County, Trinity Field Assets Being Marketed by Riviera Energy…
Staff Report – Midland Reporter-Telegram – 04/12/2004
Riviera Energy Corporation,
a Midland, Texas based oil & gas transaction advisory
firm, has been exclusively retained by NorthStar Operating
Company, Discovery Exploration, and various working interest
partners to divest of their interest in the Trinity Field
located in Lea county, New Mexico approximately fourteen miles
west of the City of Tatum.
sale consists of Operated and Non-Operated interest in various
properties. There are (2) Operated wells in the package
producing 397 BOPD and 713 MCFPD from the Wolfcamp formation
at 6,100′. NorthStar Operating and Discovery Exploration
et al are offering for sale a 93.75% Working Interest with
an 82.5%, 8/8ths NRI. Net Operating income from the operated
wells averages an estimated $400,000 per month.
The working interest partners are selling
its (8% to 12.5%) non-operated working interest on (9) producing
wells in the Trinity Field. All (9) wells are operated by
Chesapeake and produce 700 BOPD and 1,300 MCFPD (8/8ths)
from the Wolfcamp formation. The Net Income from the Non-Operated
interests averages an estimated $70,000 per month.
The properties have significant secondary
recovery potential as wells as development potential in
the Devonian formation identified at 12,00 ft. The sellers
are selling all depth and rights associated with ownership.
The complete package for sale will offer
combined (8/8ths) production of approximately 1097 BOPD
and 2.13 MMCFD with a NET income being offered for sale
of approximately $470,000.00 per month.
Energy Corporation, a Midland, Texas based oil & gas transaction
advisory firm, has been exclusively retained by Discovery
Staff Report – Midland Reporter-Telegram – 3/04
Riviera Energy Corporation
has been exclusively retained by Discovery Operating, Inc.
Riviera Energy Corporation, a Midland, Texas
based oil & gas transaction advisory firm, has been
exclusively retained by Discovery Operating, Inc. of Midland
to divest it’s operated interest in the Witharral Field
located in Hockley County, Texas approximately thirteen
miles north east of the City of Levelland.
There are four leases in the package with
a total land position of 640 acres. Each lease has one active
pumping oil well. All leases are operated by Discovery.
Working Interest for sale is 100% with and an average NRI
of 79%. Production is from the Lower Clearfork at 6,800′.
A third party engineering study done in
February of 2003 identified Proved Undeveloped Reserves
of 525 MBO through the drilling of (6) wells plus Proved
Undeveloped Secondary Reserves of 875 MBO by initiating
a co-operative waterflood. Adjacent properties have seen
quick response to water injection into the Lower Clearfork.
For more information please contact Riviera Energy Corporation
at (432) 686-9400.
of Andrews County Properties Completed by Riviera Energy…
Staff Report – Midland Reporter-Telegram – 3/14/04
RIVIERA ENERGY COMPLETES THE
SALE OF ANDREWS COUNTY PROPERTIES.
ENERGY COMPLETES THE SALE OF ANDREWS COUNTY PROPERTIES.
Riviera Energy Corporation, a Midland, Texas based oil &
gas transaction advisory firm, announces the completion
of the sale of ICA Energy Operating, Inc.’s Fullerton Field
properties located in Andrews County, Texas approximately
(12) miles NW of the City of Andrews.
There were (10) leases in the sale. Eight
of the leases were operated by ICA and encompass over 1,361
acres. The operated working interest sold averages 92.6%.
The net revenue interest to the 8/8ths averages 80.3%. The
other (2) leases are small non-operated interests in offset
properties. The non-operated working interest is 6.25% with
an 8/8ths NRI of 75%.
There are (20) active pumping oil wells,
(2) inactive wells and a complete disposal system on the
operated leases. Current production is approximately 170
Bopd, 167 Mcfpd and 770 Bwpd. Net Operating Income averages
$88,169 per month.
Production is from the San Andres at 4,400′,
Upper Clearfork at 6,100′ and Lower Clearfork at 6,800′,
in the Fullerton and Fullerton, South East Fields.
Thirteen PUD locations have been identified
on the properties. The drilling is part of a development
program to establish (40) acre (5) spot waterflood patterns.
