Sayer Energy Advisors has been engaged to assist Traverse Energy Ltd. (“Traverse” or the “Company”) with the sale of its prospective Duvernay oil rights and available uphole rights located in the Buffalo Lake, Chigwell and Pigeon Lake areas of Alberta (the “Properties”). Traverse holds a 100% working interest in all of the Properties.
At Chigwell, the Company holds 61.25 sections of prospective Duvernay oil rights. The Duvernay rights are a mixture of Freehold and Crown rights with no significant expiries in 2019. The Company also has 1,530 acres of Freehold rights under option to lease.
In 2017, the Company drilled a horizontal exploration well into the Duvernay Formation at Chigwell. The 100% working interest well Traverse 102 Chigwell 03-32-042-24W4 produces via artificial lift to a single well facility.
In the Pigeon Lake area, Traverse holds approximately 50 sections of mainly Crown Duvernay rights. The Company also holds eight sections of prospective Wabamun rights.
In the Buffalo Lake area, Traverse holds 45 sections of prospective Duvernay oil rights consisting of a mixture of Crown and Freehold rights. Drilling one horizontal well on the Company’s licenses will validate up to 15 sections of Crown land currently held under license.
The Company is encouraging any interested parties to attend a management show and tell presentation on the Properties where technical information including the results of the well Traverse 102 Chigwell 03-32-042-24W4 will be discussed. The Company has extensive analysis on the Duvernay Formation which will be made available to parties that execute a confidentiality agreement.
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.
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Cash offers relating to this divestiture will be accepted until 12:00 pm on Thursday, May 30, 2019.
For further information please feel free to contact: Ben Rye, Ryan Ferguson Young, Grazina Palmer, Tom Pavic 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