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Teaser - Royalty & Non-0p Assets for Sale in the Core STACK

Confidentiality Agreement - Midwest Energy

 

EXECUTIVE SUMMARY

Eagle River Energy Advisors, LLC has been exclusively retained by Midwest Energy Investments, LLC ("Seller") for the divestiture of mineral, lease, and overriding royalty interest assets and associated development rights in the STACK play of Oklahoma.

PROPERTY DESCRIPTION

Diversified Position

  • 1,166 Net Royalty Acres (Normalized to 1/8th)
    • Minerals: 1,016 NRA (23% Avg. Royalty Rate)
    • ORRI: 150 NRA
  • 32 Net Leasehold Acres (82% Avg. NRI)
  • 175 PDP wells provide stable & diversified production profile
  • 16 DUCs and 69 proposed wells provide near-term upside
  • ~115 Boe/d Net Production (67% Liquids)
  • ~$92,000/month net cash flow (Avg. Apr-Sept 19)

Compelling Drilling Economics

  • Significant remaining reserves with 1,400 - 4,000 MBoe EURs from multi-bench development across the acreage
  • Woodford and Mississippian drilling economics yield IRRs >20%

Proven Multi-Bench Development

  • 500+ remaining, economic drilling locations provide multiple years of stacked-pay development potential
  • Recent successful Woodford and Mississippian delineation across entire position
  • Additional, unquantified resource potential in multiple other formations currently being tested

Highly Active Asset Operators

  • Portfolio operators include Continental, Devon, EOG, Cimarex, Marathon, and Encana (Ovintiv)
  • Portfolio operators actively permitting and are drilling with 32 of 53 total active rigs in the Basin