EnergyNet recorded more than $283 million in property sales in 2014 even with the drastic drop in oil prices, and the acquisition and divestiture of oil and gas assets has remained robust in 2015, says the company. For the first half of 2015, EnergyNet’s divestment business has had sales of more than $100 million.
Sellers are monetizing non-core assets to raise capital they need to operate, says William Britain, EnergyNet chairman. “We have a robust and steady flow of acquisition opportunities coming to market this year, and there are more highly acquisitive and well-capitalized buyers participating than ever.”
To date, during 2015, EnergyNet has sold 1,570 properties for 125 unique sellers, and closed transactions on 67 individual days.
Among the company’s clients divesting non-core assets this year are: Devon, Chevron, SM Energy, Shell, EnerVest, Newfield, the FDIC, Unit Petroleum, Chaparral Energy, Parsley Energy, and Willischild Oil and Gas. Additionally, the states of Texas, Colorado, North Dakota, and Utah are utilizing EnergyNet’s platform and market reach for state leases.
EnergyNet offers oil and gas property transaction services including sealed bid, auction, and negotiated sale services to facilitate deals for producing fields (operated and non-operated working interests), overrides, royalties, mineral interests, and non-producing leasehold. The company allows buyers to conduct their acquisition and divestment activities online. EnergyNet typically sells approximately 1,500 deals per year.