Bakken – Operated Working Interest

Property for Sale

Property Information

  • Bid Date: February 21, 2019
  • Effective Date: TBD
  • Closing Date: TBD
  • Area Size:  
  • Type of Basin: Williston

Executive Summary

Eagle River Energy Advisors, LLC has been exclusively retained by Lincoln Energy Partners (“Seller”) to divest or solicit a joint venture partner for its operated working interest assets located in the Williston Basin of Dunn County, North Dakota.

Property Description

Operated Leasehold Position in Dunn County

  • 8,667 net acres (81.3% 8/8ths NRI) across 11 operable DSUs (8 – 1280-acre / 3 – 2560-acre DSUs)
  • Opportunity to drill 115 horizontal wells (8 wells per section) in the Middle Bakken and Three Forks Formations
  • 4 – 5+ year terms on leases with first expirations Jun 2022 (Fee & State leases only)

Acreage Scalability Potential

  • Seller is seeking a joint development partner to establish a drilling program with potential to expand acreage position or will consider an outright sale
  • Existing ownership likely to increase through proposing / drilling wells within current DSUs

Engineered Reserves

  • Attractive Bakken drilling economics in current commodity price environment with EURs of 730 MBoe with $6.8MM D&C yielding IRRs of ~36%
  • ~21,200 MBoe / $22.6MM PV-25 Proved Bakken reserves (73 wells)
  • Significant probable resource potential in the Three Forks Formation

Enhanced Completions Increasing Recoverable Reserves

  • Recent completions are pushing the former “economic” boundaries
  • Marathon demonstrates this uplift directly offsetting leasehold
    • < 2013 vintage Bakken wells with 50 – 300 lb/ft proppant generated modest EURs of < 500 MBoe
    • Modern completion designs with 600+ lb/ft proppant are generating robust EURs of 800+ MBoe (2x – 3x uplift)

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