Production

Devon Divests To Tecolote Energy Operating

On July 28, 2016, Devon Energy Production LP (DVN) filed a Transfer of Operator (Form 1073) with the Oklahoma Corporation Commission (OCC) transferring 101 wells to Tecolote Energy Operating LLC, a private, Tulsa-based energy company.

92 of these wells are in Roger Mills County with the majority centered in the Strong City District field and located in Township 13N, Ranges 21W and 22W and Township 14N-21W. There are 6 wells in SW Custer County and 3 wells in Northern Beckham County.

Cumulative reported production from all of the wells is 521,454 BO and 160.6 BCF.  For the last 12 months of reported cumulative production, the wells have produced 36,658 BO and 3.26 BCF. (Source: Oseberg and IHS)

oseberg

Most of the wells (61) are vertical Red Fork producers.  There were 7 HZ wells in the package.

Reservoir Summary

Tecolote Energy Operating LLC whose management team is the original Crow Creek team, is lead by Maurice Storm.  Mr. Storm launched an extensive relationship with Natural Gas Partners (NGP) in 2002 as founder and Chief Executive Officer of Crow Creek Energy, LLC. Crow Creek was a $10 million start-up portfolio company sponsored by NGP that was sold in 2006 for $71.5 million. Capitalizing on Mr. Storm’s deal-finding skills, NGP sponsored a second company, Crow Creek Energy II, LLC, which began operations under Mr. Storm’s leadership in October 2006 with $195 million of NGP equity. Crow Creek II embarked on a more aggressive pattern of growth by acquiring several larger assets and was active drilling wells in the Golden Trend and Cana shale play in the Anadarko basin of Oklahoma. Mr. Storm sold Crow Creek II for $525 million in May 2011.

Prior to this series of successes, Mr. Storm spent 18 years in the industry working for Samson Resources Company and Barrett Resources Corporation. He holds a Bachelor of Science degree with honors in Geology from the University of Arkansas and currently sits on the Board of Advisors for the University’s Department of Geology.

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