Thursday, December 22, 2011

Concho Resources to buy Wolfberry Play, another solid comp for Lynden

Concho Resources Inc. announced today that they intend to buy Permian assets from Petroleum Development Inc. for $175 million. The Wolfberry Play acreage includes 10,200 net acres, 13 mmboe of proved reserves and 1,100 boe/d production. Valuation metrics for this transaction equal $17,157/acre, $13.46/boe proved, and $159,091 per flowing barrel.

Lynden Energy Corp.'s West Martin and Wind Farms Wolfberry Play lands has 3,841 net acres, 4.73 mmboe proved and 423 boe/d production. Using the above valuation metrics for just Lynden's West Martin and Wind Farms lands equates to $66 million based on net acreage, $64 million based upon proved reserves and $67 million based upon production. These are consistent metrics demonstrating Lynden's core producing Wolfberry lands equal to about $0.70/share. Adding in Tubb and Mitchell Ranch adds considerably to the upside.

Tuesday, December 20, 2011

Lynden releases Annual Report and MD&A

Lynden Energy Corp. released their 2011 Annual Report and MD&A for the quarter ending 9/30/11.  Several items are worth noting: 
-          Gross producing wells expected to be 22 by 12/31/11 and 51 by 12/31/12. 
-          Net producing wells expected to be 9.44 by 12/31/11 and 21.79 by 12/31/12.
-          Average production of 448 boe/d for three month period ending 9/30/11.
-          Average selling price of natural gas, $8.82/mcf!  This is a great number indicating the presence of liquids.
-          Earnings per share for the quarter ending 9/30/11 are $0.05/share!
-          Revenues have increased from $668,862 (12/31/10) to $1,481,204 (3/31/11) to $1,869,753 (6/30/11) to $3,136,991 (9/30/11).  This is an increase of 369% since 12/31/10.
With the rapid development program on schedule for 2012, we should see revenues increase even more.

Colin Watt, President and CEO of the company had these comments:
-          "We see potential to expand our Wolfberry Project by upgrading the reserves through successful develoment drilling."
-          "Our rapid oil and gas development program is ongoing.  Current plans call for 31 gross Wolfberry Project wells to spud in 2012.  This pace of development drilling will result in significant increases in production rates in 2012."
Lynden is anticipating an exciting 2012 with significant growth and their enthusiasm permeates throughout their comments.

Monday, December 19, 2011

Lynden's partner at Mitchell Ranch

Through research of public records, we have confirmed that Chesapeake Energy is indeed the company that Lynden Energy Corp. and Crownquest leased a portion of the Mitchell Ranch to.  Chesapeake applied and received permits for two vertical wells and three horizontal wells on their leased land.  Recently, Chesapeake obtained a permit for a horizontal sidetrack well bore at the S250H location.  It appears that Chesapeake is actively drilling and spending a large sum on their wells at Mitchell Ranch!

Laredo Petroleum IPO valued at $2.4 billion

Laredo Petroleum, an independent energy company active in the Permian Basin and mid-continent, was taken public on December 15.  Based upon Friday's close, the company has a market cap of $2.4 billion.  Laredo has production of 22,842 boe/d and 324,000 net acres resulting in a valuation of $105,070 per flowing barrell and $7,407/net acre.

Friday, December 16, 2011

Tax Loss Selling Makes Lynden a Buy

Tax loss selling appears to be dragging Lynden Energy Corp. down.  Shares are trading in the $0.40 range giving the company a market cap below $40 million. 

A $40 million market cap values the 3,841 acres that Lynden has at their West Martin and Wind Farms projects at $10,000/acre.  The market cap does not reflect any value for the Tubb and Mitchell Ranch prospect areas.  The West Martin and Wind Farms areas include 9.8 mmboe of proved and possible reserves for the company and is in an area where Wolfberry land is selling for up to $35,000/acre.

Given the proposed NCIB buyback that will be taking place shortly, current drilling of their West Martin and Wind Farms area, forthcoming results from their first Tubb well and exploration by Chesapeake Energy at Mitchell Ranch, Lynden's price appears ready to bounce.  Now seems like the time to take advantage of tax loss selling and represents a tremendous buying opportunity!

Tuesday, December 13, 2011

Lynden proposes Normal Course Issuer Bid

Lynden Energy announced today that it intends to buy back shares through a Normal Course Issuer Bid.  Management is of the opinion that the stock is "significantly undervalued". 

