Dynamic Offshore Resources, an Oil & Gas IPO

Dynamic Offshore Resources Inc. is going to be an interesting IPO to watch.

The company is a private Oil and Gas company that has received financial backing from Carlyle Group and Riverstone Holdings.

The Company has recently filed to raise up to US$400-M by the sale of common shares. No financial terms of the number of shares nor the price range are present yet, but it plans to list on the NYSE under the symbol “DOR.”

The underwriting syndicate has been set with underwriters as Citigroup, Credit Suisse, Deutsche Bank, Tudor Pickering Holt & Co, and UBS.
The Company has grown due to its acquisition history. Its operations are as an independent exploration and production company focused on the acquisition and development of producing Oil and Nat Gas properties in the Gulf of Mexico.

It commenced operations in Y 2008 and its management team has an average of more than 28 yrs of energy industry experience.

As of March 31, 2011, its estimated net proved reserves were 45,223 MBOE, of which 52% was Crude Oil and 84% was proved developed, with an associated PV-10 of approximately $1.2-B, based on Securities and Exchange Commission pricing of 80.04 bbl for Crude Oil and 4.10 per MMBtu for Nat Gas.

As of March 31, 2011, its estimated net probable reserves were 8,782 MBOE with an associated PV-10 of approximately US$237.5-M.

During June 2011, the Company’s properties had aggregate average net daily production of 17,634 BOE per day.

As of March 31, 2011, it had interests in approximately 200 net productive wells and over 200 offshore Oil and Gas leases in federal and state waters of the Gulf of Mexico. That comes to approximately 661,000 gross and 317,000 net acres.

The Company’s properties are predominantly located in water depths of less than 300 ft and it owns a 49% interest in and operate the deepwater Bullwinkle field and associated platform, located in approximately 1,350 feet of water.

Since inception, its principal equity owners have invested approximately US$225-M and have received approximately US$83-M in aggregate distributions from cash flows, for a net investment of US$142-M.

It has also incurred a total of US$340-M in debt, with US$175-M of debt outstanding as of June 30, 2011. After the acquisitions, the PV-10 of its proved Oil and Nat Gas reserves totaled approximately US$1.2-B as of March 31, 2011.
See the full SEC filing here: http://sec.gov/Archives/edgar/data/1528467/000104746911007704/a2205401zs-1.htm

Paul A. Ebeling, Jnr.

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Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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Posted by Shayne Heffernan on Aug 30th, 2011and filed underCompanies, Energy, Latest News, Oil & Gas, USA.You can follow any responses to this entry through theRSS 2.0You can leave a response by filling following comment form or trackback to this entry from your site