On January 20, 2025, pursuant to section 12(2) of the Judicature Act, RSA 2000, c J-2, section 99(a) of the Business Corporations Act, RSA 2000, c B-9 and section 106.1 of the Oil and Gas Conservation Act, RSA 2000, c O-6, further to an order application by the Orphan Well Association (“OWA”), PricewaterhouseCoopers Inc. LIT was appointed as Receiver and manager (the “Receiver”) of Revitalize Energy Inc. (“Revitalize” or the “Company”).
Sayer Energy Advisors has been engaged to assist the Receiver with the sale of Revitalize’s oil and natural gas properties located in Alberta.
Revitalize’s oil and natural gas interests are located in the Derwent, Forty Mile, Granlea, Lloydminster, Provost and Swimming areas of Alberta (the “Properties”).
On August 2, 2024, the Alberta Energy Regulator (“AER”) issued a Reasonable Care and Measures Order to Revitalize. On November 14, 2024, the AER issued a further suspension order authorizing the OWA to provide reasonable care and measures to Revitalize’s sites.
Average daily sales production net to Revitalize from the Properties for the first eight months of 2024 was approximately 63 boe/d, consisting of approximately 52 bbl/d of oil and natural gas liquids and approximately 67 Mcf/d of natural gas.
At Lloydminster, Revitalize holds largely a 100% working interest in approximately 26 sections of land. Production at Lloydminster was primarily oil from the Sparky and GP formations.
At Forty Mile, Revitalize holds various operated and non-operated working interests, ranging from 25%-100% in approximately 13.25 sections of land. Production at Forty Mile was primarily shallow natural gas from the Bow Island, Sunburst and Sawtooth formations.
Recently, the Receiver has reactivated 5 Revitalize wells at Lloydminster.
Summary information relating to this divestiture is attached to this correspondence. A package of more detailed confidential information will be sent to any party executing a Confidentiality Agreement (copy attached).
Offers relating to this process will be accepted until 12:00 pm on Thursday, May 22, 2025.
For further information please feel free to contact: Ben Rye, Sydney Birkett or Tom Pavic at 403.266.6133.