Browning Oil Company, Inc. to Offer East Texas Field Assets For Sale.DALLAS -- Browning Oil Company, Inc. (the "Company"), an independent oil and gas company headquartered in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , has exclusively engaged Energy Spectrum Advisors Inc. ("ESA 1. (architecture) ESA - Enterprise Systems Architecture. 2. (body) ESA - European Space Agency. ") to divest certain non-operated oil and gas interests in the East Texas field in Gregg County and Rusk County, Texas Rusk County is a county located in the U.S. state of Texas. Originally a part of Nacogdoches County, Rusk was established as its own county by the Congress of the Republic of Texas on January 16, 1843. In 2000, its population was 47,372. (the "Properties"). The Company owns an average 12.5% working interest and an average 10% net revenue interest in the Properties. Recent net production from the Properties was 135 barrels of oil equivalent per day. The oil equivalent production is approximately 90% crude oil with the remainder casing-head gas. Currently, the Properties have 256 active wells producing from the Woodbine woodbine, name for several vines, among them honeysuckle and Virginia creeper. woodbine Any of many species of vines belonging to various flowering-plant families, especially the Virginia creeper (Parthenocissus quinquefolia, family Vitaceae) of formation at approximately 3,600 feet. The operator of the Properties is an experienced, third-party oil and gas independent company. The Company and its third-party engineering consultant estimate remaining net Proved Producing reserves of approximately 500 thousand barrels of oil and 300 million cubic feet of natural gas, or a total of 550 thousand barrels of oil equivalent as of July 1, 2006. The Company believes additional upside exists in the Properties including surface and sub-surface equipment improvements (e.g. electric submersible pump A submersible pump is a pump which has a hermetically sealed motor close-coupled to the pump body. The whole assembly is submerged in the fluid to be pumped. The advantage of this type of pump is that it can provide a significant lifting force as it does not rely on external air installations). The Company estimates the Proved Producing PV10 is approximately $10.7 million (net) as of July 1, 2006. More information regarding the Properties and/or the sale process is available by contacting ESA. Interested parties should contact Charlie Lapeyre (214-987-6123) or B.J. Brandenberger (214-987-6145) at ESA. Additional information about this sale can be found at www.energyspectrum.com. Headquartered in Dallas, Texas, ESA provides technical and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to independent oil and gas companies in connection with oil and gas assets sales, debt and private equity financings, and negotiated merger and acquisition transactions. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion