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Carrizo Exits DJ Basin; Sells Off Assets for $140MM

Announced Date
November 27,2017
Deal Value $
140,000,000
Net Acres
30,600
Location Count
640
Transaction Type
Property
Buyer
Verdad Oil & Gas Corp
Seller
Carrizo Oil & Gas Inc.
Price Per BOE $
40,000
Source Documents:
   Source Link
Location
Region
DJ Basin

Country
United States

State
Colorado

County
Weld

Play
DJ Basin


Production
Production
2,427 Boe/d

Production Mix
69 % Oil


Multiples
Production ($/boe/d)
57,684

$Price/Net Acre
4,575

$Price/Adj. Net Acre
1,403

$/Location
218,750

Adj. $/acre is based on production @40,000 Boe/d

Transaction Details: 

Carrizo has agreed to sell its entire non-op DJ Basin property $140 million in cash to Verdad Oil & Gas Corp

Property Highlights:

  • Production                : 2,427 BOEPD (69% oil)
  • Land & Leasehold      : 30,600 net acres
  • Resource Potential      : 125 MMboe
  • Locations                  : 640 Well Locations

The transaction is currently expected to close in January 2018.

This sales marks the end of the transformation for the company that saw it selling off the Marcellus, and Utica properties.

 

DJ Basin Deal Activity In Last 12 Months





Announced DateBuyerSellerDeal Value($mm)LocationCategory
Apr-18-2018 Not Disclosed  - Click here Colorado  E&P
Dec-05-2017 Bill Barrett Corp.  - Click here Colorado  E&P
Nov-08-2017 SRC Energy Inc  - Click here Colorado  E&P
Sep-25-2017 PDC Energy, Inc.  - Click here Colorado  E&P
Apr-03-2017 Not Disclosed  - Click here Colorado  E&P

Price History



Date Deal Headline Price$/acre
Mar-02-2017 Bill Barrett Acquires DJ Basin Property for $11 Million $11.80  Million 908
Jan-12-2017 Synergy Unloads Non-Core DJ Basin Acreage; $71MM $71.00  Million 4,300
Sep-15-2015 Synergy Resources to Buy Wattenberg Property $78.00  Million 6,977

Related Carrizo Oil & Gas Inc. Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Dec-12-2017 EP Energy Corp  - Click here Texas  E&P
Oct-06-2017 Kalnin Ventures  - Click here Pennsylvania  E&P
Sep-05-2017 Not Disclosed  - Click here Ohio  E&P
Jun-28-2017 Carrizo Oil & Gas Inc.  - Click here Texas  E&P
Oct-24-2016 Carrizo Oil & Gas Inc.  - Click here Texas  E&P