Broadview Energy Ltd. (“Broadview” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale of its non-core oil and natural gas interests located in the Marwayne area of Alberta (the “Property”).
The Property consists of multi-zone, heavy oil production with a low recovery factor to date and with approximately 48.4 million barrels of original oil in place in both the GP and Sparky formations.
The Company has a 100% working interest in an oil sands lease on Section 18-053-01W4 which is prospective for oil in the Sparky and GP formations. The Property has all season access with a lot of surrounding infrastructure and good access to market.
Broadview has a 100% working interest in two suspended vertical wells at Marwayne. The 06/11-18-053-01W4/00 well and the 05/16-18-053-01W4/00 well. Both wells have a wellhead and a bermed tank.
Additionally, the Company has a gross overriding royalty interest (“GORR”) of 7.5% on three wells operated by Acceleware Ltd. which are part of a farm-out agreement. On December 20, 2022 Acceleware announced it had received an additional $900,000 in grant funding from Alberta Innovates to be used for a workover at Marwayne. Details on production and Broadview’s royalty income from the wells will be made available in the virtual data room for parties that execute a confidentiality agreement.
Summary information relating to this divestiture is attached to this correspondence. More specific information is available at www.sayeradvisors.com. A package of more detailed confidential information will be sent to any party executing a Confidentiality Agreement (copy attached).
Cash offers relating to this process will be accepted until 12:00 pm on Thursday, February 16, 2023.
For further information please feel free to contact: Ben Rye, Grazina Palmer, or Tom Pavic at 403.266.6133.