Compass Petroleum Exits Alberta

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
29MM
Description

Acquired assets in Grand Forks, Vilna, Lacombe, Craigend, Valhalla and Grassland areas of AB, gaining 488 BOE/d, 1.73 MMBOE 2P.

Compass Petroleum Partnership, an affiliate of Compass Petroleum Ltd., Calgary, (Toronto Venture: CPO) has sold all of its oil and natural gas assets in the Grand Forks, Vilna, Lacombe, Craigend, Valhalla and Grassland areas of Alberta to an undisclosed private company and an affiliate of that company for C$29.3 million.

Average production from the assets in June was 348 barrels of oil, 823,000 cubic feet of gas and 3 barrels of gas liquids for a total 488 barrels of oil equivalent per day. Proved and probable reserves as of June 30 were 1.73 million barrels of oil, 11.2 billion cubic feet of gas and 44,9000 barrels of gas liquids for a total 3.64 million barrels equivalent.

Compass now no longer owns or operates any oil and gas assets in Alberta and its exclusive focus is on its Viking light oil resource play in Saskatchewan.

FirstEnergy Capital Corp. was financial advisor to Compass.