• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Sequoia Resources Corporation: Property Divestiture

September 6, 20187:39 AM Alan Tambosso

On March 23, 2018, pursuant to the Bankruptcy and Insolvency Act (“BIA”), Sequoia Resources Corporation (“Sequoia” or the “Company”), filed an assignment in Bankruptcy and PricewaterhouseCoopers Inc. LIT (“PwC”) was appointed as Licensed Insolvency Trustee (the “Trustee”).

Sayer Energy Advisors has been engaged to assist the Trustee with the sales process of certain of Sequoia`s oil and natural gas properties.  The properties are located in the Sullivan Lake, Ferrybank, Crystal, Newton and Giroux Lake areas of Alberta (the “Properties”).

The Company operates most of the Properties, generally holding a high working interest, and it has ownership of infrastructure.

As per an order from the Alberta Energy Regulator (“AER”), Sequoia’s licensed Properties have been shut-in since March 2018.  As a result, all production numbers stated herein reflect the production capability of the various wells or properties prior to the shut-in.  The production capability net to Sequoia from the Properties at that time averaged 767 boe/d, consisting of 293 barrels of oil and natural gas liquids per day and 2.84 MMcf/d of natural gas sales.

The Company does not have an independent evaluation of the Properties’ reserves.  GLJ Petroleum Consultants Ltd. (“GLJ”) prepared an independent reserves evaluation of the Properties for the previous owner, Waldron Energy Corporation (“Waldron”) (the “GLJ Report”). The GLJ Report is effective December 31, 2014 using GLJ’s December 31, 2014 forecast pricing.

GLJ estimated that as of December 31, 2014, the Properties contained remaining proved plus probable reserves of approximately 2.4 million barrels of oil and natural gas liquids and 18.6 Bcf of natural gas (5.5 million boe), with an estimated net present value of approximately $29.1 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 to acquire the Properties will be accepted until 12:00 pm on Thursday, October 4, 2018.

Click here to view more detailed information about Sequoia Resources Corporation’s property divestiture

For further information please feel free to contact: Ryan Ferguson Young, Ben Rye, Mark Zalucky, Grazina Palmer, Tom Pavic or myself at 403.266.6133.

Alan W. Tambosso, P.Eng. P.Geol.
President

SAYER ENERGY ADVISORS
1620, 540 – 5th Avenue SW
Calgary, Alberta T2P 0M2
P: 403.266.6133 C: 403.650.8061 F: 403.266.4467
www.sayeradvisors.com

Property Listings Waldron Energy

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • XI Technologies: Montney Overview
  • NuVista Energy Ltd. announces year end 2020 reserves, financial and operating results
  • Suncor Energy announces significant progress on debt management and reduction and the pricing of US$ 750 million notes offering and CAD$ 500 million medium term notes offering
  • New oil and gas jobs from BOE Report Jobs
  • Natural gas can help solve climate change, industry reminds policymakers

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.