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CB Securities – Barnwell 2020 Non-Core Property Offering

February 26, 20204:28 AM BOE Report Staff

Barnwell of Canada, Limited has retained CB Securities Inc. as its exclusive advisor for the sale of all of its non-core assets.  This is an invitation to submit a Non-Binding Bid by noon on March 25, 2020.

Total Offering Highlights

  • 525 BOE/day of net production at 2019 YE
    • 324 Bbls/day oil, 16 Bbls/day NGL and 1,050 Mcf/day sales gas
  • $3.5 Million Forecast Annual Net Operating Income

Spirit River Highlights

  • 260 BOE/day of recent net production from 1.7 net wells
    • 200 Bbls/day of light oil and condensate
    • 350 Mcf/day of sales gas
  • Includes 28.26% WI in a high rate Lower Charlie Lake hz well
  • Commenced production November 2019
  • ~750 Bbls/day (213 Bbls/day net) IP60 oil rate
  • One of 2019’s top prolific wells drilled in western Canada
  • $2.26 Million Forecast 2020 NOI
  • 18% royalties and $8/BOE operating costs
  • $4.4 million of PP NPV10 and $5.1 million of P+PP NPV10

Wood River Highlights

  • 67 Bbls/day of net oil and 75 Mcf/day of net sales gas non-op production (3.1 net wells)
  • $728 Thousand Forecast 2020 NOI
  • $14.70/BOE operating expense and 24% royalty
  • 2020 netback of $32/BOE with $65/Bbl oil price and $2.20/Mcf gas price
  • Inexpensive optimizations and workovers identified

Medicine River Highlights

  • 22 BOE/day of net production (9 Bbls/day oil, 33 Mcf/day sales gas, & 7 Bbls/day NGL)
  • 07% WI in the oil and 8.38% WI in the gas cap of the Pekisko N Pool Unit
  • $46 Thousand Forecast 2020 NOI
  • $30/BOE operating expense and 20% royalty
  • 2020 netback of $6/BOE with $65/Bbl oil price and $2.01/Mcf gas price
  • Most of the remaining value is in the gas cap blowdown expected to commence in 2023
  • $279 to $320 Thousand of NOI Forecast in 2023
  • 7 Bcf (1.4 Bcf net) reinjected into the gas cap to date
  • Will also be some flush oil production from currently shut-in high rate oil wells
  • Wells with rates as high as 50 Bbls/day were shut-in for pressure maintenance
  • Reduction to $6.50/BOE operating expense and 13% royalty in 2023

Kaybob South Highlights

  • 21 BOE/day of net production (14 Bbls/day oil, 40 Mcf/day sales gas, & 1 Bbl/day NGL)
  • Shallow decline with 8 to 9 year RLI’s
  • 35% WI in 4 hz Dunvegan wells
    • Waterflood implementation is likely a near term event
  • $195 Thousand Forecast 2020 NOI
    • $15/BOE operating expense and 17% royalty

Bonanza/Balsam Highlights

  • 24 BOE/day of net production (18 Bbls/day oil & 25 Mcf/day sales gas)
    • Good quality oil production from 3 gross (1.2 net) wells
  • Upside: Recompletion of 10 metres more uphole oil pay upon next pump change in most significant well
  • $140 Thousand Forecast 2020 NOI
    • $20/BOE operating expense and 20% royalty

Hillsdown Highlights

  • 38 BOE/day of net production (13 Bbls/day oil/condensate, 140 Mcf/day sales gas, and 2 Bbls/day NGL)
    • Stabilized flat production in wells operated by CNRL with 11% to 19% WI (avg 17%)
  • Viking exploitation potential on several sections of interest land at varying WI
    • Numerous good vertical Viking wells >60 Bbls/day initial rates and high rate tests in area
    • 100% WI in a half section of highly prospective land
  • $140 Thousand Forecast Annual NOI
    • $12/BOE operating expense and 26% royalty

Thornbury Highlights

  • 180 Mcf/day net sales gas
    • Stable production in wells operated by CNRL with 6% to 14% WI (avg 11%)
    • 40 Mcf/day average well rates in 41 producing wells
    • 4 (~7 net) Bcf of cumulative gas production
  • $60 Thousand Forecast Annual NOI
    • $1.30/Mcf operating expense and 5% royalty

An additional ~200 gross sections of miscellaneous lands across Alberta are also available for review.

More information on each property is available at www.cbsecurities.com or by emailing info@cbsecurities.com

Property Listings Viking

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