Major Oil & Gas Ltd. (“Major” or the “Company”) has engaged Sayer Energy Advisors to assist it with the farmout or sale of its shallow medium gravity oil prospects in the Souris area of southwestern Manitoba (the “Property”).
Major is open to any and all transactions relating to the Property, including a seismic option, a farmout, a sale of the Property or the sale of the shares of the Company.
At Souris, Major has various interests (mainly 100%) in approximately six sections of land which have been proven to be prospective for shallow (600 metres deep) medium gravity oil (30o API) production from the Upper Virden and Scallion porosity zones within the Lodgepole Formation.
As the sole asset of Major is its Souris property, where it holds leased land, option land and proprietary seismic, the Company would consider the sale of the shares of the Company. This may prove to be an attractive option to some prospective purchasers as, in addition to the aforementioned assets, Major has approximately $2.24 million in income tax pools ($1.52 million CEE, $0.72 million COGPE) which were generated through the Company’s previous drilling in the Souris area and through its recent acquisition of land and seismic.
While it is open to all alternatives, the Company is ideally looking for a strategic partner to assist it in advancing its prospects through the shooting of a 3D seismic program and further drilling.
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, December 12, 2019.
For further information please feel free to contact: Ben Rye, Tom Pavic, Grazina Palmer or Alan Tambosso at 403.266.6133.