North Peace Energy Corp.

Transaction Type
Sellers
Marketers
Field
Peace River area
Post Date
Estimated Price
MM
Description

North Peace Energy Corp. has retained CIBC World Markets Inc. to seek strategic alternatives including a corporate sale, merger or joint venture.

North Peace holds 100% working interest in 135 nearly contiguous sections (86,400 acres) of crown oil-sands leases at Red Earth in the Peace River area of Alberta. The productive zone is the Bluesky formation at approximately 400 meters. A pilot project consisting of two horizontal cyclic-steam stimulation wells with production and steam-generation facilities has been operating since May 2009.

Sproule Associates Ltd. has assigned 2.1 billion barrels of discovered bitumen in place and a contingent resource of 105 million barrels. The resource base is technically sufficient to advance a 10,000-barrel per day commercial project with the ultimate potential to produce 30,000 barrels per day.

Contact Gerry Stevenson, 403-216-3013, gerry.stevenson@cibc.ca.