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Six Producing Wells on 130 acres Looking for Partner



Oil & Gas Opportunities: Buy & Sell Drilling Prospects & Wells. | Oil & Gas Opportunities: Drilling Prospects. Wells.

Category: Oil & Gas Opportunities: Drilling Prospects. Wells.
Owner Information
Owner: John Robbins
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Details
Closest Town/City: Albany
Province/State: Kentucky
Country: USA
Gross Acreage: 130 /-
Net Mineral Acres: 0
Legal Description: 130 /- Acre oil lease
Half Interest = 37.5% Net Revenue Interest / 50% Working Interest
Six producing oil wells
Four 100 Barrel oil storage tanks

This Lease has been in production since 1974 with a total of six equipped and pumping wells. The six producing wells currently make around 2.5 bopd together. While we have repainted everything and have the wells up and pumping we have not serviced them. As part of this purchase we would include a servicing and perform that service shortly after the closing. When this work is done we will be looking for production in the range of 5 to 6 bopd.

While production of about 5 or 6 bopd isn't as impressive as some other leases we've seen, the state is expanding the main road in the area and that expansion is going to go right through this lease and will require them to buy one of these wells. The route they have chosen lines up with the strongest well of the six. In fact, this well had an IP of 10 bopd. Our calculations indicate that this could result in an eventual payment of around $250K of which 37.5% will go to the new half owner of this lease. The downside is that it will probably be two to three years before this happens.

While the production is low it is still a wonderful asset with sustained production that should produce for many years to come.

With the value of six complete wells worth of equipment, the production and the road coming through this looks pretty good. Add in higher oil prices and it gets even better.

With the service work we have the half interest (37.5% Net Revenue Interest / 50% Working Interest) in the lease and wells priced at just $85,000.
Comment: We want to stay in for half interest of this lease which is why we're looking for a partner.
Image:

Latitude: 36.6908991 Longitude: -85.1346776
Expiration Date
07-09-2020
Date Posted
05-09-2018

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