×

BTO Venture Inc. to Sell North Texas Oil Properties

DALLAS--(BUSINESS WIRE)-- BTO Venture Inc. has retained Energy Spectrum Advisors Inc. to sell certain operated, long-life oil properties in North Texas. The properties are located in the prolific KMA Oil Field in Wichita County, Texas.

The package includes ownership in approximately 170 producing wells with a 100% working interest (approximately 81% net revenue interest) across 2,349 gross / net contiguous acres (100% held by production). Net production is 350 barrels of oil per day (100% oil) from shallow sands ranging from 200 – 4500 ft. Net operating cash flow has averaged approximately $790,000 per month. The sale also includes BTO’s 50% ownership in a profitable gas processing plant and 3 workover rigs that service the properties.

Proved Producing reserves are 1.4 million barrels of oil. Proven upside includes over 200 low cost recompletion and new drill opportunities that can be funded entirely out of cash flow.

The Data Room opens October 1. Bids are due October 30.

Energy Spectrum Advisors Inc.
B.J. Brandenberger, 214-987-6145
bj.brandenberger@energyspectrum.com

Source: Energy Spectrum Advisors Inc.