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Current Offerings / G. Chan & Associates Inc. - Forden Energy Inc.
G. Chan & Associates Inc. - Forden Energy Inc.
Insolvency SaleBid Deadline: December 18, 2025
12:00 PM
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OVERVIEW
Forden Energy Inc. and 2150865 Alberta Ltd. (collectively the “Companies”) have engaged Sayer Energy Advisors to assist the Companies with a sale and investment solicitation process (the “SISP”) in order to solicit interest in the purchase of or investment in all or part of the business or operations of the Companies or its undertaking, property and assets. The Companies have each filed a Notice of Intention to Make a Proposal (the “NOI”) pursuant to section 50.4 (9) of the Bankruptcy and Insolvency Act and G. Chan & Associates Inc. (the “Proposal Trustee”) is acting as Proposal Trustee of the Companies for the NOI process. The SISP is to be undertaken by the Companies in its NOI proceedings under a Court authorized process and is subject to the oversight of the Proposal Trustee.Potential outcomes include, but are not limited to, a sale of the shares of the Companies, the sale, in whole or in part, of all of the oil and natural gas assets held by the Companies, or a joint venture. A copy of the SISP can be found here.
The Companies’ oil and natural gas interests are located in the Crystal, Ferrybank, Kaybob and Sullivan Lake areas of Alberta (the “Properties”).
Production from the Properties is currently shut-in. Average daily sales production net to the Companies from the Properties from January to July 2025 was approximately 150 boe/d, consisting of approximately 82 bbl/d of oil and natural gas liquids and approximately 417 Mcf/d of natural gas.
Average daily sales production net to the Companies from the Properties for 2024 was approximately 261 boe/d, consisting of approximately 132 bbl/d of oil and natural gas liquids and approximately 773 Mcf/d of natural gas.
Operating income net to the Companies from the Properties from January to July 2025 was approximately ($1.5 million) or ($2.5 million) on an annualized basis. Operating income net to the Companies from the Properties for 2024 was approximately ($2.5 million).
As of October 8, 2025, the Properties had a deemed liability value of $20.8 million.
Overview Map Showing the Location of the Divestiture Properties
Production Overview
Production from the Properties is currently shut-in. Average daily sales production net to the Companies from the Properties for January to July 2025 was approximately 150 boe/d, consisting of approximately 82 bbl/d of oil and natural gas liquids and approximately 417 Mcf/d of natural gas.
Average daily sales production net to the Companies from the Properties for 2024 was approximately 261 boe/d, consisting of approximately 132 bbl/d of oil and natural gas liquids and approximately 773 Mcf/d of natural gas.
Operating income net to the Companies from the Properties from January to July 2025 was approximately ($1.5 million) or ($2.5 million) on an annualized basis. Operating income net to the Companies from the Properties for 2024 was approximately ($2.5 million).
Gross Production Group Plot of the Companies’ Oil & Natural Gas Wells
As of October 8, 2025, the Properties had a deemed liability value of $20.8 million.
Reserves Overview
The Companies do not have a third-party reserve report relating to the Properties.
FERRYBANK
Township 42-45, Range 26 W4 – 2 W5
At Ferrybank, the Companies hold largely a 100% working interest in approximately 24 sections of land. The Companies produce light oil from the Belly River Formation and oil and liquids-rich natural gas from the Upper and Lower Mannville.
Production net to the Companies from Ferrybank is currently shut-in. Average daily production net to the Companies from Ferrybank from January to July 2025 was approximately 107 boe/d, consisting of 77 bbl/d oil and natural gas liquids and 178 Mcf/d of natural gas.
Operating income net to the Companies from Ferrybank from January to July 2025 was approximately ($172,000) per month.
At Ferrybank, the Companies hold largely a 100% working interest in approximately 24 sections of land. The Companies produce light oil from the Belly River Formation and oil and liquids-rich natural gas from the Upper and Lower Mannville.
Production net to the Companies from Ferrybank is currently shut-in. Average daily production net to the Companies from Ferrybank from January to July 2025 was approximately 107 boe/d, consisting of 77 bbl/d oil and natural gas liquids and 178 Mcf/d of natural gas.
Operating income net to the Companies from Ferrybank from January to July 2025 was approximately ($172,000) per month.
Ferrybank, Alberta - Gross Production Group Plot
Ferrybank Upside
Falher Formation
Drilling in the Ferrybank area by third-parties has historically concentrated on a high-deliverability liquids-rich natural gas play in the Falher Formation. Both the Upper and Lower Falher channels are prospective channel systems.
