Enercapita Energy Ltd. (“Enercapita” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale of its oil and natural gas interests located in the Boundary Lake North area of northeastern British Columbia (the “Property”). The Company is selling the Property in order to focus its operations on its core properties.
At Boundary Lake North, Enercapita holds a primarily 100% working interest in approximately 13.25 sections of land on which there are horizontal oil wells producing from the Halfway Formation.
Average daily production net to Enercapita from Boundary Lake North for the fourth months ended April 30, 2026 was approximately 185 boe/d, consisting of 145 bbl/d of oil and natural gas liquids and 240 Mcf/d of natural gas.
Operating income net to the Company from Boundary Lake North for the four months ended April 30, 2026 was approximately $320,000. Operating income net to the Company from Boundary Lake North for the year ended December 31, 2025 was approximately $1.0 million.
The Company is not currently allocating capital to the Property as it is focused on its core properties.
Enercapita has identified 4 open-hole fracs included as PNPs in its reserve report with capital costs estimated to be $1.3 million each, with additional initial production rates ranging from 95 to 115 bbl/d and additional recoverable reserves ranging from 145,000 – 205,000 bbls.
In addition, the Company has 6 PUD locations and 1 probable location assigned reserves in its reserve report for horizontal, multi-stage frac’d drills. Enercapita believes the Property can be exploited using multi-leg open-hole lateral drilling.
Enercapita has recently reviewed the opportunity to develop the Boundary Lake North Halfway pool through open-hole multi-lateral drilling. Historically wells have been successfully drilled open-hole leading to the possibility for applying open-hole multilateral development. Venturion Oil Limited drilled the 04-29-87-14W6 well in 2014. The 04-29 well flowed at 1,000 bbl/d for 6 months and was ranked as Canada’s top oil well in 2014.
The Company has identified numerous upside opportunities on the Property which could add additional production of 1,026 boe/d (571 bbl/d, 2.7 MMcf/d).
Deloitte LLP (“Deloitte”) prepared an independent reserves evaluation of the Property (the “Deloitte Report”). The Deloitte Report is effective December 31, 2025 using an average of Deloitte, GLJ Ltd., McDaniel & Associates Consultants Ltd., and Sproule ERCE’s forecast pricing as at January 1, 2026. Deloitte estimated that, as at December 31, 2025, the Boundary Lake North property contained remaining proved plus probable reserves of 2.9 million barrels of oil and natural gas liquids and 6.6 Bcf of natural gas, with an estimated net present value of $45.1 million using forecast pricing at a 10% discount.
As of May 26, 2026, the Boundary Lake North property had a deemed liability value of $5.7 million with $4.9 million of that liability associated with the active assets.
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).
Cash offers relating to this process will be accepted until 12:00 pm on Thursday, July 2, 2026.
For further information please feel free to contact: Ben Rye, Sydney Birkett, or Tom Pavic at 403.266.6133.
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