an update of debt related bankruptcy in US oilpatch ..cut and...

an update of debt related bankruptcy in US oilpatch ..cut and paste ..Thanks to Joe...
Quote...
joechentva • 1 hour 59 minutes ago Flag
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Now SSN has better financial positions, the next step...
could be joined in a consortium of oiler to get more rich ND Williston cares. There is one sweet pot to be auctioned off tomorrow.

GMXR ran out of cash and has $411M debts, it went BK in April 2013, its assets are to be auctioned off Aug 28. Their most valuable leases are :

35K net acres (180K gross acres) in McKenzie, Billings and Stark cnty is ND. There are proven 74 PUD units (1280 acres each) with an estm oil reserves of $344M. Probable reserves is estm at $360M. More than 550 drilling sites planned. 18 producing wells and 2 to be fracked this year. This was only for the mid Bakken pay zone, not including the 3-Fork 4 benches underneath.

30K acres of Niobrara in WY near the famous Silo fields producing Nio wells. They have the same extreme fractured formations, in the same orientations.

1 TCF of proven dry gas reserves in Hynsville fields near Siban uplifts in east TX, many producing wells.
1.7 BCF and 19% NGL proven reserves in Cotton Valley sands near TX/La stateline.

The Sr debt holders (Blackstone & Chatham) put a stalking horse bid of $283M (base price), but the market estm is near $500M. If the bid procedure allows broken down piece meals, a JV of oilers can fetch their Williston basin PUD leases with less than $350M.

SSN will have about $30M cash in Sept, if it goes in #$%$ minor partner, the 550 drill sites and $806M proven and probable mid Bakken reserves and the 250' of 3-Fork underneath would pay off handsomely in the next 10 years.
ENDS