–Beaver, Carter, Pittsburgh & Roger Mills
–Gross Production From Oklahoma: 109 BOPD & 9,169 MCFD
–Net Production From The Oklahoma Assets: 3 BOPD & 204 MCFD

Key Oklahoma Plays & Positions:
–Oklahoma Panhandle

The Seller also owns small interests in Arkansas, Colorado and Louisiana.

Purchasers of operated working interest should note that this Sales Package will include some wells applicable for Waterflood including interests around the West Broadview Unit.

MultiState Producing Property Sale Package - Energy Advisors Group


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