The SCOOP assets of a private investment company based in Edmond, Oklahoma are being offered for sale.
River Ranch Capital has retained Core Energy Advisors, LLC in Houston to sell a package of interests in oil and gas properties primarily in the SCOOP play in Grady County.
The acreage is 100 percent held by production and includes 274 producing wells. Another 500 prospective locations are part of the package. The assets are operated primarily by Continental resources and Newfield Exploration, now Encana.
The package includes 363 net acres with 274 producing wells, with 256 net acres in the SCOOP play. All of the SCOOP acreage is HBP by Woodford wells – River Ranch has interests in 199 producing Woodford wells and 31 producing Springer wells.
Full development of the Woodford will add 273 wells, and full development of the Springer will add 278 wells. All development locations are in-fill drilling. The PV-10 of the total net reserves of the production and the Woodford and Springer locations is $15.2 million, with NYMEX strip prices as of March 1, 2019.
The announcement indicated the asset is highly diversified with small interests in wells with total gross of proved producing reserves of more than 82 MMBbl and 523 Bcf.
River Ranch Capital is a private investment company providing capital and business management to entrepreneurs and leaders. Its chairman is James M. Morris II whose previous experience was with John Hancock financial Services, signator Investors, Inc. and Essex National Securities, Inc.
Mr. Morris retired in April 2004. He currently serves on the boards of directors of the Oklahoma Medical Research Foundation and the South Central US Chapter of the Multiple Sclerosis Society and is a recipient of the Maureen Reagan award for his work with the Alzheimer’s Association.
The package includes 363 net acres with 274 producing wells, with 256 net acres in the SCOOP play. All of the SCOOP acreage is HBP by Woodford wells – River Ranch has interests in 199 producing Woodford wells and 31 producing Springer wells. Full development of the Woodford will add 273 wells, and full development of the Springer will add 278 wells. All development locations are in-fill drilling. The PV-10 of the total net reserves of the production and the Woodford and Springer locations is $15.2 million, with NYMEX strip prices as of March 1, 2019.
Core Energy Advisors has an online data room for interested parties to review the assets in more detail upon execution of a confidentiality agreement.