It goes without saying that most of us in the industry are thankful to be starting the new year with oil prices hovering around $50 once again. We anticipate activity to begin picking up in the first quarter with the frac crews and drilling rigs getting back to work all across the Country.
Our team has spent the last year focused on sourcing various buckets of capital that can move quickly and transact in this environment. Despite the prevailing market sentiment, there is ample capital available for drill-bit oriented opportunities.
Eagle River is currently working with (a) a handful of operators to source JV partners for drilling projects, (b) non-op WI owners to divest of AFEs or near-term drilling obligations and (c) working interest and mineral interest owners to divest of assets that have a balanced mix of PDP and undeveloped acreage / upside. There is a healthy level of demand for these projects at attractive valuations.
Already in these first handful of days in 2021 we have seen a tremendous increase in activity level and inquiries at Eagle River. Employees are heading back to the office, the vaccine is being distributed and administered and the Saudis have signaled a willingness to support the oil market. All good things for oil prices in 2021.
We are here to help your company achieve its transactional goals this year.
Congratulations for surviving 2020!
Austin & Mike