THE STUDY​

A mid-size independent oil and gas operator was looking to sell its mineral, royalty and non-operated working interest assets. These mineral rights, royalties and non-operated interests were deemed non-strategic to its operated interests. The Operator was evaluating multiple buyers including their ability to fund a large transaction and to close under a tight deadline. The portfolio of mineral rights, royalties and working interests consisted of over 590 leases and more than 2200 wells scattered across 44 counties in 8 states. The leases and wells were spread across multiple unconventional oil and gas shale plays including Eddy County, New Mexico (Wolfcamp and Bone Shales); Red Willow County, Nebraska (Niobrara Shale); McKenzie County, North Dakota (Bakken Shale); Sterling, Midland and Glasscock Counties, Texas; (Wolfcamp Shale); San Juan County, Utah (Mancos Shale). In addition, the mineral and royalty rights and working interests acquired also included assets in conventional oil and gas fields.