The Lower Falher prospect is illustrated in the following well logs from the vertical well Triton FBank 100/14-12-43-28W4/0. The 14-12 well intersected a thick section of natural gas-bearing Lower Falher sand.
Falher Formation
Drilling in the Ferrybank area by third-parties has historically concentrated on a high-deliverability liquids-rich natural gas play in the Falher Formation. Both the Upper and Lower Falher channels are prospective channel systems.
The Lower Falher prospect is illustrated in the following well logs from the vertical well Triton FBank 100/14-12-43-28W4/0. The 14-12 well intersected a thick section of natural gas-bearing Lower Falher sand.
Triton FBank 100/14-12-43-28W4/0 – Lower Falher Formation
Belly River Formation
The Ferrybank Basal Belly River Oil Pool was discovered and initially developed with vertical wells in the mid-1980’s. The following well logs show the Basal Belly River reservoir at Ferrybank.
Canetic Res FBank 100/06-07-043-27W4/0 – Basal Belly River Formation
Ferrybank Facilities
At Ferrybank, the Companies have ownership in the following facilities:
At Ferrybank, the Companies have ownership in the following facilities:
Further details on the Companies’ facilities are available in the virtual data room for parties that sign a confidentiality agreement.
Ferrybank Reserves
The Companies do not have a third-party reserve report relating to the Properties.
Ferrybank Liability Assesment
As of October 8, 2025, the Ferrybank property had a deemed liability value of $16.4 million.
As of October 8, 2025, the Ferrybank property had a deemed liability value of $16.4 million.
Ferrybank Well List
Click here to download the complete well list in Excel.
Click here to download the complete well list in Excel.
CRYSTAL
Township 44-46, Range 3-4 W5
At Crystal, the Companies hold largely a 100% working interest in approximately 14.25 sections of land with oil and natural gas wells producing from the Mannville Group.
Production net to the Companies from Crystal is currently shut-in. Average daily production net to the Companies from Crystal from January to July 2025 was approximately 34 boe/d, consisting of 174 Mcf/d of natural gas and 5 bbl/d oil and natural gas liquids.
Operating income net to the Companies from Crystal from January to July 2025 was approximately $8,000 per month.
At Crystal, the Companies hold largely a 100% working interest in approximately 14.25 sections of land with oil and natural gas wells producing from the Mannville Group.
Production net to the Companies from Crystal is currently shut-in. Average daily production net to the Companies from Crystal from January to July 2025 was approximately 34 boe/d, consisting of 174 Mcf/d of natural gas and 5 bbl/d oil and natural gas liquids.
Operating income net to the Companies from Crystal from January to July 2025 was approximately $8,000 per month.
Crystal, Alberta - Gross Production Group Plot
Crystal Upside
Prospects at Crystal include horizontal development of a Notikewin natural gas pool, a Glauconitic natural gas pool and two Falher channel plays.
Notikewin Formation
The following well logs show the Notikewin Formation at Crystal.
Prospects at Crystal include horizontal development of a Notikewin natural gas pool, a Glauconitic natural gas pool and two Falher channel plays.
Notikewin Formation
The following well logs show the Notikewin Formation at Crystal.
Forden Energy Pembina 100/02-28-044-03W5/0 – Notikewin Formation
Falher Formation
The following well logs show the Falher Formation at Crystal.
Forden Energy Pembina 100/13-09-045-03W5/0 – Falher Formation
Glauconitic Sandstone Formation
The following well logs show the Glauconitic Sandstone Formation at Crystal.
The following well logs show the Glauconitic Sandstone Formation at Crystal.
Forden Energy Pembina 100/14-28-044-03W5/0 – Glauconitic Sandstone Formation
Crystal Facilities
At Crystal, the Companies have ownership in a facility located at 01-32-044-03W5.
Further details on the Companies’ facilities are available in the virtual data room for parties that sign a confidentiality agreement.
Crystal Reserves
The Companies do not have a third-party reserve report relating to the Properties.
Crystal Liability Assessment
As of October 8, 2025, the Crystal property had a deemed liability value of $1.5 million.
Crystal Well List
Click here to download the complete well list in Excel.
KAYBOB
Township 62, Range 21-22 W5
At Kaybob, the Companies hold various operated and non-operated working interests ranging from 10%-94.22% in 5.75 sections of land.
Production net to the Companies from Kaybob is currently shut-in. Average daily production net to the Companies from Kaybob from January to July 2025 was approximately 8 boe/d, consisting of 47 Mcf/d of natural gas.
