Concourse Petroleum Inc. (“Concourse” or the “Company”) has engaged Sayer Energy Advisors to assist it with the sale of its oil and natural gas interests located in the Latornell area of Alberta and the Martin area of British Columbia (the “Properties”).
At Latornell, Concourse holds a 100% working interest in 43 sections of land with minimal imminent expiries until 2028. Production from Latornell is primarily from the Montney Formation.
The Latornell property was shut-in in early 2025. Prior to being shut-in, average daily sales production net to Concourse from Latornell for the year ended December 31, 2024 was approximately 118 boe/d, consisting of 84 bbl/d of oil and natural gas liquids and 204 Mcf/d of natural gas.
At Martin, Concourse holds primarily a 100% working interest in 40 spacing units of land with mineral rights in the Montney Formation. The prospective lands were acquired for Montney development with no expiries until 2029.
There is currently no production associated with the Martin property.
As of April 1, 2026, the Latornell property had a deemed liability value of $1.8 million.
The Latornell property contains significant resource potential mainly in the light oil and condensate area. The Company’s land position is located mainly within the high pressured, light oil and condensate areas of the Montney fairway with approximately 40° API oil and no H2S. The Montney play near the Latornell property has recent offsetting land activity by various operators including Logan Energy Corp., Shell Canada Limited and Whitecap Resources Inc.
The lands surrounding the Company’ interests at Martin are concentrated among leading Montney operators, including Canadian Natural Resources Limited, PETRONAS, and Tourmaline Oil Corp.
InSite Petroleum Consultants Ltd. (“InSite”) prepared an independent reserves evaluation of the Properties (the “InSite Report”). The InSite Report is effective June 30, 2024 using InSite’s June 30, 2024 forecast pricing. InSite estimated that, as at June 30, 2024, the Latornell property contained remaining proved plus probable reserves of 1.3 million barrels of oil and natural gas and liquids and 2.2 Bcf of natural gas (1.7 million boe), with an estimated net present value of $7.8 million using forecast pricing at a 10% discount.
InSite estimated that, as at June 30, 2024, the Latornell property contained remaining proved plus probable plus possible reserves of 5.5 million barrels of oil and natural gas and liquids and 9.7 Bcf of natural gas (7.2 million boe), with an estimated net present value of $47.4 million using forecast pricing at a 10% discount.
InSite estimated that, as at June 30, 2024, the Martin property contained possible reserves of 6.5 Bcf of natural gas and 131,000 barrels of natural gas liquids (1.2 million boe), with an estimated net present value of $5.1 million using forecast pricing at a 10% discount.
Proposals relating to this process will be accepted until 12:00 pm on Thursday, October 15, 2026.
For further information please feel free to contact: Ben Rye, Sydney Birkett, or Tom Pavic at 403.266.6133.