The following information is provided by Energy Advisors Group Inc. (EAG), formerly PLS Divestment Services. All inquiries on the following listings should be directed to EAG. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.
Forge Oil & Gas Ltd. has made the decision to consolidate its limited capital on a single core property, and as such the Greater Bonnie Glen Rex/Spirit River oil and shallow gas assets are being made available for divestiture.
Forge will consider all proposals with a preference to sell the assets located southwest of Edmonton in East-Central, Alberta for cash, according to Energy Advisors Group Inc. (EAG), which Forge retained to handle the sale.
Package One:
Emerging Horizontal Rex Oil Play (16° API) – Upper Mannville (Rex/Spirit River) 370 million barrels OOIP and four horizontal wells drilled (two on production, two waiting solution gas tie-in)
- Large land base of 45 contiguous sections in three strike areas: Bonnie Glen, Ferrybank and Honeysuckle;
- Eight well/section Rex oil horizontal development drilling opportunity;
- New generation horizontal drill and completion techniques yielding excellent economics;
- Proven horizontal play with successful offsetting producing wells drilled by numerous operators
- Existing oil production in the Honeysuckle;
- Standing Rex oil wells in Bonnie Glen awaiting solution gas tie-in.
- Production: 45 barrels of oil equivalent per day (boe/d), immediate tie-in and bypassed pay drilling upside gain of 245 boe/d; and
- LLR of 4.0.
Package Two:
Established Shallow Gas Production Basin with drilling and tie-in upside
- Production: 300,000 cubic feet per day (50 boe/d), immediate tie-in and bypassed pay drilling upside gain of 167 boe/d;
- Producing gas wells in Bonnie Glen and Ferrybank; and
- LLR of 1.4 combined LLR of 1.9 can be increased to over 2.0 by tieing-in two existing drilled and completed Rex oil wells.
The plan continues to be derisked and developed by offset operators.
Highlights:
- Two Wells. Two Untied Wells 45 Sections.
- U Mannville; Rex Oil; Spirit River
- Bonnie Glen, Ferrybank and Honeysuckle Areas
- Heavy Oil; Shallow Gas
- Proven Play. Successful Offset Operators
- Low Risk; Long Horizontals
- 100% Operated Working Interest. About 70/30 Crown & FH
- Limited Current: 46 barrels per day (bbl/d) of Oil and 100,000 cubic feet per day of Gas
- Tie In Rex Oil: 170 bbl/d of Oil and 450,000 cubic feet per day of Gas
- OOIP: 370 million barrels
- Play Requires Capex greater than $50 Million
- Offset Gas Project Helps Heavy Oil Asset
- Pipeline/Processing Infrastructure In Place
- Seeking Sale and Capex To Develop
Click here to view the online data room or visit energyadvisors.com/deals to view our other 30-plus assignments. For more information, contact Steve Henrich, director with EAG, at shenrich@energyadvisors.com or 713-600-0123.
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