Multiple Sclerosis Society seeks to raise funds by selling Permian mineral rights
NEW YORK CITY (Bloomberg) -- The National Multiple Sclerosis Society is seeking a buyer for mineral rights on 192 net acres in the oil-rich Permian Basin of West Texas, according to an online posting Wednesday. The assets, expected to generate about $62,000 in net cash flow for May, include 9 producing wells and three drilled but uncompleted horizontal wells in the “Prolific Tier 1” Wolfcamp and Spraberry plays.
The Permian Basin has taken over from Saudi Arabia’s Ghawar as the world’s largest oilfield, with a forecast that it will produce 4.17 MMbopd in April, according to the Energy Information Administration. West Texas Intermediate crude oil prices, the U.S. benchmark, just reported the biggest quarterly gain in a decade.
The New York-based nonprofit said it received the mineral rights as a beneficiary of a trust.
“As we are in the business of helping the nearly 1 million people in the U.S. living with multiple sclerosis, and not the oil business, it is in our best interest to sell our share of the mineral rights,” Tami Caesar, CFO and COO of the group, said in an email. “Also, it is our policy to sell assets that are donated to us so we can fund more MS research and provide programs and services to people living with this disease.”
‘‘Their goal ultimately is to receive the highest price they can for these minerals and it’s a very active area,’’ Matt Meagher, president of Meagher Energy Advisors, which is assisting in the sale, said in a telephone interview.
