Spur Energy and KKR have partnered to acquire “large, high-margin oil and gas production and development assets across the Lower 48”. Their first acquisition with this goal in mind is of approximately 380 producing wells, 22,000 net acres, and the associated water and midstream assets in the core of the Yeso formation in Eddy & Lea Counties, New Mexico from Percussion Petroleum. In the first quarter of 2019, these assets produced approximately 9,200 net barrels of oil equivalent per day (85% liquids).
Percussion Petroleum has been a client of P&P for more than two years. As with all our clients, we keep them sale-ready. This means making sure all the data is entered correctly, reported accurately, and updated properly. We are proud of our work on this project and happy for the team at Percussion!
Percussion’s assets vary by depth; they have working interest, mineral interest, and burden (overrides/royalties) differences depending on footage and formation language in leases, prior assignments, and lessor ownership. This lead to some complicated data entry requirements and complex reporting needs. But nothing some custom reports and summary dashboard couldn’t handle! It is a whole lot easier to sell your assets for the price you want when it is cleanly organized and easy to understand.
“It has been a core principle of P&P since day one to keep our clients in a strong selling position. We are ecstatic for Josh and everyone else at Percussion, and for the folks at Spur Energy too! This project has had some unique facets that have been fun to work through. Maria (project lead) and the rest of our team has been diligent and thorough, as always, and that shows in the deliverables that Spur has been able to review for closing this deal.”
Chris Pettigrew, Owner P&P Oil & Gas Solutions
For the full press release please visit https://www.businesswire.com/news/home/20190514005284/en/.