SunOcean Energy Ltd. (SEL), a privately held Alberta corporation, announces a strategic alternatives process for its remaining Rainbow Lake, north-western Alberta assets. In conjunction with SEL’s directors resolution dated December 10, 2014, SEL will consider full or partial divestment of all of its interests in the Rainbow Lake assets, including but not limited to; a merger, financing, corporate or asset divestment. SunOcean has released an information memorandum and opened its electronic dataroom as of April 6, 2015 at https://www.energyhub.ca/current-mandates.php
Highlight of SEL’s interest in Rainbow Lake assets include 50% to 100% working interest in proved gas reserves of 4.8 BCF, P+P reserves of 6.9 BCF, and 3P reserves of 64.6 BCF. Cashflow forecast for the remainder of 2015 is for $4.5 MM for 2015 along with a proposed $5 MM capital investment. A significant upside also exists in the Muskwa oil shale where 67.6 MMBoe (PIIP) of 38 API light oil has been assigned. SunOcean’s tax pools are $3.5 MM as of April 1, 2015.
For further information contact;
Ed Kozowy, President & CEO
