Goldking to sell properties in Louisiana and Texas

Goldking Holdings LLC

Goldking Holdings LLC and subsidiaries have retained E-Spectrum Advisors LLC to sell certain operated and non-operated oil and gas interests located in Iberville, Plaquemines, St. Martin, Lafayette, Assumption, Terrebonne, and Vermilion parishes in Louisiana, as well as in Aransas, Hardin, and Jasper counties, Texas. Third quarter production averaged 611 boepd (24% oil, 76% liquids-rich natural gas) from 26 producing wells.

Goldking holds 9,383 net acres of which 82% is HBP with working interests ranging from 20% to 100% and net revenue interests ranging from 15% to 83% Louisiana production includes the Berry Lake, Kent Bayou/Little Big Horn, Live Oak, Murphy Lake, Palmetto Bayou and Ridge West fields, while Texas production includes the Buna West, Silsbee and Nine Mile Point fields.

Peak net production from proved reserves is projected to reach 3,508 boepd by August 2015. Net operating cash flow from proved reserves for 2015 is projected at $38.2 million. Net proved reserves are 6.8 million barrels of oil equivalent (BOE) with a PV-10 value of $114.8 million. Upside includes 12 proved behind pipe wells and 11 PUDs.

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