Production

Caerus Oil & Gas Divesting Wells in Oklahoma

Back in 2012, Denver-based Caerus Oil and Gas LLC purchased more than 300 wells and approximately 160,000 net developed and undeveloped acres, all held by production, in Texas County, Oklahoma. The seller was EOG Resources, Inc. Also included in the purchase were over 100 miles of gathering systems previously owned by the seller. The acquired properties were oil and liquid-rich natural gas from the Council Grove, Key, Chester, Cherokee and Morrow formations. The acreage also was prospective for the Cleveland and Marmaton formations.

At the time, Jeter Thomas, chief financial officer at Caerus disclosed that the acquired acreage provided Caerus a robust inventory of recompletion candidates, as well as new organic exploratory drilling opportunities in the Mid-Continent region. As part of the transaction, Caerus also licensed approximately 230 square miles of 3D seismic from EOG. The company was formed in 2009, to invest in primarily conventional oil and gas properties. Caerus is active in the Green River,DJ and Piceance Basins.

caerus-oklahoma-minerals1

Highlights:

  • 159 producing wells predominantly operated by Caerus;
  • Net production of 2,380 thousand cubic feet per day (Mcf/d), 58 barrels per day (bbl/d) of oil and 57 bbl/d of NGL;
  • 6 Bcf and 382 Mbbl net remaining proved developed producing reserves;
  • Projected November cash flow of $140,000;
  • 129,000 net acres;
  • About 95% fee acreage;
  • 100% HBP;
  • 196 behind pipe opportunities;
  • Primary horizons include Council Grove, Morrow and Cherokee;
  • Additional opportunities in Lansing, Marmaton, Keyes, Topeka and Toronto;
  • Target depths typically less than 7,000 feet; and
  • Extensive geologic database.

Bids are due Nov. 10. The sale is expected to close Dec. 15 with a Nov. 1 effective date.

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