Sayer Energy Advisors has been engaged to assist E-T Energy Ltd. with the sale or farmout of its oilsands leases in the Poplar Creek area of Alberta.
E-T is a private oil company that is pursuing the commercialization of a new electro-thermal stimulation technology. The company would like to dispose of its Canadian oilsands assets as it is refocussing both its time and capital on the development of its technology. As the company has over $71 million in income tax pools it will also entertain proposals to acquire the shares of the company.
At Poplar Creek, which is just north of Ft. McMurray, Alberta, E-T holds a 100% working interest in 12.5 sections of Crown land with oilsands rights from below the top of the Viking Formation to the base of the Woodbend Group.
The company thinks the McMurray Formation to be a low-risk oil exploration play within the Athabasca Oilsands area of Alberta. The thick clastic reservoir packages of the McMurray are a well-defined opportunity. The company produced about 7,700 barrels of heavy oil from 21 experimental McMurray wells from 2007-2013. Based on analogous reservoirs to the north, that are currently being produced using thermal recovery techniques, the company thinks there is potential for recovery of oil from the McMurray Formation on its lands at Poplar Creek. Two of the analogies are Suncor Energy Inc.’s MacKay River and Firebag thermal projects.
An independent resource assessment of the Poplar Creek property that was prepared in 2011 reported that the Poplar Creek property contained approximately 607 million barrels of bitumen in place.
Cash offers will be accepted until noon on June 26. For information contact Alan Tambosso, Sayer president, at 403-266-6133.
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