Clearview Resources Ltd. (“Clearview” or the “Company”) has engaged Sayer Energy Advisors to assist it with the marketing of its non-core oil and natural gas properties.
The properties, all of which are non-operated, and the majority of which are unit interests, are located in the Aden/Lait, Manyberries, Brant, Majorville, Cessford, Crossfield, Carstairs, Caroline and Warburg areas of Alberta and in the Boundary Lake area of British Columbia (the “Properties”).
Recent production net to Clearview from the Properties has averaged approximately 186 boe/d (53 barrels of oil and natural gas liquids per day and 798 Mcf/d of natural gas).
In southern Alberta, the Company holds a minor, non-operated working interest in two oil wells in the Manyberries area, a royalty interest in one natural gas well and a non-operated working interest in one natural gas well at Majorville as well as royalty interests in a number of shallow natural gas wells in the Aden/Lait, Brantand Cessford areas.
North of Calgary, Clearview holds various non-operated, minor working interests in several oil and natural gas units (Calgary Elkton Unit 1, Crossfield Cardium Unit 2, Crossfield Turner Valley Unit 1, East Crossfield Unit (D-1 Zone), Carstairs Elkton Unit 1 and Caroline Swan Hills Gas Unit 1).
In the Pembina area of central Alberta, Clearview holds a 3.827214% working interest in the Warburg Belly River “M” Unit. At Boundary Lake, on the British Columbia side of the Alberta/B.C. border, Clearview holds a 0.17157% working interest in the Boundary Lake Unit 1.
GLJ Petroleum Consultants Ltd. prepared an independent reserves evaluation of Clearview’s properties as part of the Company’s corporate evaluation. The GLJ Report is effective March 31, 2016 using GLJ’s 2016-04 forecast pricing.
GLJ estimates that, as of March 31, 2016, the Properties contained remaining proved plus probable reserves of approximately 2.3 Bcf of natural gas and 214,000 barrels of oil and natural gas liquids (592,000 boe), with an estimated net present value of $5.4 million using forecast pricing at a 10% discount.
Summary information relating to this divestiture is attached to this correspondence. More specific information is available at www.sayeradvisors.com. A package of more detailed confidential information will be sent to any party executing a Confidentiality Agreement (copy attached).
Cash offers relating to this divestiture will be accepted until 12:00 pm on Thursday, October 13, 2016.
For further information please feel free to contact: Tom Pavic, Ben Rye, Jill Switzer, Ryan Ferguson Young or myself at 403.266.6133.
Alan W. Tambosso, P.Eng. P.Geol.
SAYER ENERGY ADVISORS
1620, 540 – 5th Avenue SW
Calgary, Alberta T2P 0M2
P: 403.266.6133 C: 403.650.8061 F: 403.266.4467