Insignia Energy Ltd.

Insignia Energy Ltd. Puts Canadian Oil And Gas Assets Up For Sale

In a move to focus on its other core properties, Insignia Energy Ltd. is selling its oil and natural gas property in the Pembina area of central Alberta.

Insignia holds varying working interests in the Cardium formation in five sections of land at Pembina. Average sales volumes from the acreage in July 2013 were about 430 barrels of oil equivalent per day (282 barrels of oil and natural gas liquids per day and 890,000 cubic feet per day of natural gas).

Insignia also holds varying operated working interests in five sections of land at Crystal, south of the oil property, where it produced about 23,000 cubic feet per day of natural gas and one barrel of natural gas liquids in July 2013 from one 60% working interest Viking well.

The company holds working interests ranging from 21% to 100% in the Cardium rights on five sections of land at Pembina, where it has working interests in 15 producing Cardium horizontal oil wells. Six of the producing oil wells are operated by Insignia.

Recent total (gross) field level production from the Pembina property has averaged about 630 barrels of oil equivalent per day (380 barrels of oil and natural gas liquids per day, and 1.5 million cubic feet per day of natural gas.

Insignia’s July 2013 net sales volumes averaged 282 barrels of oil and natural gas liquids per day, and 890,000 cubic feet per day of natural gas, for a total of 430 barrels of oil equivalent per day

The deadline for accepting cash offers is noon on Thursday, Nov. 14, 2013. Sayer Energy Advisors has been enlisted to help with the sale.

For more details or to schedule a time to visit the data room, contact Tom Pavic, Ryan Ferguson Young, Ben Rye, Jill Switzer or Alan Tambosso at 403-266-6133.