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Under Review / Galaxy Energy Ltd.
Galaxy Energy Ltd.
Property DivestitureBid Deadline: October 24, 2024
12:00 PM
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OVERVIEW
Galaxy Energy Ltd. (“Galaxy” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale or farmout of its oil and natural gas interests located in the Carruthers, Rush Lake and Turtle Lake areas of southwest Saskatchewan (the “Properties”).
The Properties consist of 1,320 acres of Crown mineral rights of land near Lloydminster, Saskatchewan, which Galaxy farmed-in on. The Properties are prospective for heavy oil production. Galaxy has drilled, cased, completed and equipped three vertical heavy oil wells for multi-zone oil production on the Properties.
Combined production capability from the existing vertical wells on the Properties is approximately 50 bbl/d of oil. Galaxy has shut-in production from the Properties due to mechanical or operational reasons. The Company was not positioned for additional related capital expenditures.
The Company has discovered two new significant heavy oil pools in the Colony and Cummings formations at Carruthers where it believes there are potentially millions of barrels of oil recoverable through the use of multi-leg horizontal drilling. At Rush Lake, Galaxy has identified heavy oil potential in the McLaren and Regional Colony Sands formations. At Turtle Lake, there is a single LSD which Galaxy believes may be capable of over a million barrels of recoverable oil.
As of August 8, 2024, the Properties had a deemed net asset value of ($106,496) (deemed assets of $57,904 and deemed liabilities of $164,400), with an LMR ratio of 0.35.
Detailed information relating to the Properties will be available in the virtual data room to parties that execute a confidentiality agreement.
The Properties consist of 1,320 acres of Crown mineral rights of land near Lloydminster, Saskatchewan, which Galaxy farmed-in on. The Properties are prospective for heavy oil production. Galaxy has drilled, cased, completed and equipped three vertical heavy oil wells for multi-zone oil production on the Properties.
Combined production capability from the existing vertical wells on the Properties is approximately 50 bbl/d of oil. Galaxy has shut-in production from the Properties due to mechanical or operational reasons. The Company was not positioned for additional related capital expenditures.
The Company has discovered two new significant heavy oil pools in the Colony and Cummings formations at Carruthers where it believes there are potentially millions of barrels of oil recoverable through the use of multi-leg horizontal drilling. At Rush Lake, Galaxy has identified heavy oil potential in the McLaren and Regional Colony Sands formations. At Turtle Lake, there is a single LSD which Galaxy believes may be capable of over a million barrels of recoverable oil.
As of August 8, 2024, the Properties had a deemed net asset value of ($106,496) (deemed assets of $57,904 and deemed liabilities of $164,400), with an LMR ratio of 0.35.
Detailed information relating to the Properties will be available in the virtual data room to parties that execute a confidentiality agreement.
Overview Map Showing the Location of the Divestiture Properties
Facilities Overview
Galaxy owns three single well batteries and associated downhole equipment associated with the Properties with an original cost of $1,340,000.
A complete list of the equipment and facilities will be made available in the virtual data room for parties that execute a confidentiality agreement.
LMR Summary
The LMR for each of the Properties as of August 8, 2024 is summarized below.
Galaxy owns three single well batteries and associated downhole equipment associated with the Properties with an original cost of $1,340,000.
A complete list of the equipment and facilities will be made available in the virtual data room for parties that execute a confidentiality agreement.
LMR Summary
The LMR for each of the Properties as of August 8, 2024 is summarized below.
Summary of LMR by Property
As of August 8, 2024, the Properties had a deemed net asset value of ($106,496) (deemed assets of $57,904 and deemed liabilities of $164,400), with an LMR ratio of 0.35.
Reserves Overview
Galaxy does not have a third-party reserve evaluation.
Seismic Overview
Galaxy has 2-D seismic data over its land at Carruthers.
Reserves Overview
Galaxy does not have a third-party reserve evaluation.
Seismic Overview
Galaxy has 2-D seismic data over its land at Carruthers.
CARRUTHERS
Township 44, Range 23 W3
At Carruthers, Galaxy holds a 100% working interest in P&NG rights from surface to the base of the Mannville Group in one section of land. Galaxy farmed-in to earn the mineral rights and drilled, cased, completed and equipped one well at Galaxy Carruthers 11/07-36-044-23W3/0 in July 2014 and accepted operatorship of the well Galaxy Carruthers 31/01-36-044-23W3/0 which was drilled in July 2011. The 07-36 well is currently shut-in awaiting a workover and the 01-36 well is currently suspended.
