OGFJ100P company update

Independent research firm IHS Herold Inc. has provided OGFJ with updated production data for our periodic ranking of US-based private E&P companies. The rankings are based on operated production only within the United States.

Here, we take a look at some of the transactions in the private company space since the April 2013 issue and the last installment of the OGFJ100P.

Top 10

In this, the last data set for 2012, there were a few notable changes in the Top 10 listing. Dropping out of the overall Top 10 by BOE were Citation Oil & Gas Corp. and Petro-Hunt Group. Citation dropped from its previous position at No. 9 to its current No. 11 spot, and Petro-Hunt Group dropped from No. 8 in the April issue to No. 16 in this installment. Breaking into the Top 10 is LLOG Exploration Co. LLC. The company jumped two spots from its previous No. 11 spot to enter the Top 10 at No. 9. The largest jump was that of Sheridan Production Co. LLC. The company landed in the Top 10 at No. 7 in this issue, up ten spots from its previous position at No. 17.

Not only did Sheridan break into the overall Top 10, but the Permian Basin-focused company finds itself as a Top 10 liquids producer, jumping into the group at No. 5, and rounding out the gas producers list at No. 10.

WildHorse Resources also moved itself into a Top 10. With a focused presence in the Terryville Field in Lincoln and Claiborne Parishes, Louisiana, overall No. 18 WildHorse comes in at No. 8 in the list of Top 10 private gas producers. The addition of Sheridan and WildHorse to the Top 10 gas producers list displaced Chief Oil & Gas LLC and Citrus Energy Corp. in this installment.

Another change to the Top 10 private gas producers list is the removal of Dynamic Offshore Resources. The company was acquired by SandRidge Energy Inc. for $680 million in cash and approximately 74 million shares of SandRidge common stock in April 2012. Based on the closing price of SandRidge common stock of $7.11 per share on April 16, 2012, the acquisition's aggregate consideration is valued at approximately $1.206 billion.

Capital

Unranked Maverick Brothers Energy LLC recently received a commitment of $35 million in equity capital from investment partnerships managed by Post Oak Energy.

Top 10 private gas producers

Funding will be used for Enid, Oklahoma-based Maverick's drilling program and acreage acquisitions. Post Oak funded $12 million at closing, with the remaining $23 million available to support future development activities on leasehold acreage and other growth initiatives.

Top 10 private liquids producers

Maverick has accumulated a contiguous acreage position of more than 10,000 gross acres in Dewey County, Oklahoma and has completed four horizontal gas wells in the Mississippian Osage formation. Maverick's leadership team includes Bret Brickman, president and CEO, and Bart Brickman, vice president.

Sale

WildHorse Resources puts yet another stamp on this issue of the OGFJ100P as the buyer of certain Ark-La-Tex assets from EP Energy LLC. As noted in Deal Monitor, p. 33 of this issue, EP Energy LLC agreed to sell conventional gas assets in East Texas and North Louisiana to WildHorse Resources II LLC.

Offering up its non-operated Eagle Ford properties is privately-held Kirkpatrick Oil & Gas LLC. The Oklahoma City-based company is looking to sell certain non-operated oil and gas interests located in La Salla and Frio Counties, TX with the help of E-Spectrum Advisors LLC as its exclusive agent.

The assets up for sale include total net proved reserves of 1.18 MMboe (~88% oil/liquids) with a PV-10 of $15.9 million, PDP net reserves of 178 Mboe with a PV-10 of $6.9 million, and a multi-year development program with 96 Eagle Ford horizontal PUDs.

The assets hold current production of 6,000 gross/135 net boe/d (84% oil/liquids), average net operating cash flow of $223,337/month (for the trailing three-months ending March 2013), and 41 horizontal producing wells (36 Eagle Ford and 5 Pearsall wells).

Growth

No. 4-ranked GeoSouthern Energy Corp. has set its sights on a new office building in The Woodlands, TX. The company, specializing in production of Austin Chalk and Eagle Ford unconventional formations with large acreage positions in Gonzales and Lavaca counties, TX, plans to relocate to Wildwood Corporate Centre, a three-story building slated for completion in January 2014. According to The Houston Business Journal, the company will lease roughly half of the 127,794-square-foot building.

2012 Year-to-date production ranked by BOE
2012 Year-to-date production – alphabetical listing

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