Established Producing Oil Wells With Opportunity To Expand For Sale

Business description

Proven results over decades of extraction give this opportunity an incredible platform for future performance. This opportunity offers operating rights to seven oil wells with decades of proven extraction results. The seven longstanding stripper wells are located in north east Utah and the offering includes 760 additional acres that are authorized for 23 additional wells. A recent sale in the area puts the upside associated with the 760 acres at $3.4 million alone. Current wells produce an average of 10 barrels of oil equivalent per day. Working interest on the current wells is approximately 85 percent and operating costs are reasonably low. The consistent production of these wells and those in nearby fi elds provide buyers with bankable volumes. The 760 additional acres included allows for infill drilling and existing distribution. Interested parties will receive thorough investment packaging, including financial records and detailed pro-forma analysis.

Property information

Location:

Current wells are on two seperate plots in north east Utah

Business Operation

Expansion potential:

Leases are approved for an additional 23 wells.

Competition / Market:

Nearby wells are also consistently producing. A major water flood in the area will increase production at all wells.

Reasons for selling:

Retirement

Years established:

30