The two wells have been drilled on one of two seismic lines, on a Colony sand channel anomaly at 01-36 and 07-36. The geophysical logs from both wells show the potential discovery of two new heavy oil pools in the Colony and Cummings formations.
After observing oil production at both vertical wells, Galaxy considers that both of these new oil pools are best suited for multi-leg horizontal wells, which is beyond the capability and scope of Galaxy to drill and operate.
At Carruthers, Galaxy holds a 100% working interest in P&NG rights from surface to the base of the Mannville Group in one section of land. Galaxy farmed-in to earn the mineral rights and drilled, cased, completed and equipped one well at Galaxy Carruthers 11/07-36-044-23W3/0 in July 2014 and accepted operatorship of the well Galaxy Carruthers 31/01-36-044-23W3/0 which was drilled in July 2011. The 07-36 well is currently shut-in awaiting a workover and the 01-36 well is currently suspended.
The two wells have been drilled on one of two seismic lines, on a Colony sand channel anomaly at 01-36 and 07-36. The geophysical logs from both wells show the potential discovery of two new heavy oil pools in the Colony and Cummings formations.
After observing oil production at both vertical wells, Galaxy considers that both of these new oil pools are best suited for multi-leg horizontal wells, which is beyond the capability and scope of Galaxy to drill and operate.
Carruthers Upside
The Carruthers property is prospective for the production of oil from the Colony and Cummings formations. Utilizing seismic data, wellbore geophysical logs from two wells drilled on this section of land, coupled with the regional geology at Carruthers, Galaxy has identified two potentially significant oil pools. The first pool is within the prolific Colony channel sands and the second pool is within the Cummings marine sands which are believed to encompass the entire section.
Galaxy has identified another vertical well location at 11-36-044-23W3 using 2D seismic, targeting a second Colony sand channel with potentially a new Colony oil pool, as well as extending the boundary of the Cummings oil pool to the northwest.
The following map shows major discoveries offsetting the Company’s land at Carruthers which have utilized both vertical and horizontal wells for their development.
The Carruthers property is prospective for the production of oil from the Colony and Cummings formations. Utilizing seismic data, wellbore geophysical logs from two wells drilled on this section of land, coupled with the regional geology at Carruthers, Galaxy has identified two potentially significant oil pools. The first pool is within the prolific Colony channel sands and the second pool is within the Cummings marine sands which are believed to encompass the entire section.
Galaxy has identified another vertical well location at 11-36-044-23W3 using 2D seismic, targeting a second Colony sand channel with potentially a new Colony oil pool, as well as extending the boundary of the Cummings oil pool to the northwest.
The following map shows major discoveries offsetting the Company’s land at Carruthers which have utilized both vertical and horizontal wells for their development.
Galaxy Carruthers 11/07-36-044-23W3/0 Well
Galaxy drilled the 07-36 well in July of 2014 and confirmed the existence of two potential heavy oil pool discoveries in the Colony and Cummings formations. A Colony channel map is shown below.
Galaxy drilled the 07-36 well in July of 2014 and confirmed the existence of two potential heavy oil pool discoveries in the Colony and Cummings formations. A Colony channel map is shown below.
As shown on the 07-36 well log below, the well encountered seven metres of clean channel sand in the Colony Formation with porosity of 36%, six metres of oil pay and one metre of natural gas, with no water contact.
Galaxy Carruthers 11/07-36-044-23W3/0
Colony Channel Type Log
Colony Channel Type Log
The well produced approximately 5,200 barrels of oil at a relatively stable rate of 30 bbl/d of oil per day over the first 3 months, while maintaining 12 joints (120 metres) of fluid in the hole. This indicates that the Colony reservoir is capable of producing at much higher rates. There was 17 joints of fluid in the hole when the well was shut-in.
After this initial production period, the well started to produce small bursts of gas along with sand, which, was enough to ‘gas lock’ the PC pump. The well was shut-in to investigate alternative production techniques. A number of conventional pumping methods were identified; however, it was deemed that a horizontal well program in this Colony channel oil pool would hasten and maximize oil production.
The Company believes that there is potential for this Colony vertical well to produce at a rate of over 100 bbl/d of oil, with a cumulative potential of 175,000 barrels of oil.
As shown in the well logs below, the Cummings Formation at 07-36 had four metres of oil pay, with 33% porosity and no water contact. Galaxy has calculated that there is 130,000 barrels of potentially recoverable oil in the Cummings from this vertical well. A comparable vertical well at 01-32-045-23W3 has produced 155,000 barrels of oil.
