Vendetta Royalty Partnership LLC’s (VRP) asset management and property liquidation: Scott Marshall and Raquel Foti recently managed the liquidation and day to day operations of Vendetta Royalty Partnership LLC (VRP) and several associated companies (including Technicolor Minerals and Barefoot Minerals) for Thomas Taylor a court appointed receiver.
Overview VRP’s operations and assets, along with those of approximately five associated business entities and individuals, were seized by the Federal Government and placed into receivership in December 2013. Scott and Raquel oversaw day to day operations including; the monitoring and recording of revenue receipts and joint interest billings, lease proposal analysis and negotiation, AFE review and recommendations, along with title and conveyance research and recordings.
The majority of VRP’s Identified assets include producing and non-producing Royalty and ORRI mineral assets along with some minor Working Interests assets. Average VRP revenue was approximately $75,000/month. The revenue was generated from approximately 8,000 leases in pay in nineteen states including; Alabama, Arkansas, California, Colorado, Florida, Illinois, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Montana, Nebraska, New Mexico, North Dakota, Ohio, Oklahoma, Texas, and Wyoming.
VRP owned non-producing mineral acreage in several high profile pays including; the Eagleford, Tuscaloosa Marine Shale, Utica, Marcellus, Haynesville, Eaglebine, Bakken, Bonesprings, Mississippi Lime, Woodford, Granite Wash, Clearfork, Spraberry, Wolfcamp, Wolfberry, Wolffork, and others.
Scott and Raquel also managed VRP’s property liquidation and divestiture. Six brokerage firms were contacted for divestment proposals and were narrowed down to two with the receiver ultimately choosing Energy Net Inc. to list the assets in various online negotiated auctions. The properties were sold by type and area. Scott and Raquel; gathered the necessary data, inventoried the wells and leases, researched the applicable plays and modeled upside potential where necessary, and prepared all outgoing conveyances between VRP and the purchasers. The last few pieces of Royalty interest and all the non-op working assets will be listed and auctioned in early 2017 – culminating a three year project.