SCCC Petroleum Corporation (“SCCC” or the “Company”) has engaged Sayer Energy Advisors to assist it with a corporate sale process. SCCC is a tightly-held private junior oil and natural gas company with oil sands interests located in the Red Earth area of Alberta (the “Property”).
At Red Earth, SCCC holds a 100% working interest in several oil sands leases from the top of the Peace River to base of the Pekisko Formation. The oil sands leases comprise 63 sections of land with indefinite lease expiry.
The Property is currently shut-in. The Red Earth property was designed as a cyclic steam pilot project targeting the Lower Cretaceous Bluesky Formation. The Company acquired the Property to pursue this enhanced recovery.
The Company has no bank debt or severance obligations.
As at December 31, 2023, SCCC had total unused Canadian income tax pools of approximately $41.3 million including $29.0 million in non-capital losses.
As of March 2, 2024, SCCC had a deemed net asset value of ($1.2 million) (deemed assets of $0 and deemed liabilities of $1.2 million), with an LMR ratio of 0.00. These numbers do not include SCCC’s current security deposit with the Alberta Energy Regulator (“AER”) of approximately $1.5 million.
Additional corporate and technical information relating to SCCC will be provided to parties upon execution of a confidentiality agreement (available here).
Offers relating to this process will be accepted until 12:00 pm on Thursday, May 23, 2024.
For further information please feel free to contact: Ben Rye, Sydney Birkett, or Tom Pavic at 403.266.6133.