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Evolution Petroleum announced that it has entered into a definitive agreement to acquire non-operated natural gas assets in the Jonah Field in Sublette County, Wyoming from privately-owned Exaro Energy III, LLC. 

The purchase price of the transaction is $29.4 million, with the closing date scheduled for April 1, 2022.

As a result of this accretive transaction, Evolution Petroleum is able to diversify into natural gas assets in Wyoming, providing access to multiple attractive markets including to the west through the Opal market hub, with the optionality to flow to eastern markets, according to its president and CEO, Jason Brown.

The Houston-based company, Evolution, owns, manages, and develops producing properties with the aim of providing a sustainable dividend yield for its shareholders. As part of the company's long-term strategy, it will strive to develop a diversified portfolio of oil and natural gas assets.

At present, Evolution's portfolio of non-operated assets includes interests in multiple geological formations, including the Barnett Shale in North Texas, the Delhi Field in Louisiana, the Hamilton Dome Field in Wyoming, and assets in the Williston Basin in North Dakota — the result of a $25.9 million acquisition closed earlier in the year.

Due to the company's recent acquisitions in the Williston Basin and Jonah Field, the company has been able to boost cash flow generation and significantly grow production volumes through low-risk development drilling. The top management of Evolution also plans to extend dividend payments through these acquisitions for the next decade.

Among the assets are 42 billion cubic feet of natural gas equivalent (bcfe) of long-life proved developed producing reserves in the Jonah Energy LLC-operated natural gas field in the northwestern portion of the Green River basin. The field has 648 producing wells and spawns approximately 1,040 net acres.

A total of 14.2 MMcfe/d is currently being produced from acquired assets; 88% of that is natural gas, 6% is oil, and 6% is NGL. Jonah Energy has operated all of the wells since 2014, and the company is an established operator in Wyoming.

Within the last two years, Evolution has more than 400% increased production and reserves. Moreover, this growth and value creation have occurred without material shareholder dilution or onerous debts.

After taking into account expected incremental debt, Brown estimates a debt level post-closing to be below one-time Evolution's pro forma annualized EBITDA.

That transaction took effect on February 1. We anticipate closing on or about April 1. The deal is expected to be funded from cash on hand and borrowings under the Company's existing senior credit facility.

If you are interested in learning more about the industry's M&A deals, connect with our Houston sales office to see this intelligence for yourself or SCHEDULE A DEMO with us to learn how Rextag can help you leverage the energy data in your business..

Tel. +1 713-203-3128

Email: treitmeier@hartenergy.com

Energy Transfer LP Races to Carry Permian Basin Gas to Gulf Coast Hubs

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The ever-increasing demand for natural gas exports from the Gulf Coast started a race to further develop Permian Basin. Various companies, including Kinder Morgan and MPLX, are among those looking at building new pipelines in the region due to the demand spike. But Energy Transfer seems to edge past them into the lead since its project strikes as the most economical option for the basin outside of capacity expansions on existing pipelines and could essentially add 1.5-2 Bcf/d of transport capacity with just 260 miles of new pipe.

Enterprise acquires Navitas Midstream for $3.25 billion in cash

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Enterprise decided to go in on the Permian Basin. With the surprise purchase of Navitas Midstream for $3.25 billion in cash, the company gained a foothold in the Midland Basin, as it previously lacked #naturalgas or NGL infrastructure apart from downstream pipelines in the region. Enterprise estimates that distributable cash flow accretion will be in the range of $0.18 to $0.22 per unit in 2023, while simultaneously supporting additional capital returns to their limited partners through distribution growth and buybacks of common units.

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Oil output in the Permian Basin in Texas and New Mexico is supposed to go up 88,000 bbl/d to a record 5.219 million bbl/d in June, as the U.S. Energy Information Administration (EIA) announced in its report on May 16. Additionally, gas productivity in the Permian Basin and the Haynesville in Texas, Louisiana and Arkansas will rise to record highs of 20 Bcf/d and 15.1 Bcf/d in June, respectively. Given that this growth has been expected, recent global market changes make forecasting the output even more challenging. Learning how production will change is easier with early activity tracking, a new service recently launched by Rextag – Pad Activity Monitor. With the help of PAM, you are able to monitor well pad clearing, drilling operations, fracking crew deployment and completions with new data collected approximately every 2 days. Additionally, it cuts down activity reporting lag times by at least 98%, from 120-180 days down to just 5-8 days. In order to access reports, charts, tables, and mapping visualizations via Rextag’s Energy DataLink use a web-based application allowing users to filter, download and identify activity on a map or data table. Moreover, customers will be able to set up daily, weekly, and monthly email report notifications.

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The EIA forecasts that total output in the main U.S. shale oil basins will increase 142,000 bbl/d to 8.761 million bbl/d in June, the most since March 2020. Oil productivity in the Permian Basin in Texas and New Mexico is supposed to go up 88,000 bbl/d to a record 5.219 million bbl/d in June, as the U.S. Energy Information Administration (EIA) announced in its report on May 16. In the largest shale gas basin, the productivity in Appalachia in Pennsylvania, Ohio and West Virginia will grow up to 35.7 Bcf/d in June, its highest since beating a record 36 Bcf/d in December 2021. Gas output in the Permian Basin and the Haynesville in Texas, Louisiana and Arkansas will rise to record highs of 20 Bcf/d and 15.1 Bcf/d in June, respectively. Speaking of the Permian future output, putting hands on upcoming changes in production has recently been made easier with the new Rextag's service - Pad Activity Monitor. Thanks to satellite imagery and artificial intelligence, customers are able to monitor the oil and gas wells and are provided with near real-time activity reports related to drilling operations. However, it is noticed that productivity in the largest oil and gas basins has decreased every month since setting records of new oil well production per rig of 1,544 bbl/d in December 2020 in the Permian Basin, and new gas well production per rig of 33.3 MMcf/d in March 2021 in Appalachia.

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No sooner had the crude prices soared above $100/bbl than the industry professionals believed in an incredible growth of drilling activity in North America’s largest shale patch. Analysts speculate that additional output of 500,000 barrels of oil daily would become a significant part (4%) of overall U.S. daily production. That is going to flatter oil and gasoline prices. Drilling permits in the Permian Basin are persistently growing, averaging approximately 210 at the beginning of April. Moreover, the permits trend is noticed as an all-time high as a total of 904 horizontal drilling permits were awarded last month. Nowadays, learning and analysing the current situation and predicting the future development become easier with early activity tracking, a new service recently launched by Rextag. Rextag's Pad Activity monitor (PAM) allows you to see well pad clearing, drilling operations, fracking crew deployment and completions with new data collected approximately every 2 days with the help of satellite imagery and artificial intelligence. While the increase in drilling will result in higher production, U.S. shale producers will have to overcome several hurdles including labor shortages and supply constraints.

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