DALLAS, April 13, 2016 (GLOBE NEWSWIRE) -- Territory Resources LLC (“Territory” or the “Company”) has retained E-Spectrum Advisors to sell non-operated interest in its East Cement Marchand EOR Unit. The unit, operated by Territory, is located in Caddo County, Oklahoma and the Company’s infill and fracture stimulation / workover program is already underway.
Territory acquired the assets in February 2015 and has since increased production from ~100 BOPD to ~380 BOPD. The opportunity set offers extensive development inventory comprised of: 19 proved fracture stimulation / workovers (PDNP, PDBP), 20 Proved 20-Acre infills, 34 Proved 10-Acre infills and 4 Proved 10-Acre redrills.
Net Proved reserves are 10.685 million barrels of oil equivalent (BO) with a PV-10 value of $112.1 million. Forecasted 2016 net production is 309 BOPD without continued development.
The online data room opens April 5 and physical data rooms will be available starting April 11. Bids are due Thursday, May 5. Contact Jason Reimbold with E-Spectrum Advisors at 214-987-6109 or jason.reimbold@energyspectrum.com to request a confidentiality agreement.
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.