After this initial production period, the well started to produce small bursts of gas along with sand, which, was enough to ‘gas lock’ the PC pump. The well was shut-in to investigate alternative production techniques. A number of conventional pumping methods were identified; however, it was deemed that a horizontal well program in this Colony channel oil pool would hasten and maximize oil production.
The Company believes that there is potential for this Colony vertical well to produce at a rate of over 100 bbl/d of oil, with a cumulative potential of 175,000 barrels of oil.
As shown in the well logs below, the Cummings Formation at 07-36 had four metres of oil pay, with 33% porosity and no water contact. Galaxy has calculated that there is 130,000 barrels of potentially recoverable oil in the Cummings from this vertical well. A comparable vertical well at 01-32-045-23W3 has produced 155,000 barrels of oil.
Galaxy Carruthers 11/07-36-044-23W3/0
Cummings Marine Type Log
Cummings Marine Type Log
Galaxy Carruthers 31/01-36-044-23W3/0 Well
Galaxy was a non-operating partner in the 01-36 well which was drilled in 2011. This well discovered the potential for two new heavy oil pools in the Colony and Cummings formations.
As shown on the well logs below for the 01-36 well, the Colony Formation encountered five metres of clean channel sand with porosity of 30%, with five metres of oil pay and no natural gas or water contact.
Over only a few months, the well produced approximately 2,400 barrels of oil. Due to a very aggressive series of unsuccessful production operations by the operator, the operator shut-in the well, removed the facility and transferred the wellbore to Galaxy. After a review of the drilling, completions and production operation practices of the previous operator, Galaxy decided to drill a well at 07-36-044-23W3, targeting the potential new heavy oil pool discoveries in the Colony and Cummings Formations.
Galaxy was a non-operating partner in the 01-36 well which was drilled in 2011. This well discovered the potential for two new heavy oil pools in the Colony and Cummings formations.
As shown on the well logs below for the 01-36 well, the Colony Formation encountered five metres of clean channel sand with porosity of 30%, with five metres of oil pay and no natural gas or water contact.
Over only a few months, the well produced approximately 2,400 barrels of oil. Due to a very aggressive series of unsuccessful production operations by the operator, the operator shut-in the well, removed the facility and transferred the wellbore to Galaxy. After a review of the drilling, completions and production operation practices of the previous operator, Galaxy decided to drill a well at 07-36-044-23W3, targeting the potential new heavy oil pool discoveries in the Colony and Cummings Formations.
Galaxy Carruthers 31/01-36-044-23W3/0
Colony Channel Type Log
Colony Channel Type Log
The following well log at 01-36 shows the Cummings formation at Carruthers. The 01-36 well had four metres of oil pay in the Cummings with no water contact and a maximum porosity of 31%, which also compares favourably with many of the prolific oil producing vertical wells in the Carruthers Cummings pool to the north.
Galaxy Carruthers 31/01-36-044-23W3
Cummings Marine Sand Type Log
Cummings Marine Sand Type Log
Galaxy estimates that there is 150,000 barrels of potential recoverable oil in the Colony Formation and 130,000 barrels of potential recoverable oil in the Cummings Formation from the vertical well at 01-36.
Carruthers Seismic
In the Carruthers area, Galaxy has certain proprietary 2D seismic data as shown on the following map. Further details relating to the seismic will be available in the virtual data room for parties that execute a confidentiality agreement.
Carruthers Seismic
In the Carruthers area, Galaxy has certain proprietary 2D seismic data as shown on the following map. Further details relating to the seismic will be available in the virtual data room for parties that execute a confidentiality agreement.
Carruthers Facilities
Galaxy owns a 1,000 barrel single-well battery and associated downhole equipment at Carruthers with an original cost of $390,000. A complete list of the equipment will be made available in the virtual data room for parties that execute a confidentiality agreement.
Carruthers Reserves
Galaxy does not have a third-party reserve evaluation.
Carruthers LMR as of August 8, 2024
As of August 8, 2024, the Carruthers property had a deemed net asset value of ($82,200) (deemed assets of $0 and deemed liabilities of $82,200), with an LMR ratio of 0.00.
Galaxy owns a 1,000 barrel single-well battery and associated downhole equipment at Carruthers with an original cost of $390,000. A complete list of the equipment will be made available in the virtual data room for parties that execute a confidentiality agreement.
Carruthers Reserves
Galaxy does not have a third-party reserve evaluation.
