On October 13, 2019, Hardie & Kelly Inc. (the “Trustee”) was appointed as the Trustee of the bankrupt estate of OAN Resources Ltd. (“OAN” or the “Company”). The Trustee has engaged Sayer Energy Advisors to assist it with a sale for cash of all of OAN’s oil and natural gas property. The Company’s only asset is its Keg River oil play in the Panny area of northern Alberta (the “Property”). Recent production net to OAN from Panny is approximately 38 barrels of light oil per day from … [Read more...]
Sojourn Energy Inc.: Saskatchewan Heavy Oil Property Divestiture
Sayer Energy Advisors has been engaged to assist Sojourn Energy Inc. (“Sojourn” or the “Company”) with the sale of its non-core properties in the Plover Lake, Furness and Dulwich areas of southwestern Saskatchewan (the “Properties”). Sojourn is considering the sale of these Properties in order to allow the Company to focus on accelerating growth in its core areas. Total production from the Properties throughout the summer has averaged approximately 251 barrels of oil per day. Each property … [Read more...]
Non-Core Property Divestiture: Dunvegan, Alberta
Sayer Energy Advisors has been engaged to assist a senior oil and natural gas exploration and production company (the “Company”) with the sale of its non-core natural gas property located in the Dunvegan area of Alberta (the “Property”). In the Dunvegan area of Alberta, the Company holds a 4.29% working interest in the Dunvegan Gas Unit No. 1 (the “Unit”), which is operated by Canadian Natural Resources Limited, as well as various other interests surrounding the Unit. A large portion of the … [Read more...]
Non-Core Property Divestiture: Non-Operated Interests, Alberta
Sayer Energy Advisors has been engaged to assist a senior oil and natural gas exploration and production company (the “Company”) with the sale of certain non-core oil and natural gas properties located in several areas of Alberta (the “Properties”). The Properties consist of non-operated working interests in the following units: House Mountain Unit No. 2, Kaybob Notikewin Unit No. 1, Nordegg Gas Unit No. 1, Progress Halfway Gas Unit No. 1, Provost Cummings “Y” Unit No. 1, Rycroft Charlie Lake … [Read more...]
Long Run Exploration Ltd.: Non-Core Property Divestiture
Long Run Exploration Ltd. (“Long Run” or the “Company”) has engaged Sayer Energy Advisors to assist with the sale of its non-core oil and natural gas properties located in the Taber, Oyen, Drumheller, Wimborne, Provost, Three Hills, Killam, Bashaw, Plain Lake, Lindbrook, Bremner, Partridge and Highvale areas of central Alberta, as well as additional minor properties located throughout Alberta (the “Properties”). Total current production net to Long Run from the Properties is approximately 883 … [Read more...]
Sequoia Resources Corporation: Property Divestiture
On March 23, 2018, pursuant to the Bankruptcy and Insolvency Act (“BIA”), Sequoia Resources Corporation (“Sequoia” or the “Company”), filed an assignment in Bankruptcy and PricewaterhouseCoopers Inc. LIT (“PwC”) was appointed as Licensed Insolvency Trustee (the “Trustee”). Sayer Energy Advisors has been engaged to assist the Trustee with the sale of certain of Sequoia’s oil and natural gas properties. The properties are located in the Bruce, Hazelbluff and Camrose/Big Bend areas of Alberta … [Read more...]
Traverse Energy Ltd.: Duvernay & Uphole Rights Divestiture
Sayer Energy Advisors has been engaged to assist Traverse Energy Ltd. (“Traverse” or the “Company”) with the sale of its prospective Duvernay oil rights and available uphole rights located in the Buffalo Lake, Chigwell and Pigeon Lake areas of Alberta (the “Properties”). Traverse holds a 100% working interest in all of the Properties. At Chigwell, the Company holds 61.25 sections of prospective Duvernay oil rights. The Duvernay rights are a mixture of Freehold and Crown rights with no … [Read more...]
Firenze Energy Ltd. – Weyburn, SK Property Divestiture
Sayer Energy Advisors has been engaged to assist Firenze Energy Ltd. (“Firenze” or the “Company”), a subsidiary of Toscana Energy Income Corporation(“Toscana”) with the sale of its light, sweet oil property in the Weyburn area of southeastern Saskatchewan (the “Property”). Firenze is selling the Property as part of Toscana’s strategic alternatives process. Recent total oil sales net to Firenze from the Property have averaged approximately165 barrels of oil per day. The Company’s estimated … [Read more...]
Alan Tambosso: Collateral Damage Caused by the Supreme Court of Canada’s Decision to Overturn the Redwater Decision
The release on January 31, 2019 of the long-awaited court decision (the “Appeal Decision”) by the Supreme Court of Canada to the appeal by the Alberta Energy Regulator (the “AER”) of the May 2016 ruling by the Court of Queen’s Bench of Alberta that provincial regulations are in conflict with the federal Bankruptcy and Insolvency Act (the “Redwater Decision”) was publicly lauded by many observers as the correct “social” decision. The public-at-large generally accepts the “polluter pays” thinking … [Read more...]
Strategic Alternatives Process: Return Energy Inc. – Major Light Sweet Oil Upside in the Triassic Upper Charlie Lake
Sayer Energy Advisors (“Sayer”) has been engaged to assist Return Energy Inc. and its wholly-owned subsidiary, Winslow Resources Inc., (“Return” or the “Company”) (TSX-V: RTN) with a strategic alternatives process. The Company is open to reviewing all alternatives, with potential outcomes to this process including, but not limited to, a sale or merger of the Company or other form of business combination; a sale or joint venture involving all or a portion of the assets; a recapitalization of the … [Read more...]
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