Sayer Energy Advisors has been engaged to assist Asta Energy Ltd. (“Asta” or the “Company”) with the sale of its thermal oil interests located in the Kerrobert area of Saskatchewan (the “Property”).
The Property consists of a 100% working interest in approximately 15 LSDs over two sections of land which was leased for petroleum and natural gas rights in the Mannville Group.
The Property is prospective for thermal oil development in the Waseca Formation of the Upper Mannville Group.
Asta believes there is approximately 30 million barrels of thermal exploitable oil in place at Kerrobert. There is no current production and no liability associated with the Property.
Chapman Petroleum Engineering Ltd. (“Chapman”) prepared an independent reserves evaluation of the Property (the “Chapman Report”). The Chapman Report is effective April 30, 2022 using Chapman’s May 1, 2022 forecast pricing. Chapman estimates that, as of April 30, 2022, the Kerrobert property contained remaining proved plus probable reserves of 20.5 million barrels of heavy oil with an estimated net present value of $338.4 million using forecast pricing at a 10% discount.
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, June 15, 2023.
For further information please feel free to contact: Ben Rye, Sydney Birkett, or Tom Pavic at 403.266.6133.