WestFire Energy Ltd.

Transaction Type
Basin
Western Canadian Sedimentary
Post Date
Estimated Price
MM
Description

WestFire Energy Ltd. has retained Cormark Securities to seek strategic alternatives for the company, including a possible sale of the company.

WestFire’s assets consist of properties on the Western Canadian prairies, including the Viking light oil resource play in Redwater and Provost Alberta and west-central Saskatchewan. Production as of the third quarter 2011 averaged 8,460 barrels of oil equivalent per day. Proved reserves as of year-end 2010 were 8.2 million barrels equivalent (70% oil) and proved and probable reserves were 14.2 million barrels equivalent (73% oil).

WestFire president and chief executive Lowell Jackson says, “WestFire is well positioned to continue to develop its Viking light oil resource play projects. With our balance sheet strength and strong cash flows, we are fully funded to execute our 2012 capital program and we are well positioned with three rigs contracted to execute on a very active first quarter drilling program with 40 (35.5 net) Viking wells planned prior to spring breakup.”

Contact Cormark at westfire@cormark.com.