On June 30, 2025, the Court of King’s Bench of Alberta granted an order appointing Grant Thornton Limited (“Grant Thornton”) as the receiver and manager (the “Receiver”) of the assets, undertakings and properties of TexCal Energy Canada Inc. (“TexCal” or the “Company”), effective July 3, 2025. The Receiver has engaged Sayer Energy Advisors to assist it with a Sales and Investment Solicitation Process (the “SISP”).
The SISP is intended to solicit interest in a sale or liquidation of all or substantially all of the assets, or alternatively a corporate transaction involving the shares of TexCal as well as the RME Transaction assets as defined in the SISP. TexCal’s assets are comprised of oil and natural gas wells, pipelines and facilities, and four dams licensed by the Alberta Energy Regulator, and other miscellaneous asset and non-operated working interests.
All offers received at the bid deadline will be reviewed by the Receiver and the most acceptable offers may be accepted, subject to Court approval. A copy of the SISP is found on our website at www.sayeradvisors.com.
The Company’s oil and natural gas interests are located in various areas of Alberta (the “Properties”).
For this offering, the Properties are separated into the following geographical packages: Bellis, Carson Creek, Greater Kaybob, Greater Swan Hills, South AB, and Virginia Hills.
The numbers represented in the marketing materials represent all the Properties (Sales Package 4 as defined in the SISP).
Average daily sales production net to TexCal from the Properties for the year ended December 31, 2025 was approximately 1,653 boe/d, consisting of 1,400 bbl/d of oil and natural gas liquids and 1.5 MMcf/d of natural gas.
Operating income net to TexCal from the Properties for the year ended December 31, 2025 was approximately ($6.5 million).
Sproule ERCE (“Sproule”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “Sproule Report”). The Sproule Report is effective December 31, 2022 using Sproule’s forecast pricing as at December 31, 2022. Sproule estimated that, as at December 31, 2022, the Properties contained remaining proved plus probable reserves of 16.6 million barrels of oil and natural gas liquids and 11.0 Bcf of natural gas (18.5 million boe), with an estimated net present value of $291.0 million using forecast pricing at a 10% discount.
As of February 1, 2026, the Properties had a deemed liability value of $190.2 million.
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 as outlined in the SISP relating to this process will be accepted until 12:00 pm on Thursday, April 30, 2026.
For further information please feel free to contact: Ben Rye, Sydney Birkett or Tom Pavic at 403.266.6133.