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Lea
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. The
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 12,000 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.
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Riviera
Energy Corporation, a Midland, Texas based oil & gas transaction
advisory firm, has been exclusively retained by Discovery Operating,
Inc…
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 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.
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Sale
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.
RIVIERA
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,
Southeast 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 Clearfork Unit.
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CrownQuest
Operating LLC Has Retained Riviera Energy Corporation to Divest
East Hobbs Unit…
Staff Report – Midland Reporter-Telegram 1/25/04
MyWestTexas.com home : news : oil & gas : oil & gas
CrownQuest divesting operated interest in East Hobbs San Andres
Unit
Staff Report
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 complete 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 monthly.
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.
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ICA
Energy Retains Riviera Energy Corporation of Midland…
Staff Report – Midland Reporter-Telegram – 12/03
ICA retains Riviera to sell Permian Basin assets.
Riviera
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 fields. 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.
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Riviera
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!
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Permian
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 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 Basin.”
Midland-based
Riviera Energy Corporation specializes in facilitating the
acquisition and divestiture of properties and Jeff Longbotham,
company president, pointed out that he and Monty 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 property sales.
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 County.
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