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Resource Corporation ("Spur") in working acquisitions and divestments has revealed numerous avenues for cash flow enhancement with attentive property management. All companies, regardless of size, have a tier of properties-namely non operated working interests, royalty, ORRI and mineral interests- that do not receive the attention equal that of the top performing properties, largely due to manpower limitations.
Spur has assisted a programmer in designing an Access database for use in inventorying, divesting or managing oil and gas assets with less manpower and more efficiency than commercial land management packages.
Assisted Devon Energy Corporation in their divestment process 2000-2001 and 2001-2002.
Assisted Berco Resources, LLC in the complete inventory of their land lease records for possible private sale. Reviewed and set up 317 contracts, 1155 oil and gas leases and tracked 283 wells and puds.
Performed all buyer due diligence for Jetta Production Company in their acquisition of Devon Energy Corporation's Arkoma Basin assets.
Assisted 3 TEC Corporation with due diligence for stock equity purchase of Middle Bay Oil Corporation.
Performed all in-house due diligence on 1999 Vastar Resources $29.45 MM acquisition of three federal fieldwide gas units from Cross Timbers Oil Company in the San Juan Basin, turning in numerous title defects for seller curative or indemnity.
contract team assembled for EEX Corporation's (fka Enserch Exploration, Inc) 1997-1999
divestment of all non core onshore assets. Closed $511MM between 10/1/97 and 1/31/99 in 34
transactions. Directed building of the Access divestment database for use in managing all
aspects of the process.
As the final phase of the onshore asset review, Spur and the contract associates reviewed all of EEX's onshore royalty, mineral and fee assets. The review included culling well set ups no longer valid, associating API's with all well setups, pursuing unpaid revenues, setting up all leases on fee assets, tracking gross and net leased and unleased acreage/depths and pursuing releases of leases no longer valid on company owned minerals. Statistics of the review available upon request.
Led Apache 1994 Divestment project, preparing 497
properties for auction. Prepared minimum bid package of royalty & overriding royalty interests on 68 multi well Permian Basin leases that brought
$.200MM above the minimum bid.
Assisted Apache in closing Fall 1996 $29.75 MM South.
Texas acquisition from Headington Oil Company.
comprehensive post auction review of internal and external divestment processes for