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Ardee Resources and Cumulus Investments have retained CB Securities as its advisor for the sale of their Dunvegan oil and gas property

April 21, 20216:45 AM BOE Report Staff

Non-Binding Bids for the combined Dunvegan interests are due by noon on Wednesday, May 19, 2021.

Highlights include:

  • 1.25% unitized working interest in the Dunvegan Gas Unit No. 1 with a 6% historical decline rate
    • Includes working interest in the 240 MMcf/day gas plant facility and infrastructure
  • 2.68% working interest in 2 non-Unit Debolt oil wells with a 4% decline rate
  • 87 BOE/day (390 Mcf/day of 1,155 BTU/Scf sales gas, 8 Bbls/day of oil/condensate, some NGL’s)
    • 63 Bbls/MMcf sales gas with deep cut that is currently shut down
    • >35 BOE/day average well rate
  • Last 4 months Net Operating Income annualized of ~$338 thousand
  • Producing Reserve Life Indices of 8 to 11 years
  • 2021 expected operating costs of $6.75/BOE and 5% royalties
  • Netbacks of $3,500-$4,500/BOE/day depending on oil and gas price
  • Inventory of infill development wells to continue drilling over the coming years with price recovery
  • Continued optimization of existing wells with improved completion techniques on multiple zones
    • Upper, Middle, and Lower Debolt all productive
  • Very competent and efficient operator with apparent long term plans for the property
  • Minimal near-term liabilities. Long term liabilities are not significant compared to future cash flows

Detailed information is available at www.cbsecurities.com or by emailing info@cbsecurities.com

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