CALGARY, Alberta – Boulder Energy Ltd. (“Boulder” or the “Company”) has engaged National Bank Financial Inc. (“NBF”) as Financial Advisor and Raymond James Ltd. (“Raymond James”) as Co-Financial Advisor to initiate a process (the “Strategic Review”) to identify, examine and consider all strategic and financial alternatives available to the Company, including a sale of the Company’s assets, with the ultimate view of enhancing stakeholder value.
Strategic Review
The Strategic Review is intended to explore a comprehensive range of strategic and transaction alternatives, including, but not limited to, a sale of the Company, investment in, merger or other business combination, a recapitalization or refinancing, a sale of all or a portion of the Company’s assets, or any combination thereof, among all other alternatives to improve the Company’s financial position and maximize value.
Overview of Boulder
Boulder Energy Ltd. is a private oil and natural gas producer with high-working-interest operations in the multi-zone Belly River play at Brazeau in the Alberta Deep Basin. Key highlights include:
- 44 degree API light sweet oil with top tier operating netbacks;
- ~100% owned and operated infrastructure;
- More than 165,000 net acres of land controlled;
- Inventory of high-quality prospective drilling locations for oil; and
- Successful enhanced oil recovery (EOR) schemes with minimal capital required to increase and expand gas injection programs.
The Company provides a stable, low-decline production base, with average daily production net to Boulder in March 2021 of approximately 2,860 boe/d, consisting of approximately 1,928 bbls/d of oil and natural gas liquids and 5,594 mcf/d of natural gas.
Net operating income for calendar 2020 totaled approximately $16.7 million. The Company estimates Q1 2021 net operating income to be approximately $7.0 million, or $28.0 million annualized.
A downloadable, non-confidential summary of opportunity will be posted to Boulder’s website when available – see www.boulderenergy.ca.
Advisor Contacts
For access to marketing materials and a Confidentiality Agreement (“CA”) please contact NBF or Raymond James. More detailed confidential information and process timeline will be provided to any party executing a CA.
Offers relating to this transaction will be accepted until 12:00pm MST on May 27, 2021.