Carruthers LMR as of August 8, 2024
As of August 8, 2024, the Carruthers property had a deemed net asset value of ($82,200) (deemed assets of $0 and deemed liabilities of $82,200), with an LMR ratio of 0.00.
Carruthers Well List
Click here to download the complete well list in Excel.
Click here to download the complete well list in Excel.
RUSH LAKE
Township 47, Range 21 W3
At Rush Lake, Galaxy holds a 100% working interest in P&NG rights from surface to basement in one section of land. Galaxy farmed-in to earn the mineral rights and drilled, cased, completed and equipped one well at Galaxy Rush Lake 11/05-16-047-21/2 in July 2014. In 2023, the well was brought back on production and produced at a rate of approximately 10 barrels of oil per day until it was shut-in in December 2023.
At Rush Lake, Galaxy holds a 100% working interest in P&NG rights from surface to basement in one section of land. Galaxy farmed-in to earn the mineral rights and drilled, cased, completed and equipped one well at Galaxy Rush Lake 11/05-16-047-21/2 in July 2014. In 2023, the well was brought back on production and produced at a rate of approximately 10 barrels of oil per day until it was shut-in in December 2023.
Rush Lake Upside
The following map shows the location of the Rush Lake 01-30 well with nearby producing Sparky oil pools.
The following map shows the location of the Rush Lake 01-30 well with nearby producing Sparky oil pools.
Galaxy Rush Lake 11/05-16-047-21/2 Well
The well Galaxy Rush Lake 11/05-16-047-21/2 was drilled in July 2014 to evaluate the Mannville Group for heavy oil production.
The following well log at 05-16 shows the McLaren and Regional Colony Sands formations at Rush Lake.
The well Galaxy Rush Lake 11/05-16-047-21/2 was drilled in July 2014 to evaluate the Mannville Group for heavy oil production.
The following well log at 05-16 shows the McLaren and Regional Colony Sands formations at Rush Lake.
Galaxy Rush Lake 11/05-16-047-21/2
McLaren & Regional Colony Sands Type Log
McLaren & Regional Colony Sands Type Log
In 2014 Galaxy completed the McLaren Formation which resulted in production of less than five barrels of oil per day. A bridge plug was set to isolate the McLaren zone. The Lower Colony from 2014 to 2018 produced 2,300 barrels of cumulative oil. A swab test showed a very high-rate oil production potential in the Upper Colony. The Lower Colony zone, which the swab test showed to be wet, was then abandoned with a bridge plug and the Upper Colony was completed in 2023. Cumulative production from the Upper Colony was approximately 1,560 barrels of oil.
Rush Lake Facilities
Galaxy owns a single-well battery with two 1,000-barrel tanks (production and sales) and associated downhole equipment at Rush Lake with an original cost of $525,000. A complete list of the equipment and facilities will be made available in the virtual data room for parties that execute a confidentiality agreement.
Rush Lake Reserves
Galaxy does not have a third-party reserve evaluation.
Rush Lake LMR as of August 8, 2024
As of August 8, 2024, the Rush Lake property had a deemed net asset value of $16,804 (deemed assets of $57,904 and deemed liabilities of $41,100), with an LMR ratio of 1.41.
Rush Lake Facilities
Galaxy owns a single-well battery with two 1,000-barrel tanks (production and sales) and associated downhole equipment at Rush Lake with an original cost of $525,000. A complete list of the equipment and facilities will be made available in the virtual data room for parties that execute a confidentiality agreement.
Rush Lake Reserves
Galaxy does not have a third-party reserve evaluation.
Rush Lake LMR as of August 8, 2024
As of August 8, 2024, the Rush Lake property had a deemed net asset value of $16,804 (deemed assets of $57,904 and deemed liabilities of $41,100), with an LMR ratio of 1.41.
Rush Lake Well List
Click here to download the complete well list in Excel.
Click here to download the complete well list in Excel.
TURTLE LAKE
Township 49, Range 19 W3
At Turtle Lake, Galaxy holds a 100% working interest in P&NG rights from surface to basement in one LSD of land. Galaxy farmed-in to earn the mineral rights and drilled, cased, completed and equipped one well at Galaxy Turtle Lake 11/01-30-049-19W3/2 in February 2016. Due to mechanical reasons, the well is currently shut-in. In the months prior to being shut-in, the Waseca zone appeared to be developing and production from this well was approximately 25 bbl/d of oil between mechanical shut-downs.
