DJ Basin Minerals and ORRI

Property for Sale

Property Information

  • Bid Date: April 05, 2018
  • Effective Date: February 01, 2018
  • Closing Date: TBD
  • Area Size:  
  • Type of Basin: DJ Basin

Executive Summary

Eagle River Holdings, LLC has been exclusively retained by affiliates of McWhinney Real Estate Services, LLC (“Seller”) for the divestiture of mineral and overriding royalty interest assets located in the DJ Basin of Larimer and Broomfield Counties, Colorado.

Property Description

Near-Term Upside with Existing Cash Flow

  • Extraction Oil & Gas spud 14 well Coyote pad February 2018 with estimated first sales in August 2018
    • ~$6.2MM projected net cash flow for 2018 from 14 well Coyote Pad
  • ~673 net mineral acres at ~18.75% royalty rate leased to Extraction in North Park area
  • Negotiating Surface Use Agreements for Centerra area with Anadarko Petroleum Corporation

Mineral and ORRI Assets in the Core of DJ Basin

  • ~3,488 net and ~3,591 gross acres across three prospect areas (per third party report): Centerra, Iron Horse
    and North Park
  • 160 gross PUD well locations in the Niobrara / Codell Formations
  • 9 gross producing wellbores

Engineered Reserves with Significant Upside

  • ~4,633 MBOE total net Proved Reserves (2% PDP / 98% upside reserves)
  • ~4,559 MBOE / $64.3MM (PV-20) PUD net Reserves (160 wells)
  • ~74 MBOE / $1.4MM (PV-10) PDP net Reserves (9 wells)
  • Primary Targets: Niobrara and Codell Formations

Best in Class Operators of Assets

  • Assets operated and to be developed by basin-leading public companies: Anadarko Petroleum
    Corporation (“APC”) and Extraction Oil & Gas (“XOG”)
  • Significant near-term cash flows from non-cost bearing interests

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