Title : Back To Denbury And That News Earlier Today -- October 29, 2018 -- Did DNR Just Swap 275,000 Acres In The Bakken For 84,000 Acres In Eagle Ford?
link : Back To Denbury And That News Earlier Today -- October 29, 2018 -- Did DNR Just Swap 275,000 Acres In The Bakken For 84,000 Acres In Eagle Ford?
Back To Denbury And That News Earlier Today -- October 29, 2018 -- Did DNR Just Swap 275,000 Acres In The Bakken For 84,000 Acres In Eagle Ford?
Over at "Bakken operators," recent entries regarding Denbury, prior to today's announcement:- July 20, 2016: Denbury sells the remaining non-core Bakken assets for $58 million; buyer not identified; amount of acreage not identified;
- October 2, 2013: corporate update; their production in North Dakota is their biggest
- September 20, 2012: XOM to buy all DNR acreage in the Williston Basin Bakken (North Dakota and Montana); $1.6 billion deal; 196,000 Bakken acres; but DNR gets XOM acreage in Wyoming and Texas; see XOM below;
- August, 2012, corporate presentation (dynamic link)
- ~ 200,000 acres (August, 2012, corporate presentation); according to "anonymous," DNR has 66,000 acres in Ward County, too far east for the Bakken; whether they still have the acres or not is unknown; but off the books, and the rig there will not be kept (will let contract expire)
- Back to 266,000 net acres (Enercom Conference, August 16, 2011); note -- previously planned to add 7th rig by January, 2012; now by end of 2011 (not much difference, but moved up) -- nope, now down to 4 rigs (1Q12 conference call); back to six (6) rigs through 2012; see below, 4Q11 -- 4 rigs ("wrote off" 66,000 acres in the Almond prospect)
- 266,000 net acres (April, 2011; IPAA conference presentation)
- 275,000 net acres in the Bakken (January, 2011; agrees with corporate presentation)
- Cherry Prospect: Siverston field,
- Fields, SW of the river: Camp, Cherry, Lone Butte, Bear Creek, Charlson, and Murphy Creek
- Field: NE Foothills in Burke (+/- value)
Field: Almond in Ward County(76,000 acres; almost no proven value yet) Update: 4Q11 -- removed from inventory; no value; removed the one rig that was there- Analyst's number: 300,000 net acres (December 31, 2010)
So, DNR very likely sold 275,000 net acres of Bakken for around $5,000/acre (a "WAG" as they say), or $1.4 billion and now a few years later spend about that much money to buy 84,000 net acres in the Eagle Ford.
Today's news: buys Penn Virginia assets in Eagle Ford for $1.7 billion; 84,060 net acres.
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