Operating income net to the Companies from Kaybob from January to July 2025 was approximately ($9,000) per month.
At Kaybob, the Companies hold various operated and non-operated working interests ranging from 10%-94.22% in 5.75 sections of land.
Production net to the Companies from Kaybob is currently shut-in. Average daily production net to the Companies from Kaybob from January to July 2025 was approximately 8 boe/d, consisting of 47 Mcf/d of natural gas.
Operating income net to the Companies from Kaybob from January to July 2025 was approximately ($9,000) per month.
Kaybob, Alberta - Gross Production Group Plot
Kaybob, Alberta - Gross Production Group Plot
Kaybob Facilities
At Kaybob, the Companies have ownership in facilities located at 01-10-062-21W5, 05-11-062-21W5 and 14-11-062-22W5.
Further details on the Companies’ facilities are available in the virtual data room for parties that sign a confidentiality agreement.
Kaybob Reserves
The Companies do not have a third-party reserve report relating to the Properties.
Kaybob Liability Assesment
As of October 8, 2025, the Kaybob property had a deemed liability value of $1.9 million.
Kaybob Well List
Click here to download the complete well list in Excel.
Click here to download the complete well list in Excel.
SULLIVAN LAKE
Township 34-37, Range 13-14 W4
At Sullivan Lake, the Companies hold largely a 100% working interest in 5.25 sections of land.
Production from Sullivan Lake consists of natural gas from the Belly River Formation. The Companies have identified several light oil and natural gas prospects in the Glauconitic and Falher (Sparky) formations.
Production net to the Companies from Sullivan Lake is currently shut-in. Average daily production net to the Companies from Sullivan Lake from January to July 2025 was approximately 4 boe/d, consisting of 21 Mcf/d of natural gas.
Operating income net to the Companies from Sullivan Lake from January to July 2025 was approximately ($5,000) per month.
At Sullivan Lake, the Companies hold largely a 100% working interest in 5.25 sections of land.
Production from Sullivan Lake consists of natural gas from the Belly River Formation. The Companies have identified several light oil and natural gas prospects in the Glauconitic and Falher (Sparky) formations.
Production net to the Companies from Sullivan Lake is currently shut-in. Average daily production net to the Companies from Sullivan Lake from January to July 2025 was approximately 4 boe/d, consisting of 21 Mcf/d of natural gas.
Operating income net to the Companies from Sullivan Lake from January to July 2025 was approximately ($5,000) per month.
Sullivan Lake, Alberta - Gross Production Group Plot
Sullivan Lake Upside
The following well logs show the potential for light oil production from the Glauconitic Sandstone Formation. In addition to the Glauconitic oil prospects, the Companies have identified a significant oil prospect in the Lower Falher Formation. Which is amenable to development with horizontal wells.
Forden Energy SullvnLk 102/09-33-034-13W4/0 – Glauconitic Sandstone Formation
Sullivan Lake Facilities
At Sullivan Lake, the Companies have ownership in facilities located at, 09-33-034-13W4, 13-32-036-13W4/0 and 05-05-037-13W4.
Further details on the Companies’ facilities are available in the virtual data room for parties that sign a confidentiality agreement.
Sullivan Lake Reserves
The Companies do not have a third-party reserve report relating to the Properties.
Sullivan Lake Liability Assessment
As of October 8, 2025, the Sullivan Lake property had a deemed liability value of $913,438.
As of October 8, 2025, the Sullivan Lake property had a deemed liability value of $913,438.
Sullivan 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 offers, as outlined in the SISP, relating to the process until 12:00 pm on Thursday December 18, 2025.
Sayer Energy Advisors does not conduct a "second-round" bidding process; the intention is to attempt to conclude a
transaction with the party submitting the most acceptable proposal at the conclusion of the process.
transaction with the party submitting the most acceptable proposal at the conclusion of the process.
Sayer Energy Advisors is accepting offers, as outlined in the SISP, from
interested parties until noon on Thursday December 18, 2025.
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 with the party(ies) 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 information relating to this opportunity should execute the Confidentiality Agreement and return one copy to Sayer Energy Advisors by courier, email (brye@sayeradvisors.com) or fax (403.266.4467).
Included in the confidential information is the following: summary land information, deemed liability information, most recent net operations summary, detailed facilities information and other relevant corporate, financial and technical information.
Download Confidentiality Agreement
To receive further information on the Companies please contact Ben Rye, Tom Pavic or Sydney Birkett at 403.266.6133.