Industry News | Deals - Acquisition, Mergers, Divestitures
Cano Looking to Sell New Mexico Oil Properties
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Cano Petroleum of New Mexico Inc. has retained Energy Spectrum Advisors Inc. to sell certain operated oil properties in Chaves and Roosevelt Counties, New Mexico.
The properties include the Cato field, which is one of the only fields along the San Andres trend that has not been fully waterflooded.
The properties include ownership in approximately 78 producing wells with ~97% working interest (~80% net revenue interest) on 17,817 gross / 17,733 net acres (100% held by production). February 2013 net production was 205 barrels of oil equivalent per day (94% oil) from the San Andres formation at approximately 3,400 ft. The upside includes operational enhancement, return to production wells, vertical and horizontal infill drilling, water flood expansion, and CO2 flood.
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