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Msg  6476 of 6580  at  6/19/2019 10:06:54 AM  by


SA / MCF...

Additionally Contango have some legacy assets which have seen minimal to no drilling in recent years due to low commodity prices. Management indicated that they are looking to opportunistically sell some of these assets. You can find brief overview of each asset here.

South Texas

As of December 31, 2018, our South Texas region included approximately 56,400 gross (29,300 net) acres, proved reserves of 5.4 Bcfe and 65 gross (32.2 net) producing wells. In the Dimmitt and Zavala counties part of this region, we believe approximately 15,700 gross (7,100 net) acres to be prospective for the Buda, Georgetown and Eagle Ford Shale plays. Our estimated net proven Buda/Eagle Ford/Georgetown reserves in this area were 1.8 Bcfe, comprised of 73% liquids, with 27 gross (11.7 net) producing wells, as of December 31, 2018. No drilling activity has been conducted in this area since 2014 due to the reduction in our capital expenditure programs in response to the commodity price environment, with the exception of two successful non-operated Georgetown wells in which we participated in drilling in 2017 and 2018. Of the proved reserves in this area, our estimated net proved reserves related to these two drilled wells is 0.6 Bcfe, as of December 31, 2018. For 2019, we currently plan to participate in two more non-operated Georgetown wells in Dimmitt County, and should we experience sustained improvement in commodity prices, we could increase our activity in pursuit of the Georgetown in this area.

Our South Texas region also includes approximately 40,700 gross (22,200 net) acres located in conventional fields that produce primarily from the Wilcox, Frio, and Vicksburg sands. Our estimated net proved conventional reserves in this region were 2.9 Bcfe, comprised of 71% gas, with 22 gross (9.7 net) producing wells, as of December 31, 2018.

During 2018, we sold non-core conventional assets located in South Texas for approximately $0.9 million. The average net daily production of these sold properties was 1.4 Mmcfe/d for the year ended December 31, 2018.


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