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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.
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.
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.
- 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 firstname.lastname@example.org or 713-600-0123.
Second agreement is with BP.
Woodside Petroleum Ltd. and its Japanese partners have shipped their first cargo of carbon offset condensate to commodity trader Trafigura from the Pluto LNG plant in Western Australia, the company said on March 15.
The U.S. has become a major LNG exporter, mostly due to the ramp up of Cheniere's Sabine Pass terminal in Louisiana.