Equus Energy Sells Working Interest in Worsham-Bayer Field
August 28 2018 - 5:07PM
Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Fund”)
announced that Equus Energy, LLC, a wholly-owned subsidiary of the
Fund (“Equus Energy”), has sold its working interest in the
Worsham-Bayer Field in Reeves County, Texas for $200,000.
Equus Energy’s working interest in the Worsham-Bayer Field
consisted of a 9.375% working interest in one gas well and 260
undeveloped acres located in the Permian Basin in west Texas.
In December 2016, Equus Energy sold its 20-acre
working interest in the Dewey Lake field, also located in the
Permian Basin, for $250,000, or approximately $12,500 per acre, and
is presently exploring the possible sale of some of its other oil
and gas interests located in the Permian Basin and in other parts
of Texas and Oklahoma.
Established as a wholly-owned subsidiary of the
Fund in 2011, Equus Energy is the Fund’s platform for
energy-related investments, with particular emphasis on oil and gas
enterprises. Equus Energy owns various working interests,
which, following the sale described above, are presently derived
from 143 producing and non-producing oil and gas wells, including
associated development rights of approximately 22,160 acres,
situated on 11 separate properties in Texas and Oklahoma. The
working interests range from a de minimus amount to 50% of the
leasehold that includes these wells. Also included in the interests
owned by Equus Energy are working interests of 7.5% and 2.5% in the
Burnell and North Pettus Units, respectively, which collectively
comprise approximately 13,000 acres located in the area known as
the “Eagle Ford Shale” play.
As of June 30, 2018, the Fund valued its holding
in Equus Energy at $9.0 million, an increase of $0.75 million from
March 31, 2018. The increase was principally due to improved
economic prospects affecting mineral rights held by Equus Energy
which has been underscored by the recent sale of its working
interest in the Worsham-Bayer Field described above.
About Equus The Fund is a
business development company that trades as a closed-end fund on
the New York Stock Exchange, under the symbol "EQS". Additional
information on the Fund may be obtained from the Fund’s website at
www.equuscap.com.
This press release may contain certain forward-looking
statements regarding future circumstances. These forward-looking
statements are based upon the Fund’s current expectations and
assumptions and are subject to various risks and uncertainties that
could cause actual results to differ materially from those
contemplated in such forward-looking statements including, in
particular, the risks and uncertainties described in the Fund’s
filings with the SEC. Actual results, events, and performance may
differ. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as to the date hereof.
Except as required by law, the Fund undertakes no obligation to
release publicly any revisions to these forward-looking statements
that may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events. The
inclusion of any statement in this release does not constitute an
admission by the Fund or any other person that the events or
circumstances described in such statements are material.
Contact:
Patricia Baronowski Pristine Advisers, LLC (631) 756-2486
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