Enerplus Resources Fund

Transaction Type
Sellers
Marketers
Basin
Western Canadian Sedimentary
Post Date
Close Date
Estimated Price
0MM
Description

Enerplus Resources Fund has retained Scotia Waterous Inc. to sell certain noncore assets in Alberta.

The offer is divided into three packages consisting of assets in southeastern Alberta, central Alberta and northwestern central Alberta.

In southeastern Alberta, the package includes the Enchant, Hays, Retlaw and Ronalane properties, which contain approximately 26,563 net undeveloped acres. Current production from the Second White Specks, Glauconitic and Arcs formations is 1,080 barrels of oil equivalent per day (50% gas).

Upside includes multi-zone targets, with infill drilling and downspacing opportunities on acreage containing proved developed producing reserves of 1,982 barrels equivalent, total proved reserves of 3,130 barrels equivalent and proved plus probable reserves of 4,414 barrels equivalent.

In central Alberta, the package involves sub-packages and key properties in the Greater Sylvan Lake and Greater Joffre areas and Calgary Gas Units and includes a position in 27,504 net undeveloped acres. Current production from the Edmonton Group, Viking, Mannville Group and Elkton formations is 4,977 barrels equivalent per day (81% gas).

Upside includes an inventory of low-risk drilling locations and recompletions, with infill and downspacing potential from Cretaceous to Devonian multi-zone targets. The properties contain proved developed producing reserves of 9,708 barrels equivalent, total proved reserves of 10,840 barrels equivalent and proved plus probable reserves of 14,069 barrels equivalent.

In northwestern central Alberta, the package includes the Cherhill, Kaybob, Swan Hills and Whitecourt properties, which contain 4,059 net undeveloped acres. Current production from the Viking, Glauconitic, Nordegg, Banff and Beaverhill Lake formations is approximately 650 barrels equivalent per day (69% gas).

Upside includes miscible flood optimization and expansion opportunities and unbooked Viking, Mannville, Pekisko and Banff locations, plus recompletions and tie-ins. The acreage contains proved developed producing reserves of 1,349 barrels equivalent, total proved reserves of 1,352 barrels equivalent and proved plus probable reserves of 1,689 barrels equivalent.

The data room is open. The bid due date is Aug. 31. Contact Drew Ross, 403-261-4226.