This stock has tremendous upside potential as demonstrated in the October 31 post.  It's good to see that management is acting to shore up the stock price.

Tuesday, December 6, 2011

Comstock acquires Wolfcamp property

Comstock Resources announced a deal to acquire prospective Wolfcamp land for $332.7 million. The deal includes 44,000 net acres, 1,400 boe/d and 23.2 mmboe proved. Metrics for this deal are $7,561/acre and $14.34/boe proved.

These comparables further validate the analysis completed in the October 31 post.

Monday, October 31, 2011

Energen and Linn Energy acquire $317 million in Wolfberry acreage, could this mean buying Lynden is like buying an oil field for free?

Energen Resources Corp. and Linn Energy plan to acquire Wolfberry packages totaling $317 million in the Permian Basin.

Energen announced that they will purchase two Wolfberry packages for a total of $211.9 million. The properties are located in Martin, Howard and Glasscock counties and include production of 1.5 mboe/d, proved reserves of 17.08 mmboe, and proved plus probable reserves of 24.24 mmboe. The metrics for this deal are $4/boe for probable reserves, $10.46/boe for proved reserves and $119,073 per boe/d according to Derrick Petroleum Services.

Linn Energy announced that they signed purchase agreements for two bolt-on acquisitions in the Wolfberry for $105 million including net production of 800 boe/d and proved reserves of 8.3 mmboe. Metrics for this deal are $12.65/boe for proved reserves and $131,250 per boe/d per Derrick Petroleum Services.

Here is what is interesting, comparing these deals/metrics with Lynden Energy Corp.'s latest news releases confirms Lynden's Wolfberry value and reveals its tremendous upside at their Tubb and Mitchell Ranch projects!

From Lynden’s news release on October 28:
- Proved plus Probable reserves are 6.77 million barrels of oil and 18.15 bcf of gas (9.8 mmboe) as of 6/30/11. These reserves are attributed to the West Martin and Wind Farms lands in Martin and Glasscock Counties.
- Proved reserves are 3.29 million barrels of oil and 8.63 bcf of gas (4.73 mmboe).

From Lynden’s news release on October 13:
- Daily production is 423 boe/day.

Using Energen deal metrics for Lynden’s reserves equates to $69.8 million (5.07 mmboe x $4/boe + 4.73 mmboe x $10.46/boe = $69.8 million). Using Energen’s production metrics for Lynden equates to $50.4 million (423 boe/d x $119,073 = $50.4 million).

Using Linn deal metrics results in Lynden proved reserves equal to $59.8 million (4.73 mmboe x $12.65/boe = $59.8 million) and based upon daily production equal to $55.5 million (423 boe/d x $131,250 = $55.5 million).

These two deals demonstrate valuation of Lynden’s West Martin and Wind Farms Wolfberry lands alone to be between $50.4 million and $69.8 million. These values are based upon reserves as of 6/30/11 and 423 boe/d production. Of course, as Lynden’s production grows towards 500 boe/d, these values increase even more.

Several points should be noted:
- These valuations are higher than Lynden’s current market cap but provide a reasonable value of their West Martin and Wind Farms Wolfberry Projects.
- West Martin and Wind Farms are located in the same counties as the Energen deal lands.
- Tubb property in Howard County and Mitchell Ranch do not have any reserves or production attributed to them in the above analysis

Adding in Lynden's other lands results in tremendous upside potential!

Lynden’s West Martin and Wind Farms net acreage equals 3,841 acres (43.75% x 5,488 + 30.625% x 1,127 + 43.75% x 2,503 = 3,841 acres).

Lynden’s Tubb net acreage equals 2,469 acres (35.5% x 6,956 = 2,469 acres).

Mitchell Ranch net acreage equals 34,150 acres (50% x 67,400 + 1.25% x 36,000 = 34,150 acres).

Using a valuation of $60 million for the West Martin and Wind Farms acreage, knowing that Tubb is likely to have Wolfberry success (conservatively estimating $10,000/acre valuation for Tubb lands), and assigning a valuation of $2,000/acre for Mitchell Ranch results in a potential value of over $150 million or three times the current market cap. Upside includes additional value to be realized at West Martin and Wind Farms, potential success at Tubb resulting in valuation up to $25,000/acre or more, and potential success by both Lynden in the Wolfcamp at Mitchell Ranch and Chesapeake in the Mississippian resulting in potential valuation of up to $10,000/acre. It’s clear to me that Lynden has huge potential! Approaching anything close to those valuations could mean that Lynden could eventually have a market cap worth several hundred million dollars.

