Sayer Energy Advisors has been engaged to assist TAQA North, an Alberta Partnership, by its Managing Partner TAQA North Ltd. (“TAQA” or the “Company”) with the sale of its oil and natural gas properties located in the Drumheller and Northeast Alberta areas of Alberta (the “Properties”).
In the Drumheller area, TAQA has various royalty and working interests in 95 sections of land on which the Company holds royalty interests or working interest in numerous producing oil and natural gas wells. Royalty revenue net to TAQA from Drumheller for the first six months of 2017 was approximately $20,000.
In the Northeast Alberta area, TAQA has various royalty and working interests in 178 sections of land. Included in the Northeast Alberta property is TAQA’s Net Profit Interest at Pelican Lake (“Pelican Lake NPI”), operated by Canadian Natural Resources Limited.
Recent royalty revenue net to TAQA from the Pelican Lake NPI in Northeast Alberta has averaged approximately $49,000/month for the first quarter of 2017.
The Company does not have a third party reserve evaluation for the Properties.
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 to acquire the Property will be accepted until 12:00 pm on Thursday, December 7, 2017.
For further information please feel free to contact Tom Pavic, Ben Rye, Grazina Palmer, 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