Page 13 - NorthAmOil Week 20 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM the Texas-New Mexico Permian area. USGS June 30, 2021, subject to customary closing
estimates that known recoverable efficiency in conditions, and two smaller transactions have
Empire Petroleum the Eunice Field and surrounding satellites at already closed. Oasis has updated its 2021
outlook to reflect the divestment.
close to forty% with Primary and Secondary
announces final closing of recovery of an estimated 4.5 billion Original while building scale in the Williston Basin is
“The decision to exit the Permian Basin
Oil barrels in Place “OOIP” making Eunice
the operated New Mexico Monument one of the largest fields in the fundamentally based on aligning company
United States. The well development in the
resources with our core competitive strengths
oil and gas assets from Eunice Monument South Unit was on 40- and strategic focus of building a sustainable
enterprise which generates significant free
acre spacing. The field was produced under
ExxonMobil primary means until unitization of the field cash flow for the benefit of the company and
shareholders,” said Danny Brown, Oasis’ chief
occurred in February 1985 as a Secondary
Empire Petroleum announced today that it Waterflood. The productive intervals at executive officer. “The successful conclusion
has acquired producing oil and gas assets Eunice are mostly the Queen, San Andres and of our Permian divestiture process allows us
and related gathering assets located in Lea Grayburg formations. to bring substantial value forward from an
County, New Mexico through its wholly In connection with financing of the asset that was difficult to scale, strengthens
owned subsidiary, Empire New Mexico. acquisition, Empire New Mexico entered into our balance sheet from already peer-leading
The assets were acquired from ExxonMobil a $16.25mn senior secured convertible note levels, and allows us to focus our attention on
Corporation’s XTO Holdings, in a transaction with Energy Evolution Master Fund at 3.8% driving significant value from our world-class
that has been previously reported by Empire per annum interest. Williston acreage position, where we see great
in its filings with the Securities and Exchange EMPIRE PETROLEUM, May 18, 2021 upside opportunity and long-term running
Commission. room. The combined Williston and Permian
The acquired operated assets are comprised Oasis Petroleum announces transactions are highly accretive, position
of ~700 gross oil, gas, and injector wells Oasis to take advantage of expanded scale,
and encompass approximately ~40,000 net strategic sale of its Permian result in very low leverage, and demonstrate
acres of Permian leasehold. The properties our commitment to shareholders. We believe
are characterized by high working and net Assets and updates 2021 Oasis represents a compelling investment
revenue interests, producing approximately opportunity, and we will continue to be
1,100 net BOEPD (Barrels of Oil Equivalent outlook aggressive in pursuing strategies to unlock
per Day) with sixty-seven% being oil. value.”
The Eunice Monument (also EMSU) Oasis Petroleum announced today it has OASIS PETROLEUM, May 20, 2021
and Arrowhead Grayburg fields (also AGU) entered into a series of definitive agreements
are located on the northwestern edge of to sell its entire Permian Basin position for BCE-Mach III to acquire
the Permian Basin’s Central Basin Platform total gross potential consideration of $481mn.
in southeastern Lea County, New Mexico, The total consideration consists of $406mn Oklahoma and Texas
approximately 15 miles southwest of the city at closing and up to three $25mn annual
of Hobbs. The EMSU field was discovered contingent payments in 2023, 2024 and properties from Cimarex
on March 21, 1929, with the majority of field 2025 if WTI averages over $60 per barrel in
development occurring from 1934 through each respective calendar year. The primary Energy
1937 as the 2nd largest carbonate reservoir in transaction is expected to close around
BCE-Mach III recently signed a purchase
and sale agreement to acquire producing
properties in Western and Southern
Oklahoma and the Texas Panhandle from
Cimarex Energy. The acquisition, expected
to close in June 2021, also includes two gas
gathering and processing assets located in
Southern Oklahoma.
BCE-Mach III was formed in early 2020
and in April 2020 acquired the upstream
and midstream assets from Alta Mesa
Holdings and Kingfisher Midstream, which
are primarily located in Kingfisher County,
Oklahoma. In total, Bayou City Energy
Management (BCE) and Mach Resources
(Mach) have made eight separate acquisitions
since 2018 across the three BCE-Mach
portfolio companies.
BCE-Mach has assembled an expansive
upstream portfolio of Anadarko Basin assets
across 46 counties in Oklahoma, Kansas and
the Texas Panhandle including interest in over

Week 20 20•May•2021 www. NEWSBASE .com P13