What does this all mean? The opportunity is out there to buy an oil field in the exploding Permian Basin for FREE! How? Given the above mentioned valuations, it’s easy to see that the company is valued for its West Martin and Wind Farms Wolfberry assets alone. The valuations DO NOT take into account the Tubb or Mitchell Ranch areas. Buying this stock is like buying the company's developed assets which are worth the value of the stock alone - together with the Tubb and Mitchell Ranch project for FREE! There is tremendous upside potential in the Tubb Prospect Area which is a relatively low risk play in the Wolfberry and the Mitchell Ranch land which CHK paid a good amount for and is spending a large sum to determine the viability of development of the Mississippian zone.

Buying Lynden at its current valuation could be looked upon as buying their Tubb Prospect Area and Mitchell Ranch Project for free and Lynden could be a stock worth several dollars per share!

Just our opinion and please do your own due diligence.

Friday, October 14, 2011

Lynden Provides Update

Lynden Energy Group released an update on their Wolfberry and Mitchell Ranch projects yesterday. Highlights include:

- The Wolfberry Project now has 19 gross wells tied-in and producing.
- Lynden's share of production is 423 boe/day over the last 30 days, of which 72% is oil.
- Lynden's current Wolfberry development is primarily in Martin and Glasscock Counties and includes 3,841 net acres. Their Wolfberry development is low risk and they have had 100% success with their wells.
- Lynden also has 2,469 net acres in the Tubb Prospect Area in Howard County with their first well scheduled to spud in late October.
- Lynden has approximately 34,150 net acres at their Mitchell Ranch Project.
- Keith Schaefer from the Oil and Gas Investments Bulletin has stated that Lynden's JV partner at the Mitchell Ranch is Chesapeake Energy! This is extremely significant in that Chesapeake has been very active in accummulating Mississippian play acreage and is one of the largest E&P companies working in the area. Chesapeake has undertaken a "multi-well vertical/horizontal drill program" at Mitchell Ranch.
- Lynden has achieved success in three Wolfcamp intervals at their Spade 17 #1 well at Mitchell Ranch.

Wednesday, August 31, 2011

Lynden Secures Financing

Today's news that Lynden Energy Corp. has secured financing up to $50 million is significant. The bank has completed their due diligence and concluded that the company's reserves and assets are valid thus authorizing the credit facility. Lynden is now able to fund their development and other expenditures without further dilution. With the financing in place, Lynden Energy Corp. is now a real oil and gas company!

Wednesday, July 13, 2011

Lynden Energy up 26% today and up 89% in just over two weeks!

After today's announcement that Lynden Energy Corp. obtained a $50 million Credit Facility, the stock traded up 26%. This follows several days of positive trading for Lynden. The stock price is now up 89% in just over two weeks! Clearly, the market likes the recent announcements by the company.

Today's uptick on almost 2.5 million shares follows up on several days of trading up. The recent deal with the large company, obtaining the Credit Facility and the excellent results from Spade 17-1 have increased the market visibility of Lynden.

Lynden Energy obtains Credit Facility

Lynden Energy Corp. announced today that it has obtained a revolving line of credit in the amount of up to $50 million. This should reduce fears of further dilution.

Additionally, Texas Capital Bank of Dallas would have completed their due diligence prior to offering the line of credit. They have validated Lynden's work to date by moving forward with the Credit Facility.

This is excellent news for Lynden!

Monday, July 11, 2011

Lynden Energy up 18% today!

Lyden Energy Corp. traded up 18% today on above average volume.

With the recent release of encouraging results from Spade 17-1 and partnering with a large company to exercise the Mitchell Ranch, Lynden should be trading much higher. Maybe this is the beginning of Lynden finally attracting some market attention. We believe that Lynden has a lot of upside potential based upon its success in the Wolfberry and lease of the Mitchell Ranch.

Tuesday, July 5, 2011

Lynden converts Mitchell Ranch option into lease

Lynden Energy Corp. announced today that it has exercised its option on the Mitchell Ranch and converted it into a lease. They have also leased 35,000 acres to a large, independent eploration and production company.

This appears to be a very good deal for Lynden as they now own the lease for the Mitchell Ranch. They will also retain a 1.25% royalty interest. Also included is the return of the mineral rights above the base of the Strawn formation.

