Six Basin Study – Uinta, Green River, Powder River, Piceance, Wind River, Bighorn

HOUSTON, April 3, 2025:  Energy Advisors Group (“EA”) has released a 50-page study on six Basins in the Northern Rockies in Wyoming, Utah, and Colorado. The region currently produces ~440,000 Bopd  and 5.0 Bcfpd with 29 active rigs (22 horizontal, 7 vertical).

Brian Lidsky, Director of Research, notes: “The Northern Rockies is seeing a surge of deal activity as operators and investors seek foundational assets that thrive short and long-term and come with entry costs that are significantly less than the highly competitive Permian.” 

Surge in M&A Activity  
The Northern Rockies recorded >$6.5 billion in deals in 2024, ranking second to Permian ($24.2B) and ahead of the Bakken ($5.5B) and Eagle Ford ($3.3B), per Enverus. Leading the charge is Quantum Energy backing Caerus Oil & Gas’ $1.8B Uinta and Piceance purchase. Quantum also joined with Kayne Anderson to support FourPoint Energy’s $2.0B Ovintiv Uinta Basin assets buyout.  

Northern Rockies Presents Multiple Oil & Gas Opportunities 
Stacked pay cube development in the Powder River and Uinta. Examples:  

• In Wyoming’s central Powder River Basin, publicly traded Amplify Energy sees cube development of five zones and 16 wells per section. The Turner and Parkman formations are generating IRRs >50% at $65 oil, results that compete favorably with the Midland Basin. 
• In Utah’s Uinta Basin, SM Energy holds 63,000 net acres and reports development with 5 Upper 
Cube targets and 6 Lower Cube targets. The Lower Cube outperforms its Midland Basin and Austin Chalk assets by >30% with average 2-year cumulative volumes of ~325,000 bbls per 
1,000’ lateral. The Upper Cube is on par with the company’s assets in Permian.   

High-rate conventional gas opportunities and emerging plays. Examples:

• Five vertical wells in the Williams Fork formation in Colorado’s Piceance Basin brought online by QB Energy (via its purchase of Caerus Oil & Gas) at initial peak rates from 10 to 13 MMcfpd. 
• Three vertical wells in the Lance formation in Wyoming’s Greater Green River Basin area brought on by PureWest Energy at rates greater than 7.5 MMcfpd. 
• Two horizontal wells in the emerging Lewis Shale, also in the Green River Basin, brought on by 
Williams achieved impressive results of more than 200 Boepd per 1,000’ lateral (> 75% oil). 

Secondary and Tertiary Recovery Projects:

• Study includes a map of 19 secondary (waterflood) and tertiary (CO2) projects across Wyoming
• Each project includes field name, primary operator, current volumes and number of wells. 
• Since 2010, ~10% of Wyoming’s total oil volumes have been from CO2 projects.  

 Advantageous Gas Infrastructure 
The region offers optionality for premium pricing.

• Piceance, Uinta and Green River Basin operators (Multiple outlets): Westbound via the Opal hub in Lincoln County, Wyoming (priced at NWP-Rox) or Eastbound via the Cheyenne hub in Weld County, Colorado or Southbound through San Juan priced at El  Paso/San Juan. 
• Powder River, Wind River, and Big Horn operators (east of the Continental Divide): Mostly forced Eastward via the Cheyenne hub and priced at CIG. 
• Rockies Gas Price Advantage: For perspective, Rockies gas commanded as much as a  >$5.00 
premium to Henry Hub during winter 2023/2024 and currently is priced at par or slightly above for winter 2025/2026. 

Lots of Operators Attracting Potential Buyers 
The Northern Rockies is home to >300 operators of which the top 35 produce 95% of all volumes.

• Top Ten Private Operators (22% of area vols):  ~67,000 Bopd, 1.3 Bcfpd 
• Top Ten Public Operators (33% of area vols): ~175,000 Bopd, 1.5 Bcfpd 
• Top 10 P/E Backed Operators (30% of area vols): ~137,000 Bopd, 1.5 Bcfpd

It is this wide landscape of operators and Basin expertise that is attracting capital and deals to the Northern Rockies as buyers seek high-quality proven assets with long-term development runways in an area that has ample infrastructure, oilfield services and takeaway capacity and is now competing with more expensive areas like the Permian.  

To receive this EA Basin Perspective Series report, visit energyadvisors.com and contact us. 

About Energy Advisors Group 
Energy Advisors Group is a leading provider of global oil and gas divestment services. The firm and its partners have worked on over 1,000 assignments and advised on over $100 billion in transactions for over 400 clients. More information can be found at: http://www.energyadvisors.com under Research.

Contacts: 
Brian Lidsky 
Director of Research 
713-600-0138 
blidsky@energyadvisors.com

Blake Dornak 
VP, Marketing 
713-600-0123 
bdornak@energyadvisors.com