More Rock ‘n’ Roll Ahead in the Haynesville

More Rock ‘n’ Roll Ahead in the Haynesville

There are what you call “closely held” oil and gas producers and then there is The Woodlands, Texas-based GeoSouthern Energy—a company so private, it managed to stay off the media radar until late 2013, nearly 32 years after its formation. (Don’t bother looking for a website; there is none.) Quite suddenly, all eyes were fixated on this little-known E&P when it sold 82,000 acres in the Eagle Ford to Okla. City-based Devon for $6 billion in cash. A year later, GeoSouthern purchased 112,000 acres and 300 operating wells in the Haynesville from Encana (now Ovintiv) for $850 million. Reese Energy Consulting today is following the latest news on GeoSouthern and its financial partner Blackstone, which now are teasing a potential sale of those Haynesville assets for $2 billion. And there are bound to be some serious tire-kickers eager to pounce on a basin set to become the nation’s largest source of dry gas by 2035, with production increasing by 86%, or 10 BCFD. Memory tickler: Blackstone was the largest shareholder in Vine Energy upon the $2.2 billion sale of that company’s Haynesville assets last month to Chesapeake, the largest acreage holder there.

What do you think? Learn more about REC and our natural gas services at www.ReeseEnergyConsulting.com.

GeoSouthern Energy

Independent Oil & Gas Producing Company specializing in production of Austin Chalk and Eagle Ford unconventional formations. The company produces oil and gas and has substantial acreage positions in Gonzales and Lavaca counties in Texas. The corporate office is located in The Woodlands, TX.

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Wavin’ Bye to the Bakken

Wavin’ Bye to the Bakken

​It’s been a nice ride up North for Texas-based Comstock and ConocoPhillips, but now it’s time to say so long to the Williston Basin. Reese Energy Consulting today is following the latest news from Comstock and Conoco, which have put their respective Bakken assets on the market. As more operators shed non-core assets amid higher oil prices, the environment is ripe for deal-making in the nation’s most prolific shale basins and we expect even more going forward this year. Comstock, which in 2019 acquired Covey Park for $2.2 billion and has since emerged as a dominant player in the Haynesville, looks to offload its N.D., properties valued at $200 million. They include a non-operated working interest in 436 wellbores and 427 wells that produced an average 6.4 MBPD in the first six months this year. Conoco, which in January acquired Concho Resources’ massive Permian assets for $13.3 billion, values its N.D., and Mont., positions also at $200 million. But this is a much larger package for the right buyer. The company operates 630,000 net acres and 840 wells in the Bakken producing an average 78 MBPD.

What do you think? Learn more about REC and our breadth of energy services and expertise at www.ReeseEnergyConsulting.com.

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