The most significant part of this deal is the sharing of technical information between the large company and Lynden. Because the large company is targeting the rights from the Strawn and below, they will be drilling through the Wolfcamp. Lynden and CrownQuest will be able to review the logs to gain further understanding of the Wolfcamp at the large company's expense. Also, a deal with a large company provides opportunities for a potential buyout in the future.

Wednesday, June 22, 2011

Laredo to buy Broad Oak for $1 billion

Laredo Petroleum LLC announced today that it is buying Broad Oak Energy for $1 billion. Broad Oak holds about 65,000 acres in the Wolberry trend and produces about 5,000 bo/day. This transaction equates to over $15,000/acre.

Tuesday, June 14, 2011

Lynden posts updated Inverstor Presentation

Lynden Energy Corp. has posted a new Investor Presentation on their website. A couple highlights:

1. Wolfberry project now includes 5,985 net acres with 250 BOE/day and estimated production of 450 to 500 BOE/day by the end of 2011.

2. Lynden has 9 gross producing Wolfberry wells and 7 that have been spud or awaiting completion. They have a 43.75% working interest in all but one of those wells. They anticipate 23 gross producing wells and 5 spud by the end of 2011.

3. "Repeatable nature of Wolfberry allows for conservative use of debt financing." This would reduce the need to issue more stock preventing further dilution.

4. Developing "Land Rush" throughout the Eastern Shelf of the Permian Basin with the Mississippian as the primary driver. The Mississippian is being developed in Eastern Oklahoma on similar rock packages as exists at Mitchell Ranch by Chesapeake, Eagle Energy, Sandridge and Range Resources.

Wednesday, June 8, 2011

Lynden Energy Corp.

By our analysis based on the recent news release and articles by Canaccord Genuity and Keith Schaefer, Lynden Energy is significantly undervalued. The $0.50 current share price values the company at a $50 million market cap. The stock price should be trading much higher given the facts.

Here’s another way to look at Lynden’s assets: Canaccord Genuity’s Daily Letter assumes an average recovery of 190,000 barrels per well and 180 net drilling locations. This correlates well with 40 acre spacing and 6,000 net acres (150 net well locations). This equals 30 million barrels of oil ultimately recoverable. Using an industry standard potential transaction metric of $17/barrel if this oil were proven, Lynden’s Wolfberry could be worth over $500 million. If these are just probable/possible reserves, then they could be valued at $5/barrel. Even at $5/barrel, LVL’s 30 million barrels of oil are worth $150 million.

The Daily Letter further states that Lynden expects their Harrell 34 #1 well to ultimately recover 408,000 barrels of oil due to drilling down to the Mississippian limestone and production from the Atoka interval. Lynden and CrownQuest have shown to be innovative in their drilling approach by deepening their wells and are achieving some of the best results in the industry. Lynden’s association with CrownQuest gives them vast experience in the Wolfberry as CrownQuest has successfully drilled over 180 Wolfberry wells to date.

Recent Wolfberry land transactions have been reported to be anywhere from $20,000/acre to $40,000/acre. With $20,000/acre and 6,000 net acres, their land could be worth $120 million. This valuation provides another metric that validates Lynden’s potential.

Lynden’s Wolfberry land is in areas that are surrounded by proven Wolfberry wells. It appears that with the success they’ve had with their Wolfberry wells, their Wolfberry land is relatively low risk. This is evidenced by the Cawley reserve report released last year which stated that Lynden had 8.25 million barrels of proved plus probable reserves and this report covered only a portion of their Wolfberry lands.

Given the recent release of initial results from their Mitchell Ranch Spade 17 #1 well, there is now some valid evidence that this area could have productive Wolfcamp wells. With over 50,000 net acres in that area, even a valuation as low as $2,000/acre (the recent March University Land Sale netted an average of $2,400/acre demonstrating the confidence that Permian Basin oil and gas operators have in the basin) result in an additional value of $100 million for Lynden. With additional success at Mitchell Ranch, the stock price could be multiples of what it is currently trading at.

Given Lynden’s existing production in the low risk Wolfberry and the potential for the Mitchell Ranch lands to add SIGNIFICANT value, Lynden has a lot of value that is not currently recognized by the market. This is a great story and it’s only a matter of time before the market takes notice.