The Lower Clearfork has been successfully
flooded on adjacent properties the Fullerton Field. ICA’s
properties are located just south of ExxonMobil’s Fullerton
Operating LLC Has Retained Riviera Energy Corporation to Divest
East Hobbs Unit…
Staff Report – Midland Reporter-Telegram 1/25/04
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CrownQuest divesting operated interest in East Hobbs San Andres
Midland Reporter-Telegram 01/25/2004
CrownQuest Operating LLC, an affiliate of EnerQuest Resources
LLC, has retained Riviera Energy Corporation to divest its
operated interest in the East Hobbs San Andres Unit.
The East Hobbs San Andres Unit is located in Lea County,
N.M. two miles east of Hobbs. CrownQuest’s interest includes
21 active pumping wells and a compete disposal system on
the unit. Current production is approximately 275 barrels
of oil, 370 Mcf and 1,800 barrels of water daily. The field
is developed on 40-acre spacing and the unitized area encompasses
920 acres. Production is from the San Andres at an average
depth of 4,500 feet with net pay averaging 146 feet.
Net operating income to the 100 percent working interest
and 82.12 percent net royalty interest averages $148,693
The field was unitized for the purpose of waterflooding.
Effective date of the unit is February 1, 2004. Incremental
reserves are estimated at 8.7 million barrels of oil and
1.820 Mmcfd for full-scale development of 40-acre five spots.
In addition, eight 20-acre wells have been identified which
are outside the scope of the waterflood development. Behind-the-pipe
potential in the Queen-Penrose has also been identified.
Energy Retains Riviera Energy Corporation of Midland…
Staff Report – Midland Reporter-Telegram – 12/03
ICA retains Riviera to sell
Permian Basin assets.
Energy Corp. (Midland, TX) has been retained to sell certain
oil and gas properties for ICA Energy Operating Inc. More
specifically ICA is offering for sale all of its operated
and non-operated interests in the Fullerton field in Andrews
County 12 miles northwest of Andrews. The package consists
of 10 leases (eight operated). The operated WI averages
80% (ranges from 53% to 100%). Net revenue interest to the
8/8ths averages 84% (ranges from 76% to 86.9%). The remaining
two leases in the package are small non-operated interests
in offset properties. The non-operated WI is 6.25% with
an 8/8ths NRI of 75%.
The Package offers 20 active pumping oil
wells, two inactive wells and a complete disposal system
on the operated leases, with current production of ~170
BOPD, 167 MCFD and 770 BWPD.
Production is from the San Andres (4,400
ft.) Upper Clearfork (6,100 ft.) and Lower Clearfork (6,800
ft.) in the Fullerton and Fullerton Southeast field. The
Lower Clearfork has been successfully flooded on properties
adjacent to the Fullerton field. ICA’s properties are just
south of ExxonMobil’s Fullerton Clearfork unit.
Energy Corporation of Midland has completed the sale….
Staff Report – Midland Reporter-Telegram – 11/9/03
This $29 million dollar transaction
was completed in 61 days from the date of listing contract!
Basin sees active acquisition, divestiture market
Mella McEwen – Midland Reporter Telegram – 09/21/03
Permian Basin oil and gas operators
are seeing quite a few properties coming up for bid as majors
and independents alike adjust their portfolios.
"Oil and gas packages are bringing
in premium prices," observed Larry Oldham, president
of Parallel Petroleum. "I don’t know if it’s a a sign
the market is getting frothy, but we’re amazed at some of
the prices packages are bringing."
Oldham continued, "We think there will
be a lot of assets coming available here in the Permian
Midland-based Riviera Energy Corporation
specializes in facilitating the acquisition and divestiture
of properties and Jeff Longbotham, company president, pointed
out that He and Mark Fields, vice president, engineering,
have more than 30 years acquisition and divestiture experience
between them. Since his first sale in 1993, Longbotham said,
Riviera has accumulated over $550 million in documented
Right now, Longbotham said, "We have
a unique property being offered."
The company is working with Midland-based
Triumph Exploration to sell its working interest in the
Jed Clampett leases in the Means (San Andres) field in Andrews