Ascensun Oil & Gas Ltd. (“Ascensun” or the “Company”) has initiated a process to sell all of the Company’s oil and gas properties, which include conventional medium oil producing assets located around Grand Forks (the “Properties”).
ARCO Capital Partners Inc. has been retained as financial advisor to assist in this sales process.
The Properties have the following characteristics:
- June 2020 production of ~170 BOE/d (100% oil) from 20 net producing wells
- Medium oil (16o to 26o API) from Glauconitic, Sawtooth, Lower Mannville Formations at shallow 850 – 950 metre depth
- Stable base production profile with sub 10% decline rate
- ~$1.6 million of net operating income generated in 2019 on 200 BOE/d (~$22/BOE netback)
- Undercapitalized asset base provides opportunity for low-risk infill drilling and continued development of existing pools
- 32 MMbbl OOIP identified with 28% recovery factor vs. 40% modeled using petrophysical analysis
- 32 horizontal locations booked in Grand Forks using vertical well control, seismic data and logs
- Booked PDP of 0.5 MMbbl with NPV10 (BT) of $8.5 million (Dec. 31, 2019)
Further details on the Properties can be found here or on ARCO’s website at www.arcocapital.ca.
Interested parties should contact Dejan Kukic at dkukic@arcocapital.ca or 403.560.2398 for additional information relating to the sales process.