At Turtle Lake, Galaxy holds a 100% working interest in P&NG rights from surface to basement in one LSD of land. Galaxy farmed-in to earn the mineral rights and drilled, cased, completed and equipped one well at Galaxy Turtle Lake 11/01-30-049-19W3/2 in February 2016. Due to mechanical reasons, the well is currently shut-in. In the months prior to being shut-in, the Waseca zone appeared to be developing and production from this well was approximately 25 bbl/d of oil between mechanical shut-downs.
Turtle Lake Upside
The Turtle Lake property is prospective for oil from the Colony and Waseca formations. The following map shows the prolific offsetting Colony and Waseca oil production. Some of these wells have produced in excess of 500,000 barrels of oil from the Waseca Formation and more than 200,000 barrels from the Colony Formation. Galaxy believes that with further development, this single LSD at 01-30 could produce more than one million barrels of oil.
The Turtle Lake property is prospective for oil from the Colony and Waseca formations. The following map shows the prolific offsetting Colony and Waseca oil production. Some of these wells have produced in excess of 500,000 barrels of oil from the Waseca Formation and more than 200,000 barrels from the Colony Formation. Galaxy believes that with further development, this single LSD at 01-30 could produce more than one million barrels of oil.
This area is rich in prolific high-energy Colony channel sand oil pools. There are rare geological scenarios in which the regional Waseca sands are directly adjacent and in contact with thicker Waseca sand channels. This is observed in the geophysical logs shown below at 13-05-049-19W3 and 14-05-049-19W3.
This is a substantially thicker and more prolific oil pool, which produces at rates in excess of 300 bbl/d of oil and accumulates more than 600,000 barrels of oil. Adjacent regional Waseca wells produce at uncharacteristic rates in excess of 200 bbl/d of oil and have accumulated total oil production greater than 500,000 barrels.
This is a substantially thicker and more prolific oil pool, which produces at rates in excess of 300 bbl/d of oil and accumulates more than 600,000 barrels of oil. Adjacent regional Waseca wells produce at uncharacteristic rates in excess of 200 bbl/d of oil and have accumulated total oil production greater than 500,000 barrels.
Prolific Waseca Oil Producers to the Southeast
Galaxy TurtleLake 11/01-30-049-19W3/2 Well
The well Galaxy TurtleLake 11/01-30-049-19W3/2 was drilled in February 2016 to evaluate the Waseca and Colony formations for heavy oil production.
The geological logs from the 11/01-30 well below show that the Waseca encountered four metres of clean regional sand with a maximum porosity of 38%, four metres of oil pay and no natural gas or water contact. The Colony formation had four metres of clean, porous channel sand with a maximum porosity of 35%, four metres of oil pay and no natural gas or water contact.
The well Galaxy TurtleLake 11/01-30-049-19W3/2 was drilled in February 2016 to evaluate the Waseca and Colony formations for heavy oil production.
The geological logs from the 11/01-30 well below show that the Waseca encountered four metres of clean regional sand with a maximum porosity of 38%, four metres of oil pay and no natural gas or water contact. The Colony formation had four metres of clean, porous channel sand with a maximum porosity of 35%, four metres of oil pay and no natural gas or water contact.
Galaxy 1-30 (right)
Lower Waseca and Colony Sands
Lower Waseca and Colony Sands
The 11/01-30 well was completed in April 2017 and was put on production for 45 days. During that time, the zone produced 675 barrels of oil or 15 barrels per day. Although the well showed signs that it was capable of expected production rates of over 100 bbl/d of oil, due to the Company’s financial position a bridge plug was set, and the Waseca was deferred. The Colony was completed and produced from 2017 to 2020, and was producing at a rate of 10 bbl/d of oil when it was shut-in.
In June of 2022, the Colony and Waseca were commingled and put on production for five months and produced 1,800 barrels of oil. The Waseca was showing signs that it was capable of producing at the expected rate. The operation suffered several costly mechanical workovers dealing with downhole equipment. The company decided to dedicate its resources to Rush Lake. The comingled well was producing over 25 bbl/d of oil and due to operational issues was only shipping an average 10 bbl/d of oil until the well was shut in.
Galaxy believes that the Waseca zone in 01-30 was not given a chance to develop and is capable of production of 100 barrels of oil per day. The Company also believes greater than half a million barrels of oil may be realized from the existing heavy oil well. Galaxy believes that with the drilling of a down-spaced well in 1C-30, more than one million barrels of oil could be recoverable from this single LSD.
Turtle Lake Facilities
Galaxy owns a 1,000-barrel single-well battery and associated downhole equipment at Turtle Lake with an original cost of $425,000. A complete list of the equipment and facilities will be made available in the virtual data room for parties that execute a confidentiality agreement.
