Condor Petroleum Inc.

Transaction Type
Sellers
Marketers
Basin
Western Canadian Sedimentary
Field
Bashaw, Bassano, Bindloss, Ferrybank, Mikwan, Stettler
Post Date
Close Date
Estimated Price
0MM
Description

Condor Petroleum Inc. has engaged Sayer Energy Advisors to sell all of its Canadian oil and natural gas properties to focus on its core oil and natural gas business in Kazakhstan.

The assets include a mix of long-life oil and natural gas properties located in the Bashaw, Bassano, Bindloss, Ferrybank, Mikwan and Stettler areas of Alberta. Recent production from the properties has averaged approximately 93 BOE per day (68 barrels of oil and natural gas liquids per day and 153,000 cubic feet per day natural gas).

Recent operating income from the properties has averaged approximately C$1.2 million on an annualized basis.

Sproule Associates Ltd. estimates that, as of Dec. 31, 2011, the properties contained remaining reserves of 270,000 barrels of oil and natural gas liquids and 229 million cubic feet of natural gas, or 308,000 barrels of oil equivalent, with an estimated net present value of $6.6 million using forecast pricing at a 10% discount.

The bid due date is May 10, 2012. Contact Tom Pavic, 403-266-6133.