The Eagle Ford Shale’s mystery buyer of 12,000 net acres is EP Energy Corp. (EPE) and the company is touting production, acreage and more drilling locations.
On July 27, Goodrich Petroleum Corp. (GDP) said it had sold its Eagle Ford operations in La Salle and Frio counties, Texas, for $118 million with expectations of gaining up to $60 million in proceeds. It did not disclose the buyer.
However, Goodrich filed documents July 30 with the Securities and Exchange Commission showing EPE was the buyer.
The Fort Worth, Texas, company will be able to drill while hunting down more acquisitions—and without taking a major hit to its balance sheet.
The company is in the process of obtaining a loan and negotiating to sell noncore assets as well as interest in the North Slope that it acquired in 2014.
In an area where Goodrich spends no capex, the company sold 2,850 boe/d in production in the Eagle Ford but apparently did not receive credit for its undeveloped acreage.
A Goldman Sachs analyst identifies targets for major oil companies that have failed so far to gain entry into shale plays and need to replace depleted reserves.
The top 10 frack sand suppliers claim 55% of total business, while more than 40 companies make up the remaining percentage.
Both companies said July 10 that they had agreed to extend the Department of Justice’s review of their merger while Halliburton readies divestment of billions of dollars in revenue-generating business divisions.
The $47 million transaction more than quadruples the Fort Worth, Texas-based company’s net acreage in the Permian Basin and ups production by 15%.
Equipment auctions are frequent and often the product of insolvency, but equipment should be thoroughly inspected before bids. The equipment has often been cannibalized for parts.
Milagro wants to sell its assets and 1,200 wells to White Oak Resources VI LLC, a company that acquires producing properties on the Gulf Coast of Texas and Louisiana.
The Radnor, Pa.-based company kept its Eagle Ford assets and instead sold its East Texas terrain, where it had abandoned drilling but continues to face questions about its leverage.
|E&P||USD 217||Members only||Milagro Oil & Gas Inc.|
|E&P||USD 118||Members only||Goodrich Petroleum Corp.|
|E&P||USD 47||Members only||McCabe Petroleum Corp.|
|Mid||USD 1500||Members only||Enterprise Products Partners LP|