Condor Petroleum retains E-Spectrum Advisors to sell North Dakota properties

Condor Petroleum Inc. has retained E-Spectrum Advisors, a division of BOSC Inc., to sell certain producing non-operated Bakken/Three Forks and other operated properties in North Dakota. The company will consider offers for either the non-operated and/or operated properties in North Dakota.

The non-operated properties include ownership in approximately 186 producing horizontal wells with a weighted average working interest of 16.22% (13.36% net revenue interest) across 19,512 gross/3,165 net acres. The properties span seven counties in Montana and North Dakota including Billings, Burke, Divide, Dunn, McKenzie, Mountrail and Williams. Trailing twelve-month average production and net operating cash flow ending January 2016 for the package was 928 boe/d and $507,716, respectively. 2P Reserves account for 2,768 Mboe with a PV-10 of $28.8 million. Non-operated Bakken/Three Forks 2P Reserves and PV-10 make up ~72% and ~81%, respectively, of the total reserves value.

Upside opportunities include working interests in eight EOG Resources Drilled Uncompleted wells, four economic Bakken / Three Forks PUDs, three Probable locations, 15 Possible Bakken/Three Forks undrilled locations and additional unquantified upside from continued lease line drilling, infill drilling, and refracs.

The online data room is open.  Bids are due August 4.

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