Strata Retains IEC for Permian Asset Sale, Dev't
Infinity Energy Capital, LLC (IEC) has been engaged by Strata Resources, Inc. (Strata) of Dallas, Texas on an exclusive basis to work with its team in the divestiture and/or development of +/- 39,000 acres in the Permian Basin, the company reporte in a Feb. 5 press release.
Strata’s position has been geologically correlated relative to Laredo Petroleum's, Pioneer's and Devon's massive discoveries in Glasscock, Midland and Coke counties, respectively. They have spent over a year, studying over 1,000 well logs and correlating the geology underlying their positions, resulting in this highgraded acreage consisting of +/- 25,000 acres in Coke, +/-7,000 in Sterling/Tom Green and +/-7,000 in Nolan counties.
IEC has been exclusively engaged to represent Strata in obtaining an operated drilling proposal, which would monetize some of the acreage and allow Strata to be carried in the development in exchange for the acreage contribution. As a variation on this theme, IEC has been busily interviewing well-credentialed operators in the area to work with them towards funding for a Joint Venture drilling program. This has been very well received and will afford Strata the opportunity to work in concert with the operator on a play in which they strongly believe.
Strata President Chuck Miller, said, “IEC was quick to appreciate the tremendous amount of material and research that has gone in to appropriately correlating Strata’s positions with the other highly successful E&P companies in the play. Likewise, we were impressed with IEC and their history of success in the strategic and capital markets. We are pleased with the IEC relationship and believe we can arrive at an appropriate deal to maximize the value of our acreage for the benefit of all parties."
IEC Managing Partner Chuck Watson said, “We are thrilled to be working for Strata. We have spent a considerable amount of time evaluating the Permian Basin and operators in the area and were glad to be able to put our research to use for them. They have an excellent team and have amassed an exceptional position.”
IEC’s Director of Exploration and Production, Thomas Denton, added “This opportunity, utilizing this approach, will allow Strata, the operator and the financial backer to truly maximize and capitalize on a significant position in an area our analysts have been covering for some time now.”
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