Sayer Energy Advisors has been engaged to assist Centennial Petroleum Company Ltd. (“Centennial” or the “Company”) with a strategic alternatives process. Potential outcomes include, but are not limited to, a sale of the shares of the Company, a sale of the assets of the Company, or a business combination with another entity, private or public. Any and all other forms of consideration will be entertained.
Centennial is a private, junior exploration and development company which holds mainly operated working interests in oil and natural gas properties in a concentrated area of west central Alberta, in the Fir, Waskahigan, Kakwa and Gold Creek areas (the “Properties”).
Recent production net to Centennial from the Properties has averaged approximately 342 Mcf/d of natural gas and 13 barrels of oil and natural gas liquids per day (70 boe/d).
As of January 6, 2018, Centennial’s operated properties had a positive deemed net asset value of $1.39 million (assets of $2.55 million less liabilities of $1.16 million), with an LMR ratio of 2.20.
As of September 30, 2017, Centennial had estimated income tax pools totaling approximately $13 million. The Company will have no debt at closing.
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).
Proposals relating to this divestiture will be accepted until 12:00 pm on Thursday, March 1, 2018.
For further information please feel free to contact: Mark Zalucky, 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