Sanchez Energy Corporation has completed the purchase of 318,00 acres in the Eagle Ford.
Sanchez announced last week it closed on a $2.1 billion deal with Anadarko Petroleum through a 50/50 partnership with Blackstone Energy Partners.
The 'Comanche Transaction' is expected to increase Sanchez' total net proved reserves to approximately 340 MMBoe, a 78% increase from year-end 2016 reserves. The company plans to focus initially on completing the 132 gross drilled but uncompleted wells currently in the acreage.
Full Year Highlights
- Acquisition of 65,000 acres in the oil window of the Western Eagle Ford, and 45,000 acres in the dry gas window of the Western Eagle Ford
- Total 2016 production of 19.5 million barrels of oil equivalent (“MMBoe”)
- Drilling and completion costs during 2016 at Catarina and Maverick averaged approximately$3.0 million per well
- Full year 2016 revenues were approximately $431 million
In December, Sanchez closed on two deals involving Eagle Ford assets valued at over $600 million. These transactions are expected to add an average of 700 Boe/d of production in 2017. Sanchez Production Partners acquired a 50% interest in Carnero Processing, LLC from Sanchez Energy Corporation for $80 million including. Carnero Processing is currently constructing a cryogenic natural gas processing plant in La Salle County.