Bid Date: February 26, 2020 | Effective Date: January 1, 2020

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Teaser: Uinta-PIceance Basin Assets - Foundation Energy Management

Confidentiality Agreement - Foundation Energy Management

EXECUTIVE SUMMARY

Eagle River Energy Advisors, LLC has been exclusively retained by Foundation Energy Management, LLC ("Seller") to divest certain operated working interest assets and associated lands in the Uinta-Piceance Basin of Colorado & Utah.

PROPERTY DESCRIPTION

Operated Assets in Utah & Colorado

  •  ~122,600 net acres in the Uinta-Piceance Basin of Utah & Colorado (>98% HBP / HBU)
  •  $756,000 TTM net cash flow (Oct-19)

Mature Conventional Production

  •  ~3,880 Mcfe/d 6-month average net production (Oct-19)
  •  247 operated / 26 non-operated wells
    •  209 net producing wells with 77.7% average WI
  •  Mature, conventional production with ~6% decline
  •  Existing production from the Dakota, Mancos, Morrison and other conventional reservoirs

Producing Assets with Operational & Horizontal Upside

  •  ~9.8 Bcfe / $4.0MM PV-10 PDP Reserves
  •  ~3.9 Bcfe / $2.5MM PV-10 PDNP Reserves from capital capital projects such as infrastructure, recompletion and workover opportunities to increase production and reduce lifting costs
  • >100 identified vertical infill drilling locations in the Mancos B, Dakota, Mesaverde, Wasatch and other conventional formations
  • Horizontal resource potential in the Mancos B and Mancos Shale intervals across leasehold correlates to existing Mancos plays in the San Juan & Piceance

Agent Details

eagleriver