Evolution Petroleum Enters Williston Basin -- Non-Operator -- Hart Energy -- July 21, 2022

Note: in a long note like this there will be content and typographical errors. In addition, I have included data points of my own calculations based on items from linked sources. My interpretation of the data points may be incorrect and my calculations may be incorrect. If this information is important to you, go to the source. I post this for my benefit only with the expectation that others will point out significant misreading of the linked sources and/or errors in my calculation. 

Link here: Evolution Petroleum enters the Williston Basin.

• 50% of certain interests held by privately-owned Foundation Energy Management
• $25.9 million

Evolution Petroleum: webpage.

Link here to Williston Basin deal:

• NYSE: EPM
• oil-weighted, non-operated oil and natural gas assets
• 50% of certain interests held by privately-owned Foundation Energy Management in North Dakota
• Billings, Golden Valley, and McKenzie counties
• purchase price: $25.9 million
• 2.3 million boe; 80% oil, 9% natural gas
• 39% in 73 producing wells;
• 47,500 net acres (85% held by production)
• over 400 gross potential drilling opportunities
• incremental cash flow will support quarterly dividend
• will increase Evolution's net daily production by approximately 10% or 596 boe per day
• $25.9 million for 600 flowing boepd = $45,000 / flowing boepd
• $25.9 million / 47,500 acres = $545 / acre
• working backwards:
• x * 0.10 = 596
• total production = 5,960 +596 = 6,556 boepd (?)
• Evolution now has relationship with Foundation: Evolution may propose and fund drilling locations within the asset footprint

From the blog:

Foundation Energy Management, LLC

• Whiting transfers another well to Foundation, #29562, March 24, 2017
• Whiting transfers another 61 wells to Foundation Energy Management, August 3, 2016
• daily activity reports for the first time 42 wells that were transferred from Whiting to Foundation Energy Management; appears to be Madison well package; July 29, 2016
• Whiting  transfers 331 wells to five other companies, noted December 29, 2015; companies include Foundation Energy Management, LLC; Cobra Oil and Gas Corp; and, White Rock Oil and Gas LLC;  December 9, 2015, briefing by NDIC