SALE OF
NON-OPERATED PRODUCING PROPERTIES AND LEASEHOLD
Located In Beckham, Caddo, Canadian, Custer, Dewey, Ellis, Grady,
LeFlore, Pittsburg, Roger Mills, Washita, Woods Counties, Oklahoma
and Lipscomb County, Texas
- 224 non-operated wells:
- 218 working interests, 6 overriding royalty interests
- 197 wells located in Caddo, Custer and Roger Mills Counties, OK
- Majority of wells operated by Apache, Chesapeake, Devon,
ConocoPhillips and Marathon
- Working Interests range from 0.4% to 21%
- 100% of net acreage held by production
- Producing Value:
- Projected net sales for 09/08 – 1,453 MCFEPD – 97% gas
- Projected monthly net cash flow for 09/08 - $371,702
- Net PDP reserves of 6.23 BCFE
- Undeveloped Value:
- 120 Proved Undeveloped Drilling Locations including:
99 DesMoines/Red Fork infills
16 horizontal Cleveland (majority Crusader-operated)
5 Misc. (Morrow and Oswego)
- Net PUD reserves of 7.45 BCFE
- Average of 23 PUD locations drilled per year since 2006 on seller’s acreage
- Behind Pipe Value:
- 178 Proved Non-Producing opportunities in existing wellbores
- Net PDNP reserves of 2.82 BCF, 139.4 MBO
- Upside Opportunities:
- 100 Probable Drilling Locations – mostly Red Fork
- Additional Asset:
- 20% equity ownership of gathering system and pipeline
in Pittsburg County, OK
| Category |
Net Gas
Reserves - BCF |
Net Oil
Reserves - MBO |
PV 10%
Value - ($M) |
| PDP |
6.050 |
18.47 |
22,053 |
| PDNP |
2.821 |
139.39 |
17,038 |
| PUD |
6.881 |
56.44 |
18,109 |
| Total Proved |
15.752 |
214.29 |
57,200 |
| PROB |
5.633 |
27.25 |
10,096 |
| POSS |
12.399 |
20.90 |
--- |
| Grand Total |
33.784 |
262.44 |
67,296 |
Data Room available in Meagher’s Tulsa Office August 14, 2008
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