Bearspaw Petroleum Limited has retained CB Securities Inc. as its advisor for the sale of their oil and natural gas company.
Non-Binding Bids for Bearspaw by noon on Thursday, July 21, 2022.
Highlights include:
- 940 Bbls/day of operated light 32° API oil production (mostly Nisku and Leduc, some Ellerslie and Glauconitic)
- Additional ~200 Bbls/day of oil to be brought on stream
- Long life reserves with many wells exhibiting flat to <5% annual declines
- 7.1 MMcf/day of operated net sweet sales gas production with associated 31 Bbls/day of liquids
- ~$25 million of annual Net Operating Income based on recent oil and gas prices
- Minimal spending to maintain production (average $429k/yr workover costs included in OPEX)
- Mostly 100% working interests in wells and in ~109,000 acres of land
- Uphole rights throughout and held by production
- Extensive facilities and infrastructure for oil and gas operations are 100% owned and operated
- 3 main batteries with combined 5,500 Bbls/day of oil throughput capacity
- 2 gas plants with combined 14 MMcf/day of gas throughput capacity
- Field and plant compression with combined 6,265 hp
- 56,600 Bbls of clean oil storage
- Inter-Pipeline connections
- Highly concentrated in Fenn, Stettler, and Drumheller Areas
- McDaniel Proved Producing and Proved plus Probable Producing evaluation highlights
- 10% Net Present Values of $62 to $77 million
- ARO for all wells and facilities is included
- NPV’s based on October 2021 price decks
- Remaining oil reserves of 2.8 to 3.7 MMBbls
- Remaining gas reserves of 16.4 to 23.9 Bcf
- 7 to 10 year RLI’s
- 2022 Net Operating Income of $19 to $20 MM at US$71/Bbl WTI
- $28/BOE and $10,000/BOED overall field netbacks in 2022 FC
- Oil: $46/Bbl and $17,000/Bbls/day netbacks at 2022 FC US$71/Bbl WTI
- Gas: $13.50/BOE and $5,000/BOE/day netbacks at 2022 FC $3.83/MMBTU
- $13/BOE average field operating costs and 8% royalties
- McDaniel Total Proved plus Probable 10% Net Present Value of $94 million
- Significant CO2 EOR opportunity in the Fenn D-2 A pool
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- 28 million tonnes (MT) of CO2 storage capacity available
- 554 MMBbls of OOIP (excellent pool characteristics for CO2 EOR)
- 10% to 25% incremental RF with CO2 EOR
- Additional 12 MT of CO2 storage in numerous other 100% owned Nisku and Leduc pools
- Additional Nisku & Leduc infill potential, uncompleted Nisku attic oil pay, and Identified optimization in existing wells
- Ellerslie and Glauconitic oil identified in 18 interest wells can be added for ~$6,500/BOED (based on 2020/21 actual costs)
Some additional high-level summary information is available at www.cbsecurities.com.
Detailed non-confidential Offering Circulars have also been prepared for each Cash Generating Unit and can be emailed upon request.
Please contact Darryl Derouin at 403.781.7041, Ieva Lipskyte at 403.781.7043, or email info@cbsecurities.com for additional information.