Savoy Energy, LP to Sell Producing Properties in Michigan
28 March 2014 - 5:43AM
Business Wire
Savoy Energy, LP and certain partners have retained
E-Spectrum Advisors LLC to sell their properties targeting the
Trenton/Black River formations in southern Michigan. The properties
are 99% operated and include 47 producing wells, along with seven
Central Production Facilities and three SWD wells.
Current net production is 2,492 BOEPD (95% oil & natural gas
liquids). Production is projected to reach over 6,600 BOEPD (net)
in 2015 based on the current two rig development program that is
funded entirely out of cash flow. Projected net operating cash flow
for March 2014 is $5.6 million and is forecast to average ~$14
million per month in 2015.
The package includes 6,473 gross / 5,197 net acres, most of
which held by production. Savoy enjoys high average working and net
revenue interests with the average lease delivering an 86% NRI.
Net Proved reserves are 7.1 million barrels of oil equivalent
(BOE) with a PV-10 value of $321.7 million, of which 55% is Proved
Developed. Upside includes an inventory of low-cost, high rate of
return drilling locations.
The online data room is open. Bids are due Wednesday, April
23.
E-Spectrum Advisors LLCJason Webb,
214-987-6133jason.webb@energyspectrum.com
Savoy Energy (CE) (USOTC:SNVP)
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