Mesa Royalty Trust (Trust) owns an overriding royalty interest in certain producing oil and gas properties.
The company's oil and gas properties are located in the Hugoton field of Kansas (the 'Hugoton Royalty Properties'); San Juan Basin field of New Mexico (the 'San Juan Basin - New Mexico Properties'); and San Juan Basin field of Colorado (the 'San Juan Basin - Colorado Properties', and together with the 'San Juan Basin - New Mexico Properties, the 'San Juan Basin Royalty Properties', and to...
Mesa Royalty Trust (Trust) owns an overriding royalty interest in certain producing oil and gas properties.
The company's oil and gas properties are located in the Hugoton field of Kansas (the 'Hugoton Royalty Properties'); San Juan Basin field of New Mexico (the 'San Juan Basin - New Mexico Properties'); and San Juan Basin field of Colorado (the 'San Juan Basin - Colorado Properties', and together with the 'San Juan Basin - New Mexico Properties, the 'San Juan Basin Royalty Properties', and together with the Hugoton Royalty Properties, the 'Royalty Properties').
Hugoton Royalty Properties
On November 22, 2019, Riviera Resources, Inc. ('Riviera') completed the sale of its interest in its remaining properties located in the Hugoton Basin under the Purchase and Sale Agreement, dated August 28, 2019 (the 'Purchase Agreement'), by and between the Riviera Upstream, LLC, Riviera Operating, LLC and Scout Energy Group V, LP ('Scout'). Pursuant to the Purchase Agreement, Riviera divested all of its interest in oil and gas assets and contracts in the Hugoton Royalty Properties. Since November 23, 2019, Scout has operated the Hugoton Royalty Properties.
San Juan Basin - Colorado Properties
On April 30, 1991, MLP sold to Conoco, Inc. ('ConocoPhillips') its interests in the San Juan Basin Royalty Properties (the 'San Juan Basin Sale'). The Trust's interest in the San Juan Basin Royalty Properties was conveyed from the working interest of Pioneer Natural Resources USA, Inc. ('PNR'), (successor to Mesa Operating Co.) in 31,328 net producing acres in northwestern New Mexico and southwestern Colorado. ConocoPhillips sold the portion of its interests in the San Juan Basin - Colorado Properties to MarkWest Energy Partners, Ltd. (effective January 1, 1993) and Red Willow Production Company ('Red Willow') (effective April 1, 1992). On October 26, 1994, MarkWest Energy Partners, Ltd. sold substantially all of its interest in the San Juan Basin - Colorado Properties to BP Amoco Company ('BP'), a subsidiary of BP p.l.c. On February 28, 2020, BP completed the sale of all of its interest in the San Juan Basin - Colorado Properties to SIMCOE LLC, ('Simcoe'), an affiliate of IKAV Energy Inc. BP, under a transition services agreement with Simcoe, operated the properties until December 1, 2020. Simcoe and Red Willow operate the San Juan Basin - Colorado Properties.
San Juan Basin - New Mexico Properties
Starting from the date of the San Juan Basin Sale and ending on July 31, 2017, ConocoPhillips operated substantially all of the San Juan Basin - New Mexico Properties, except an immaterial number of properties assigned to XTO Energy, Inc. ('XTO') effective January 1, 2005. On July 31, 2017, ConocoPhillips sold its San Juan Basin assets to Hilcorp San Juan LP ('Hilcorp'), an affiliate of Hilcorp Energy Company. On March 29, 2018, XTO sold to Hilcorp an immaterial number of properties, which comprise certain portions of the San Juan Basin - New Mexico Properties. Hilcorp currently operates all of the San Juan Basin - New Mexico Properties.
Scout refers to the operator of the Hugoton Royalty Properties, Hilcorp refers to the operator of the San Juan Basin - New Mexico Properties, and Simcoe and Red Willow refer to the co-operators of certain tracts of land included in the San Juan Basin - Colorado Properties, unless otherwise indicated. Scout, Simcoe, Red Willow and Hilcorp are each individually referred to as 'Working Interest Owner' or collectively as the 'Working Interest Owners.'
History
Mesa Royalty Trust was founded in 1979.