Monday, June 6, 2011

Lynden Energy releases encouraging results fom Mitchell Ranch Spade 17 #1 well

Lynden Energy Corp. today announced "significant results from an uphole Wolfcamp completion in the Spade 17 #1 well on the Mitchell Ranch Project." In the last eight days since oil production began, the well has averaged 84 barrels of oil from only the upper zone interval. This is SIGNIFICANT news in that the Mitchell Ranch is largely an unproven area and 84 barrels far exceeds expectations. Should these results be confirmed by additional wells, Lynden's 50% share of the over 100,000 acre Mitchell Ranch could be worth several hundred million dollars (i.e. 50,000 acres x $10,000/acre = $500 million!)

"Management is extremely encouraged by the intial production volumes from this recent completion." The well is still unloading frac water and further improvement in IP rates could still occur.

Currently, at a stock price of $0.48/share, it appears that the only value recognized by the market is a portion of Lynden's Wolfberry assets. We believe that the Wolfberry assets alone are worth over $1.00/share. Once value for the Mitchell Ranch is realized, Lynden's stock price could be (and should be) several times what it is currently trading at!

This news is the type of news that won't go unnoticed, even for a company as unknown as Lynden. We expect Lynden to start attracting much more market attention with this news. Lynden presented at the recent Permian Basin Field Trip held by Canaccord Genuity further demonstrating that people are starting to pay attention to this company.

Lynden Energy stock trading halted

Lynden Energy's stock has been halted today pending news release.

Tuesday, May 17, 2011

CrownQuest sells Permian Basin package possibly valued at $350 to $450 million

CrownQuest Operating has completed the sale of 7,910 net acres possibly valued at $350 to $450 million. The land is located in Howard and Mitchell Counties in the Permian Basin.

This is significant news for Lynden Energy since they own a 50% share in a 100,000 acre ranch in Mitchell County. CrownQuest is their partner and owns the other 50%.

Thursday, May 12, 2011

W&T completes Permian Basin Acquisition

W&T Offshore, Inc. announced that it has completed the purchase of 21,500 net acres for $366 million. This exceeds $17,000/acre for land with 27 million barrel equivalents proven and 26 million barrel equivalents of probable reserves.

Thursday, May 5, 2011

Pioneer Resources conference call

Pioneer Resources had their conference call today. Here are some of the highlights.

- Early 20 acre well spacing is exceeding expectations and the 110,000 barrel type curve. They believe the Spraberry and Wolfcamp shale are causing the increased production and are now estimating a 140,000 barrell curve.

- Strawn is adding to reserves. Atoka is in being tested.

Friday, April 29, 2011

Antares Energy and Berry Petroleum announce Permian Basin acquisitions

Antares Energy released news yesterday stating that they acquired Wolfberry assets in Western Howard County for $62 million for 3,109 net acres. This acquisition equals $19,942/acre.

Also, Berry Petroleum announced that they have entered into agreements to purchase 6,000 net Wolfberry acres for $123 million. This equals $20,500/acre.

Two good comps for Wolfberry/Wolfcamp and Lynden Energy!

Friday, April 1, 2011

University Land Sale nets $249.8 million

The latest University Land Sale netted $249.8 million for 103,667 acres in West Texas. Most of that land lies in the Wolfbone and Wolffork plays in the Permian Basin. These leases equal over $2,400/acre. This is a great sign that companies are still willing to pay top dollar for unproven Permian Basin land.

Tuesday, March 1, 2011

Approach Resources announces update on Wolffork

Approach Resources released their 2010 reserves and an update on the Wolffork today. They are encouraged by their Wolffork wells. Their average IP’s from vertical wells in the Wolfberry are 50 Boe/d to 75 Boe/d. Approach has seen an almost 500% increase in their stock price in the past year mainly attributable to their success in the Wolfcamp shale.

Lynden Energy's Wolfberry wells are getting much better results than this and demonstrate the quality of their land and ability of their operator to successfully complete Wolfberry wells.

Monday, February 28, 2011

LINN Energy announces $238 million purchase of Permian Basin and Wolfberry Trend properties

LINN Energy announced two deals worth $238 million consisting of Permian Basin and Wolfberry Trend properties. The properties are reported to have about 180 potential oil drilling locations.

Thursday, February 17, 2011

Canaccord Genuity Releases Research on Pioneer Natural Resources

Canaccord Genuity released a research report on Pioneer Natural Resources today titled "Drill Baby, Drill!" in reference to its Permian Bain play. Canaccord believes that "the Permian Basin is the most underappreciated basin in the Lower 48." Pioneer's exploration and Canaccord's report continues to highlight attention to the Wolfberry and Wolfcamp trends which is referred to as a "world-class" oil play.