Turtle Lake Reserves
Galaxy does not have a third-party reserve evaluation.
Turtle Lake LMR as of August 8, 2024
As of August 8, 2024, the Turtle Lake property had a deemed net asset value of ($41,100) (deemed assets of $0 and deemed liabilities of $41,100), with an LMR ratio of 0.00.
In June of 2022, the Colony and Waseca were commingled and put on production for five months and produced 1,800 barrels of oil. The Waseca was showing signs that it was capable of producing at the expected rate. The operation suffered several costly mechanical workovers dealing with downhole equipment. The company decided to dedicate its resources to Rush Lake. The comingled well was producing over 25 bbl/d of oil and due to operational issues was only shipping an average 10 bbl/d of oil until the well was shut in.
Galaxy believes that the Waseca zone in 01-30 was not given a chance to develop and is capable of production of 100 barrels of oil per day. The Company also believes greater than half a million barrels of oil may be realized from the existing heavy oil well. Galaxy believes that with the drilling of a down-spaced well in 1C-30, more than one million barrels of oil could be recoverable from this single LSD.
Turtle Lake Facilities
Galaxy owns a 1,000-barrel single-well battery and associated downhole equipment at Turtle Lake with an original cost of $425,000. A complete list of the equipment and facilities will be made available in the virtual data room for parties that execute a confidentiality agreement.
Turtle Lake Reserves
Galaxy does not have a third-party reserve evaluation.
Turtle Lake LMR as of August 8, 2024
As of August 8, 2024, the Turtle Lake property had a deemed net asset value of ($41,100) (deemed assets of $0 and deemed liabilities of $41,100), with an LMR ratio of 0.00.
Turtle Lake Well List
Click here to download the complete well list in Excel.
Click here to download the complete well list in Excel.
PROCESS & TIMELINE
Sayer Energy Advisors is accepting proposals relating to this process until 12:00 pm on Thursday October 24, 2024.
Sayer Energy Advisors does not conduct a "second-round" bidding process; the intention is to attempt to conclude
transaction(s) with the party(ies) submitting the most acceptable proposal(s) at the conclusion of the process.
transaction(s) with the party(ies) submitting the most acceptable proposal(s) at the conclusion of the process.
Sayer Energy Advisors is accepting proposals from interested parties until
noon on Thursday October 24, 2024.
NOTE REGARDING A SAYER PROCESS
On each and every offering brochure generated by Sayer, you will note the sentence “Sayer Energy Advisors does not conduct a “second-round” bidding process; the intention is to attempt to conclude a sale of the Properties with the party submitting the most acceptable proposal at the conclusion of the process.” What this means is that Sayer will not go back to multiple parties at the same time after bids are received, asking them all for a second bid. We determine which party submitted the most acceptable proposal and then we attempt to negotiate acceptable terms with that party in a “one-off” situation.
If the process involves a cash sale of a property or company and the party which submitted the most acceptable proposal has met our client’s threshold value, that offer will be accepted. If this proposal does not meet our client’s threshold value, then we will advise that party that the offer is not quite what our client was expecting, and we will ask them to increase the offer. If that offer is not acceptable to our client, we will then move down to the party which submitted the next most acceptable proposal and we will then work with that party to attempt to meet our client’s threshold value.
In the extremely rare circumstance where two or more parties submit virtually identical proposals, we will contact all parties, we will advise them of this situation and we will ask them to submit a revised proposal. Once these are received, we will work with the party which has submitted the most acceptable proposal.If the process involves a cash sale of a property or company and the party which submitted the most acceptable proposal has met our client’s threshold value, that offer will be accepted. If this proposal does not meet our client’s threshold value, then we will advise that party that the offer is not quite what our client was expecting, and we will ask them to increase the offer. If that offer is not acceptable to our client, we will then move down to the party which submitted the next most acceptable proposal and we will then work with that party to attempt to meet our client’s threshold value.
CONFIDENTIALITY AGREEMENT
Parties wishing to receive access to the confidential information with detailed technical information relating to this opportunity should execute the Confidentiality Agreement and return one copy to Sayer Energy Advisors by courier, mail (brye@sayeradvisors.com) or fax (403.266.4467).
Included in the confidential information is the following: mineral property reports, historical lease operating statements, geological presentations and other relevant technical information.
Download Confidentiality Agreement
To receive further information on the Properties please contact Ben Rye, Tom Pavic or Sydney Birkett at 403.266.6133.