Petrohawk recently put up some of their Anadarko, Arkoma and East Texas basin assets for sale in Oklahoma, Arkansas and Texas. The total assets net 16 Mmcfe/d and have a $23 million net annualized cash flow. The Anadarko package consists of 5,876 Mcfe/d and Petrohawk operates 26% of the assets. The package has prospects for Granite Wash and Cleveland horizontal plays and includes Chesapeake, Apache, Petrohawk, and ConocoPhillips as major operators.
The Arkoma package has the highest production volume of the 3 packages with 7,028 Mcfe/d and has a net cash flow of approximately $799K per month. The package is comprised of conventional assets producing from Red Fork and Spiro along with CBM and a Woodford Shale position. The major operators of the assets along with Petrohawk are XTO, Chesapeake, and Unit.
The East Texas package is producing 2,604 Mcfe/d with 65% being gas. Net cash flow is $367K per month and Petrohawk operates 82% of the assets. The package includes conventional assets in East Texas Cotton Valley and Travis Peak with exposure to Freestone trend and an oil waterflood expansion project operated by Petrohawk.
Petrohawk retained BMO Capital Markets to broker the deal and the following is a map from their marketing announcement.
The majority of the Anadarko, Arkoma and East Texas assets are gas with the percentages being 90%, 95%, and 65% respectively. This is yet another sell off of gas assets by a major producer.
Coming soon: DI Energy Strategy Partners will be releasing the Acquisition and Divestiture Pipeline which will include these types of deals and links to information regarding each deal.
Anne Leonard
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