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Current Offerings / Barrel Oil Corp.
Barrel Oil Corp.
Property DivestitureBid Deadline: April 16, 2026
12:00 PM
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OVERVIEW
Barrel Oil Corp. (“Barrel” or the “Company”) has engaged Sayer Energy Advisors to assist it with the sale of its oil and natural gas interests located in the Cynthia, Killam and Riviere areas of Alberta (the “Properties”).
Current daily sales production net to Barrel from the Properties is approximately 181 boe/d, consisting of 119 bbl/d of oil and natural gas liquids and 368 Mcf/d of natural gas.
Operating income net to Barrel from the Properties for the year ended December 31, 2026 is forecasted to be approximately $65,000 per month, or $777,000 on an annualized basis.
As of February 1, 2026, the Properties had a deemed liability value of $6.1 million.
Current daily sales production net to Barrel from the Properties is approximately 181 boe/d, consisting of 119 bbl/d of oil and natural gas liquids and 368 Mcf/d of natural gas.
Operating income net to Barrel from the Properties for the year ended December 31, 2026 is forecasted to be approximately $65,000 per month, or $777,000 on an annualized basis.
As of February 1, 2026, the Properties had a deemed liability value of $6.1 million.
Overview Map Showing the Location of the Divestiture Properties
Production Overview
Current daily sales production net to Barrel from the Properties is approximately 181 boe/d, consisting of 119 bbl/d of oil and natural gas liquids and 368 Mcf/d of natural gas.
Operating income net to Barrel from the Properties for the year ended December 31, 2026 is forecasted to be approximately $65,000 per month, or $777,000 on an annualized basis.
Current daily sales production net to Barrel from the Properties is approximately 181 boe/d, consisting of 119 bbl/d of oil and natural gas liquids and 368 Mcf/d of natural gas.
Operating income net to Barrel from the Properties for the year ended December 31, 2026 is forecasted to be approximately $65,000 per month, or $777,000 on an annualized basis.
Gross Production Group Plot of the Properties
Reserves Overview
Deloitte LLP (“Deloitte”) prepared an independent reserves evaluation of the Properties (the “Deloitte Report”). The Deloitte Report is effective December 31, 2025 using an average of Deloitte, GLJ Ltd., McDaniel & Associates Consultants Ltd., and Sproule ERCE’s forecast pricing as at January 1, 2026.
Deloitte estimated that, as at December 31, 2025, the Properties contained remaining proved plus probable reserves of 1.0 million barrels of oil and natural gas liquids and 1.6 Bcf of natural gas (1.3 million boe), with an estimated net present value of $12.8 million using forecast pricing at a 10% discount.
Deloitte LLP (“Deloitte”) prepared an independent reserves evaluation of the Properties (the “Deloitte Report”). The Deloitte Report is effective December 31, 2025 using an average of Deloitte, GLJ Ltd., McDaniel & Associates Consultants Ltd., and Sproule ERCE’s forecast pricing as at January 1, 2026.
Deloitte estimated that, as at December 31, 2025, the Properties contained remaining proved plus probable reserves of 1.0 million barrels of oil and natural gas liquids and 1.6 Bcf of natural gas (1.3 million boe), with an estimated net present value of $12.8 million using forecast pricing at a 10% discount.
Liability Assessment as of February 1, 2026
As of February 1, 2026, the Properties had a deemed liability value of $6.1 million.
As of February 1, 2026, the Properties had a deemed liability value of $6.1 million.
RIVIERE
Township 54-57, Range 26 W4 - 3 W5
At Riviere, Barrel holds primarily a 100% working interest in 16.25 sections of land. Production from Riviere is from the Wabamun, Colony and Ellerslie formations.
Current daily sales production net to Barrel from Riviere is approximately 106 boe/d, consisting of 69 bbl/d of oil and natural gas liquids and 223 Mcf/d of natural gas.
Operating income net to Barrel from Riviere for the year ended December 31, 2026 is forecasted to be approximately $33,000 per month, or $398,000 on an annualized basis.
At Riviere, Barrel holds primarily a 100% working interest in 16.25 sections of land. Production from Riviere is from the Wabamun, Colony and Ellerslie formations.
Current daily sales production net to Barrel from Riviere is approximately 106 boe/d, consisting of 69 bbl/d of oil and natural gas liquids and 223 Mcf/d of natural gas.
Operating income net to Barrel from Riviere for the year ended December 31, 2026 is forecasted to be approximately $33,000 per month, or $398,000 on an annualized basis.
Riviere, Alberta
Gross Production Group Plot of Barrel's Oil & Natural Gas Wells
Riviere Upside
Wabamun Formation
The Wabamun Formation at Riviere is comprised of a dolomitized reservoir in 2 distinct pools as defined by mapping and fluid contacts.
