Sanchez Production Partners Engages Lantana Energy Advisors for the Possible Sale of Mid-Continent Assets
March 16 2015 - 7:30AM
Business Wire
Sanchez Production Partners LP (NYSE MKT: SPP) today announced
that it has engaged Lantana Energy Advisors (“Lantana”) to
assist with the possible divestiture of its assets and operations
in Oklahoma and Kansas.
The assets considered for sale encompass the partnership’s
operations and interests in the Cherokee Basin in Oklahoma and
Kansas, the Woodford Shale in the Arkoma Basin in Oklahoma, and the
Central Kansas Uplift in Kansas, which covers approximately 207,000
developed and 15,000 undeveloped acres with exclusive rights to
lease and develop almost 500,000 additional acres in Osage County,
Oklahoma. The assets include the partnership’s interests in 2,337
producing wells, 76% of which are operated. The wells have a net
working interest of approximately 85% and provided average net
production of 3,449 MBOE per day in December 2014, of which
approximately 24% was oil and liquids production. Based on forward
prices as of December 31, 2014, the assets show proved reserves of
14,879 MBOE, of which approximately 77% are developed, and probable
reserves of 15,751 MBOE.
“As we develop plans for the future of SPP, we look to refocus
our efforts on opportunities that are more closely aligned with
Sanchez Oil & Gas Corporation’s operational platform,”
said Charles C. Ward, Chief Financial Officer & Treasurer
of SPP’s general partner. “With other sales announced and underway
in and around the areas where we operate our legacy assets, we see
a unique opportunity to participate in a process that ultimately
leads to basin consolidation. Having worked with Lantana on the
successful divestiture of Black Warrior assets in 2013, we are very
pleased to once again bring their team in to assist with our
evaluation of strategic alternatives related to the possible sale
of these assets.”
About the Partnership
Sanchez Production Partners LP (NYSE MKT: SPP) is a
publicly-traded limited partnership focused on the acquisition,
development and production of oil and natural gas properties and
other integrated assets. The partnership’s proved reserves are
currently located in the Cherokee Basin in Oklahoma and Kansas, the
Woodford Shale in the Arkoma Basin in Oklahoma, the Central Kansas
Uplift in Kansas, and along the Gulf Coast in Texas and Louisiana.
For more information, please visit the partnership’s website
(www.sanchezpp.com).
About Lantana
Lantana Energy Advisors, a division of SunTrust Robinson
Humphrey, Inc., provides a complete range of acquisition and
divestiture advisory services in the exploration and production
sector, from initial consulting and valuation review to marketing
and deal execution. Since its founding in 2003, Lantana has advised
on the sale of more than $2.5 billion of oil and gas properties in
Texas, Oklahoma, Louisiana, North Dakota and more than 10 other
states. For more information, please visit the company website
(www.lantanaog.com).
Forward-Looking Statements
We make statements in this news release that are considered
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. These
forward-looking statements are largely based on our expectations,
which reflect estimates and assumptions made by the management of
our general partner. These estimates and assumptions reflect our
best judgment based on currently known market conditions and other
factors. Although we believe such estimates and assumptions to be
reasonable, they are inherently uncertain and involve a number of
risks and uncertainties that are beyond our control. In addition,
management's assumptions about future events may prove to be
inaccurate. Management cautions all readers that the
forward-looking statements contained in this news release are not
guarantees of future performance, and we cannot assure you that
such statements will be realized or the forward-looking events and
circumstances will occur. Actual results may differ materially from
those anticipated or implied in the forward-looking statements due
to factors listed in the “Risk Factors” section in our SEC filings
and elsewhere in those filings. All forward-looking statements
speak only as of the date of this news release. We do not intend to
publicly update or revise any forward-looking statements as a
result of new information, future events or otherwise. These
cautionary statements qualify all forward-looking statements
attributable to us or persons acting on our behalf.
Sanchez Production Partners LPInvestor Contact:Charles C.
Ward, (877) 847-0009orGeneral Inquiries: (877)
847-0008www.sanchezpp.com
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