Highrock Energy Ltd.

Transaction Type
Sellers
Marketers
Post Date
Close Date
Estimated Price
0MM
Description

Highrock Energy Ltd. has retained Sayer Energy Advisors to divest its interests in nine non-core oil and natural gas properties in southeastern Saskatchewan.

The oil properties are located in Taylorton, East Weir Hill, Midale, Kisbey/Star Valley, Freestone, Griffin, Viewfield North, Handsworth and Creelman areas of the province.

Production from five of the properties averaged about 141 barrels of oil per day and 11,000 cubic feet (Mcf) per day of natural gas, or about 143 barrels of oil equivalent (BOE) per day. Highrock has identified additional drilling locations at East Weir Hill, Griffin and Handsworth. At Freestone, Highrock has identified potential to increase production from its three producing wells.

Sproule Associates Limited assigned the properties total proved plus probable reserves of 612,000 barrels of oil and natural gas liquids and 100 MMcf of natural gas, or 627,000 BOE as of March 31. The estimated net present value of the assets is about $19 million using Sproule’s April 1, forecast pricing at a 10% discount.

Cash offers to purchase the properties will be accepted until 12:00 pm on Thursday, December 6, 2012. For more information, please contact Tom Pavic or Alan Tambosso at Sayer Energy Advisors, at 403-266-6133.