Page 11 - NorthAmOil Week 38

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NEWS IN BRIEF
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UPSTREAM
Fortem Resources announces signing of $15mn non-binding term sheet
Fortem Resources is pleased to announce
the signing of a non-binding term sheet with an arm’s length party, pursuant to which the company has agreed to farm-out a portion of its working interest in the Mancos formation located in Grand County, Utah, held through its wholly-owned subsidiary Rolling Rock Resources and to establish a joint venture therewith, subject to the entry of a definitive transaction agreement.
Pursuant to the terms of the term sheet, the farmee will commit up to $15mn in
up to 10 tranches in exchange for a 100% operating interest in certain wells located
on the property. Upon full pay-out of the Commitment Amount, the Company will be entitled to a 20% interest in the income generated from the farmee’s activities, which interest shall be increased to 25% following a 2.0x return of capital of the farmee’s investment. The operating interest in the agreed upon wells will be conveyed to the farmee upon the execution of the definitive agreement for the obligation tranche and upon affirmative election by the farmee to proceed with any subsequent tranche.
Within 90 days following the execution
of the definitive agreement, the farmee will commence re-entering and test the behind pipe potential of initial three wells identified in the term sheet. Following the initial production date of the last well brought to production in the obligation tranche, the farmee will, within 90 days, at its sole option, have the option to form an additional tranche
of three wells in which it will test the behind pipe potential of each subsequent tranche well identified.
FORTEM RESOURCES, September 23, 2019
Perpetual Production and
Silver Hill Energy Holdings
form joint venture to
acquire mineral and non-
operated working interests
Perpetual Production is pleased to today announce a strategic partnership with
Silver Hill Energy Holdings targeting the acquisition of mineral, royalty and non- operated participation interests in targeted areas of the Mid-Continent and Permian Basin. To facilitate this partnership, Perpetual and Silver Hill have formed a new joint venture investment vehicle named Perpetual Resources LLC (PRLLC). Josh R. Camp
will continue to serve as president and chief executive officer of Perpetual, managing day-to-day operations and the overall strategy of the company. Kyle D. Miller, founder and managing partner of Silver Hill, will serve as non-executive chairman of PRLLC, guiding the company’s strategic direction with Mr. Camp.
“Our team is extremely excited and humbled to work with Kyle and the talented team he has assembled at Silver Hill including Scott Smetko and Patrick Halpin. While Kyle’s track record in the energy industry speaks
for itself, the leadership and business acumen he has developed by prudently investing throughout numerous commodity cycles is what differentiates him from others in the industry. Speaking on behalf of the entire Perpetual team, it is our pleasure to welcome Kyle to Perpetual Resources, and we look
forward to learning from his valuable insights and industry expertise,” said Mr. Camp.
“Silver Hill is thrilled to have the opportunity to partner with Josh and the rest of the Perpetual team. While the broader oil and gas space has been challenged from an investment perspective for the past several years, we continue to believe there are ways to navigate through the current environment to successfully invest in attractive risk-adjusted opportunities through the use of differentiated information and strategies. The Perpetual team has deep experience in the minerals space, and we are excited to help them take their business to the next level as we pair our Permian Basin expertise with their knowledge and experience in the Anadarko Basin,” said Mr. Miller.
PERPETUAL PRODUCTION AND SILVER HILL ENERGY HOLDINGS, September 17, 2019
Matador Resources announces successful receipt of six BLM permits in Western Antelope Ridge asset area
Matador Resources today announced the successful approval and receipt of six drilling permits in its western Antelope Ridge asset area from the Bureau of Land Management (BLM). The company had anticipated receipt of these permits late in the third quarter or early in the fourth quarter of 2019. Matador
is also pleased to announce that it has initiated drilling operations on these wells, which Matador will refer to as the Rodney Robinson wells. The 1,200 gross and net acre Rodney Robinson tract is one of the key tracts Matador acquired in the BLM New Mexico Oil and Gas Lease Sale in September 2018. Matador anticipates drilling these first six wells, all two-mile laterals, from two separate three-well pads. These wells are currently scheduled to be completed and turned to sales late in the first quarter of 2020.
Joseph Wm. Foran, Matador’s Chairman and CEO, commented: “Matador especially appreciates and acknowledges the diligence and professionalism of the team at the BLM that saw this process through to completion. We are very excited to be in a position to begin operations on the Rodney Robinson wells, and we look forward to developing this acreage over the next several years in cooperation with the various regulatory bodies in New Mexico.”
MATADOR RESOURCES, September 23, 2019
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