DALLAS, April 28, 2016 (GLOBE NEWSWIRE) -- PT Petroleum LLC (“PT” or the “Company”) has retained E-Spectrum Advisors to sell operated properties in the Delaware Basin in Pecos County, TX (the “Properties”). The Properties represent the opportunity to acquire a contiguous 10,240 acre leasehold position targeting Wolfcamp A and B. 100% working interest and 75% net revenue interest is being delivered with the Properties.
PT has recently renegotiated lease terms with only a single well required in 2016, 2017 and 2018 to maintain entire leasehold. Similar to other operator’s experience in the northwest in the HOEFS T-K (Wolfcamp) Field, the Company believes N-S laterals and aggressive completion techniques including higher percentage of 100 mesh and increasing overall sand concentration per foot will greatly enhance ultimate recovery and take advantage of high IP’s (602H Well IP 1,256 BOPD and 801H Well IP 1,152 BOPD) seen in their first two horizontals by contacting more rock.
A combination of sixty single section and twenty four 1-1/2 section horizontals or alternatively thirty 2-section and twenty four 1-1/2 section horizontals will fully develop the acreage on 880’ spacing (six wells per section).
Average net production and net operating cash flow for the trailing twelve months was 253 BOEPD and ~$136,414, respectively. Additionally, trailing twelve months production revenue is 93% oil.
The online data room opens April 27. Bids are due Wednesday, May 25. Contact Will Hundley with E-Spectrum Advisors at 214-987-6153 or will.hundley@energyspectrum.com to request a CA.
About E-Spectrum Advisors
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.