BUK/PXM Offer Two Idaho PackagesBridge Resourcesand Paramax Resources Ltd. have retained Meagher Energy Advisors to sell certain assets in Idahoand Oregon.
The first package includes 100% working interest (80%net revenue interest) in approximately 36,000 acres of developmentacreage (on 160-acre spacing) in Willow and Hamilton fields in theWestern Idaho Basin. The fields produce from depths of 1,800- to 4,100feet and include pipeline rights of way, pipe and CUP to achieve firstproduction quickly.
Acreage is 75% fee and 25% state/federalownership. Willow Field has tested sweet gas and condensate with fourpotential pay horizons in traditional clastic reservoirs. Estimated EURis 1- to 6 billion cubic feet per well. Hamilton Field has tested gasfrom laterally continuous stacked lacustrine turbidites at depths of1,800 feet with an estimated EUR of 1- to 2 billion cubic feet per well.
Provedand probable reserves are 2.2 million barrels of oil equivalent.
TheFields are adjacent to Northwest/Williams gas pipeline with 1.3billion-cubic-feet-per day capacity. Completion of 300 megawatt LangleyGulch Power Station in 2012 with a daily requirement of 50 million cubicfeet per day will add additional market.
Bridge/Paramax utilizeddrilled 11 wells in 2010.
The second package includes 80,000 netacres in close proximity to Willow and Hamilton fields offered on analternative deal structure. Bridge is seeking development proposals suchas farmout or other drill-to-earn type deals.
The bid due date isDec. 13. The effective date is Jan. 1. Contact JuliaFoster, 303-721-6354 ext. 229, jfoster@meagheradvisors.com.