Page 13 - NorthAmOil Week 44 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM Early production rates at the Rosa Unit acquisition of privately held operated assets
#654H and Rosa Unit #656, both in Rio located in the Midland Basin from Foreland
Paramount Resources Arriba County, are the highest achieved in Investments and from BCC-Foreland, which
the past 20 years within the San Juan Basin,
held well-bore interests in certain of the
announces third-quarter a large natural gas producing area spanning producing wells operated by Foreland.
The aggregate purchase price of the
southwest Colorado and northwest New
2021 results, updated 2021 Mexico that includes the Mancos Shale. The Foreland acquisition was approximately
$73.2mn at signing of the purchase and sale
Rosa #654H achieved an average 30-day
guidance, 2022 capital initial production (IP30) rate of approximately agreements, consisting of $49.2mn in cash
18.2mn cubic feet per day (mmcfpd) and
and 2.6mn shares of Earthstone’s Class A
budget and guidance and the Rosa #656H achieved an IP30 of 18.3 common stock valued at $24.0mn based on
a closing share price of $9.20 on September
MMcfpd, while the wells were choked back
increased dividend by an average of ~33%. The IP30 for each well 30, 2021. Total cash consideration paid was
$39.3mn, reflecting the preliminary purchase
exceeded the previous Mancos gas horizontal
Paramount Resources is pleased to announce IP30 record by ~40%. price adjustment estimated prior to closing
strong third quarter 2021 financial and “We are thrilled with the initial production and including the deposit paid upon signing
operating results, upwardly revised 2021 rate of these wells,” said Jay Paul McWilliams, of the purchase and sale agreement.
guidance and its approved 2022 capital CEO of LOGOS. “These results, which were Earthstone estimates the acquired
expenditure budget that is forecast to generate achieved near the center of a large unit assets to have $116.0mn of PDP PV-10 as
approximately CAD455mn in free cash flow offering hundreds of additional locations, of July 1, 2021, with associated reserves of
in 2022 on production of between 90,000 support our strategic view that substantial approximately 13.3mn boe (11% oil, 31%
boepd and 94,000 boepd (46% liquids). resource potential exists in the San Juan Basin, NGL, 58% natural gas) based on NYMEX
The company is also pleased to announce a and give us confidence to pursue additional strip pricing as of September 30, 2021. The
tripling of its regular monthly dividend from responsible development of the Mancos shale. low-decline, high-margin producing assets
CAD0.02 to CAD0.06 per class A common We believe the Mancos shale could become acquired in the Foreland acquisition are
share effective November 2021. one of the leading natural gas shale plays in expected to add approximately 4,000 boepd
PARAMOUNT RESOURCES, November 04, 2021 the US.” (17% oil, 47% liquids) to Earthstone’s daily
The Rosa Unit #654H and Rosa Unit #656 production from the closing date through
LOGOS Resources II wells were drilled from a single pad with an year-end 2021.
approximate 10,000-foot laterals in an area
EARTHSTONE ENERGY, November 02, 2021
announces record-breaking known as the Rosa Exploratory Unit. The PHX Minerals announces
Rosa Unit, which is operated by a LOGOS
production from two affiliate and in which LOGOS is majority working interest divestiture
owner, encompasses approximately 54,000
horizontal Mancos shale acres. and mineral acquisition
LOGOS RESOURCES II, October 29, 2021
wells PHX Minerals announced today that it

LOGOS Resources II, announced today it has Earthstone Energy closes has sold a package of 499 non-operated
brought online two highly productive natural Midland Basin foreland legacy working interest wellbores located
gas wells in the Mancos shale, highlighting in the Fayetteville shale of Arkansas to an
the potential for responsible development acquisition undisclosed buyer for $2,125,000. The buyer
of the New Mexico and Colorado field as will also assume an asset retirement obligation
a significant new source of US natural gas Earthstone Energy today announced that in the amount of approximately $173,000
supply. it has completed the previously announced from the company. PHX retains all mineral
rights underlying the divested working
interest wellbores and will continue to receive
royalties where applicable. Additionally, PHX
completed the acquisition of approximately
220 net royalty acres located primarily in
Stephens County, Okla., for $1,216,374. The
acquisition is predominately in the same
area of the SCOOP Springboard III play as
the Company’s previously closed April 2021
acquisition where current drilling activity
continues to accelerate.
Chad Stephens, president and CEO, said:
“These transactions are an important step in
the execution of our corporate strategy that
we embarked on almost two years ago when I
became CEO. The corporate strategy includes
high-grading our asset base and transforming

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