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Follow on Google News | Castle Placement Named Exclusive Placement Agent for Oleum PartnersBy: Castle Placement and Oleum Partners Oleum has entered into an agreement to purchase a producing oil and gas asset in the Fort Worth Basin. Substantial proven undeveloped "PUD" reserves in the unconventional Barnett reservoir have been identified with the abundant vertical well control available on the asset. The property is in the "oil-prone" portion of the Fort Worth Basin, where horizontal wells with hydraulic fracs in the Barnett deliver high initial rates and an economically favorable mix of produced oil, gas, and natural gas liquids, or "NGL's". In addition, management believes there are low risk proven developed non-producing "PDNP" reserves through recompletions in several conventional reservoirs in existing vertical wells above the Barnett, with very favorable economic promise. When oil prices began falling in mid-2014, ultimately to a price of $27/barrel in February 2016, good "conventional" The industry has recovered substantially, allowing new capital raised from private equity and other platforms to significantly increase liquidity in the sector. Management believes that this is an opportune time to make acquisitions at attractive prices. The Fort Worth Basin asset, with a combination of conventional and unconventional proven reserves, should allow Oleum to capitalize on this recovering industry. Founded in 2009, Castle Placement raises equity and debt capital for private middle market companies across a broad spectrum of industries. Highly experienced investment bankers and a robust, data-driven, innovative technology platform - including artificial intelligence/ Website: http://castleplacement.com End
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