Sunday, May 6, 2018

Random Update Of Flipping In The Bakken -- Old Story -- May 6, 2018

Update, just two months later, May 23, 2017:
DW Partners, LP is marketing 9,488 net acres of non-op assets targeting the Bakken and Three Forks plays in the Williston Basin with average 12.2% WI and production of 1,966 boe/d. The assets hold total net reserves of 91 MMboe (77% oil) with PV10 of ~$540 million at strip pricing. Evercore has been retained to assist in the sale, which DW Partners is conducting on behalf of its affiliate DW Slate, LLC. 
One month later, from the NDIC hearing dockets back in March, 2017, supplement to Thursday, March 23, 2017, docket:
Mar 23, 2017 - Case No. 25708: Application of DW Slate LLC for an order amending the field rules for the. Eagle Nest-Bakken Pool, Dunn County, ND, to create and establish the following: (i) a 320-acre spacing unit comprised of the E/2E/2 of Sections. 16 and 21, T.148N., R.95W., authorizing the drilling of a total not to exceed two wells on said proposed 320-acre spacing unit, and (ii) an overlappiogn 1600-acre spacing unit comprised of all of Sections 15 and 22 and the E/2E/2 of Sections 16 and 21, T.148N., R95W., authorizing the drilling of a total not to exceed two horizontal wells on or near the section line ... 
The original post, back on February 25, 2017:
New "name" in the Bakken. In the March, 2017, NDIC hearing dockets, a new name was noted, DW Slate. The company is not yet found on the NDIC "well search" site. From a pay site:
Austin real estate developer Forestar Group is selling its oil and gas assets targeting the Bakken and Three Forks in North Dakota for $59.5 million. Buyer DW Slate, an affiliate of New York alternative asset manager DW Partners, is getting 9,000 net acres (56% HBP) and an average 8% WI in ~140 producing wells primarily located on the Fort Berthold Indian Reservation near Parshall field. DW Partners was spun off from European hedge fund...
$60 million / 9,000 net acres = $7,000

Forestar was also not found at the NDIC "well search" site. So, I don't see either of these as operators; they hold "interests" in mineral acres in North Dakota. 

A DW Slate, LLC, has this address: 590 Madison Avenue, NY, NY 10022.

The Form 8-K, April 7, 2016:
  • seller: Forestar Petroleum Company, subsidiary of Forestar Group
  • buyer: DW Slate, LLC
  • $50 million
  • assets located in Divide, Dunn, McKenzie, McLean, and Mountrail Counties
If You Can't Give Me Love, Suzi Quatroa
If I had all the money in the world, I would be drinking "rums and Coke" at a bar in Provincetown, Cape Cod.

No comments:

Post a Comment