Of note, the report states that the Wolfcamp Oil Shale trend may span a 19 county area of West Texas. Should this trend extend to Lynden Energy's Mitchell Ranch, Lynden could be on to something big with their 50% interest in over 100,000 acres.

Besides the Wolfcamp and Wolfberry intervals, Pioneer also believes that the Strawn and Atoka intervals could be prospective.

Monday, February 7, 2011

Lynden announces update on Wolfberry and Mitchell Ranch projects

Lynden Energy Corp. (LVL) announced that they have tied three new Wolfberry wells into production for a total of eight gross wells. The first well is averaged 79 bo/d and 136 mcf/d over the first 32 days of production. The second well has averaged 49 bo/d and 71 mcf/d over the first 13 days. Lynden's third well is in the Wind Farms area and averaged 90 bo/d and 215 mcf/d over 22 days. Flow rates of all three wells appear to be improving with time. These three wells all appear to be successful and Lynden says that "initial results from the wells are very encouraging."

Lynden expects to drill one new Wolfberry well each month this year and seven new wells are expected to be spud by the end of May. Lynden's success with developing their Wolfberry project continues to derisk their land and increases the company's value. Their recent results validate Keith Schaefer's (Oil and Gas Investments Bulleting) low end valuation of their Wolfberry lands at $0.97/share.

Lynden also announced that their first Mitchell Ranch "has been consistently producing oil and gas at rates that exceed the economic threshold." This is significant news as it's the first indication that the Mitchell Ranch could be a viable project. If they can continue this success with future wells, their valuation could be up to $20,000/acre for their Mitchell Ranch project ($20,000/acre x 50,000 acres = $1 billion).

Once the investment community finds out about Lynden, it's a good bet that their market cap will approach the numbers that others are getting for comparable land. This means that Lynden has the chance to increase by 10X!

Monday, January 31, 2011

Keith Schaefer calls Lynden Energy a "No Brainer"

Keith Schaefer of has called Lynden Energy Corp. a "No Brainer" for 2011. He says that Lynden's Wolfberry project is worth $0.97/share and potentially $7.46/share if they have success with their Mitchell Ranch Project.

Thursday, January 27, 2011

Nice uptick in LVL's price and volume today

Lynden Energy Corp. (LVL) has seen increased volume and an uptick in price the last few days. Cannacord purchased over 70,000 shares just prior to market close. Wolfberry and Wolffork are starting to attract a lot of attention!

Approach Resources Acquires 10,900 Wolffork acres

Approach Resources Inc. announced that it has acquired 10,900 net acres in the Wolffork oil shale play (click here to view the release). Approach Resources has recently highlighted the play during their investor and analyst meetings and attracted the attention of Cannacord Genuity. Cannacord said that "we are very encouraged by the company’s recent Wolffork test results."

This type of attention drawn to the Wolffork and Wolfberry shale plays should benefit Lynden Energy Corp. Lynden is expected to release results from their three new Wolfberry wells shortly.

Wednesday, January 26, 2011

Article promoting Wolfcamp shale play published by Right Side News

An article was published today (click here to view) promoting the Wolfcamp/Wolberry shale play. They say that Approach Resources calls it a "source rock that is world class and says it has mineral composition and lithology similar to the Eagle Ford."

El Paso Exploration compares the Wolfcamp with the Eagle Ford play and says it has twice the net thickness and twice the carbon content. They also say that the carbon content of the Wolfcamp is about 60% of the Bakken but has thickness that is multiples of the Bakken.

This is a good article that briefly summarizes many of the companies exploring the Wolfcamp/Wolfberry shale play.

Friday, January 7, 2011

SandRidge Energy announces closing of its Wolfberry and asset sale for $155M

SandRidge Energy, Inc. announced today that it has closed the sale of its Wolfberry assets in the Permian Basin. They received cash proceeds of $155M for their properties producing 1,600 Boe/d and having 2.37 MMBoe of proved reserves.

Sunday, January 2, 2011

Legacy closes on purchase and says Wolfberry drilling is meeting or exceeding expectations

Legacy Reserves LP announced that they have closed their previously announced acquistion of properties in the Permian Basin (click here to see the release). They also state that "the company's drilling in the Wolfberry play in the Midland area has produced results meeting or exceeding our expectations."