Equus subsidiary Morgan E&P acquires 4,748 net acres in Bakken, commits to drill 6 wells within 18 months

EQUUS TOTAL RETURN, INC.

Acquired 4,747.52 net acres in Bakken/Three Forks formation, Williston Basin, North Dakota.
Payment of $500,000 plus obligation to drill minimum 6 horizontal wells within 18 months of permits (avg cost ~$8M/well).
Morgan receives average net revenue interest of 80% in production from drilled wells.
CG&A reserve analysis: PV10 values for proved undeveloped $6.4M, probable $14.8M, possible $37.6M; 48 gross / 15 net drilling locations.
Estimated ultimate recovery per well: ~811,475 barrels of oil equivalent.

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Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EQUUS TOTAL RETURN, INC. entered into Purchase and Sale Agreement with Pro Energy I LLC (effective 2023-05-22).

Action: entry
Agreement: asset purchase
Counterparty: Pro Energy I LLC
Effective: 2023-05-22

Exact text from the filing

On May 22, 2023, Morgan E&P, LLC (“Morgan”), a wholly-owned subsidiary of Equus Total Return, Inc. (“Equus” or the “Fund”) entered into a material definitive Purchase and Sale Agreement (“Purchase Agreement”) with Pro Energy I LLC (“Pro Energy”) to acquire certain oil and gas acreage and mineral rights in the Williston Basin of North Dakota.

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EQUUS TOTAL RETURN, INC. filing history →

Source: SEC EDGAR

accession 0001712543-23-000036

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