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Cornerstone Natural Resources (“Cornerstone”) is offering for sale its Williston Basin leasehold and related assets for sale

  • State/Province: ND
  • Country: United States
  • Quantity: 1
  • Allow Deals: Yes
  • I Want To: Sell
  • Telephone Number: (713) 595-1004
  • Email Address: mel@detring.com
  • Listed: November 20, 2018 4:48 pm
  • Expires: 3442 days, 19 hours
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Description

Cornerstone Natural Resources (“Cornerstone”) is offering for sale its Williston Basin leasehold and related assets located in Burke and Mountrail Counties, North Dakota. The asset offers an attractive opportunity to acquire ~32,000 contiguous net acres (90% HBP) with exposure to substantial OOIP across multiple horizons. Cornerstone has retained Detring Energy Advisors as its exclusive advisor relating to the transaction.

Asset Highlights:

· 32,009 Net Acres (90% HBP)

o Large, Operated, Contiguous & HBP Acreage Position

§ Ideal for operations and extended reach laterals

§ HBP nature of the assets offers optionality on large OOIP across multiple stacked pays

o 400 Boed Net Production & 1.1 MMBoe Net Reserves (PDP)

§ $4MM op. cash flow (NTM PDP)

§ $12MM+ PDP PV10

§ 90% liquids

o 71 Producing Wells

§ 34 operated/37 non-op.

§ Multiple refrac candidates of vintage horizontal completions

· Proven Resource Basewith940+ MMBo Net OOIP

o Execution-Ready Midale (Madison Group)

§ Conventional reservoir with 15% porosity and 6 MMBo/sec OOIP

§ ~70 new drill locations

o Under-Stimulated Bakken and Three Forks Reservoirs

§ Production and core data highlight working oil play with >550 Net MMBo OOIP

§ Low historic proppant vols. (100-450 lbs/ft) present modern completion opportunity

o Vertical SWD Conversions

§ Wells ready to convert into low-cost Dakota injectors

Process Overview:

· Evaluation materials available via the Virtual Data Room (“VDR”) on Tuesday, May 29th

o Data room presentations available upon request

· Proposals due on Wednesday, June 27th

Please see the attached teaser for additional details regarding the properties and sales process.

Please contact Melinda Faust to request a confidentiality agreement, schedule a presentation, or learn more about this opportunity.

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Listing ID: 9495b044bfe29e2b

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