Barnwell of Canada, Limited has retained CB Securities Inc. as its exclusive advisor for the sale of several of its properties in the Peace River Arch area with aggregate production of 190 BOE/day. This is an invitation to submit a Non-Binding Bid for any of the properties by April 6, 2017.
Progress/Valhalla – Twp 76&77 Rge 9 W6M
- Current net production is 141 BOE/day (~40% light oil) from mostly high working interest vertical Triassic producers
- Upside: Doig horizontal development with multi-stage fracturing
- 5 sections (4.5 net) considered to be highly prospective with gas-in-place of 6 to 8 Bcf per section
- Upside: Charlie Lake (Braeburn) horizontal development
- 3 sections (2.8 net) considered to be highly prospective
- Upside: Montney horizontal development
- Several sections of high interest land in 76-09 W6M with offsetting development
- Upside: Halfway horizontal development
- Two sections with 75% and 25% working interest expected to be developed by the operator
- Upside: Boundary Lake pool extension onto recently acquired 100% working interest land
- Recent discussions with a third party midstream operator to access gas processing capacity in a new processing facility to be centrally-located on interest lands
Spirit River- Twp 77 Rge 8 W6M
- Current net production is 9 Bbls/day of shallow decline oil in a vertical 50% WI Charlie Lake (Braeburn) well
- Land is likely to be pooled in the near term for horizontal development of the Charlie Lake
- Due to challenging access in this area, Barnwell’s existing road and surface lease have strategic value to further development in the area
Pouce Coupe – Twp 80 Rge 12 W6M
- Current net production is 10 BOE/day, consisting of 50 Mcf/day of sales gas and 1.3 Bbls/day of condensate, from 5 (0.46 net) non-operated working interest wells
- Additional 23 BOE/day, consisting of 130 Mcf/day of sales gas and 1.5 Bbls/day of condensate, were shut-in with low gas prices and facility constraints, and are expected to be restarted in 2017
- Upside includes multi-zone development and restart potential
- Montney interests ranging from 3.1% to 15.8% in 6 sections of land with active areal Montney horizontal development
Bonanza – Twp 81 Rge 10 W6M
- Current net production is 24 BOE/day, consisting of 7.5 Bbls/day of oil, 1.0 Bbls/day of natural gas liquids, and 94 Mcf/day of sales gas from 1.6 net (3 gross) producing wells
- Existing production and reactivations
Josephine – Twp 83 Rge 9 W6M
- 75% and 100% working interests in the Charlie Lake on 2 sections of land with nearby horizontal development
- Tie-in the 75% working interest well that tested 1.5 MMcf/day at stable rates from the Charlie Lake in late 2015
- 65% and 75% working interests in the Montney on 2 sections of land
- The vertical 75% interest well also tested 450 Mcf/day from the Montney
Prospective purchasers wishing to access more detailed offering information on the properties are requested to direct their inquiries to Darryl Derouin at (403) 781-7041, email info@cbsecurities.com.