The east lobe has been developed with vertical wells down to LSD spacing and has achieved a recovery factor of over 6%. The current recovery factor of the west lobe is only 1%. Estimated oil originally in place in the east lobe is approximately 20 MMbbl.
The reservoir is found at depths of approximately 1,220-1,245 m and contains between 4-10 m of net oil pay with 27° API oil. Average porosity ranges between 20-30% with average permeability of 20-40 mD.
Wabamun Formation
The Wabamun Formation at Riviere is comprised of a dolomitized reservoir in 2 distinct pools as defined by mapping and fluid contacts.
The east lobe has been developed with vertical wells down to LSD spacing and has achieved a recovery factor of over 6%. The current recovery factor of the west lobe is only 1%. Estimated oil originally in place in the east lobe is approximately 20 MMbbl.
The reservoir is found at depths of approximately 1,220-1,245 m and contains between 4-10 m of net oil pay with 27° API oil. Average porosity ranges between 20-30% with average permeability of 20-40 mD.
Three horizontal wells were drilled into the west lobe of the Wabamun with mediocre results due to the compartmentalized nature of the dolomitic reservoir.
The dolomitic porosity of the Wabamun is interbedded with tight limestone which prohibits communication between the dolomitic layers. Developing the pool with vertical wells allows a well to access each of the dolomitized layers, which increases the ultimate recovery of the wells.
Water is reinjected into the Wabamun Formation through 2 injection wells.
The dolomitic porosity of the Wabamun is interbedded with tight limestone which prohibits communication between the dolomitic layers. Developing the pool with vertical wells allows a well to access each of the dolomitized layers, which increases the ultimate recovery of the wells.
Water is reinjected into the Wabamun Formation through 2 injection wells.
Riviere Seismic
In the Riviere area, Barrel has proprietary 3D seismic data, as shown on the following map. Additional details relating to the seismic will be available in the virtual data room for parties that execute a confidentiality agreement.
In the Riviere area, Barrel has proprietary 3D seismic data, as shown on the following map. Additional details relating to the seismic will be available in the virtual data room for parties that execute a confidentiality agreement.
Riviere Facilities
The Company holds working interests in the following facilities at Riviere.
Production is tied to a central battery at 11-02-055-27W4.
Oil is trucked to sales. Natural gas is sent to Tidewater Midstream & Infrastructure Ltd.’s VEEP natural gas plant for processing. The Tidewater facility is a deep cut facility which provides high liquid recoveries.
The Company holds working interests in the following facilities at Riviere.
Production is tied to a central battery at 11-02-055-27W4.
Oil is trucked to sales. Natural gas is sent to Tidewater Midstream & Infrastructure Ltd.’s VEEP natural gas plant for processing. The Tidewater facility is a deep cut facility which provides high liquid recoveries.
Further details on the Company’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.
Riviere Reserves
Deloitte LLP (“Deloitte”) prepared an independent reserves evaluation of the Properties (the “Deloitte Report”). The Deloitte Report is effective December 31, 2025 using an average of Deloitte, GLJ Ltd., McDaniel & Associates Consultants Ltd., and Sproule ERCE’s forecast pricing as at January 1, 2026.
Deloitte estimated that, as at December 31, 2025, the Riviere property contained remaining proved plus probable reserves of 177,000 barrels of oil and natural gas liquids and 559 MMcf of natural gas (270,000 boe), with an estimated net present value of $2.4 million using forecast pricing at a 10% discount.
Riviere Reserves
Deloitte LLP (“Deloitte”) prepared an independent reserves evaluation of the Properties (the “Deloitte Report”). The Deloitte Report is effective December 31, 2025 using an average of Deloitte, GLJ Ltd., McDaniel & Associates Consultants Ltd., and Sproule ERCE’s forecast pricing as at January 1, 2026.
Deloitte estimated that, as at December 31, 2025, the Riviere property contained remaining proved plus probable reserves of 177,000 barrels of oil and natural gas liquids and 559 MMcf of natural gas (270,000 boe), with an estimated net present value of $2.4 million using forecast pricing at a 10% discount.
Riviere Liability Assessment
As of February 1, 2026, the Riviere property had a deemed liability value of $3.1 million.
Riviere Well List
Click here to download the complete well list in Excel.
As of February 1, 2026, the Riviere property had a deemed liability value of $3.1 million.
Riviere Well List
Click here to download the complete well list in Excel.
KILLAM
Township 44, Range 13 W4
At Killam, Barrel holds primarily a 100% working interest in 3.75 sections of land. Production from Killam is from the Sparky Formation.
The Killam property was recently acquired by Barrel as part of a larger transaction. November 2025 is the first full month of production.
Current daily sales production net to Barrel from Killam is approximately 46 boe/d, consisting of 36 bbl/d of oil and natural gas liquids and 61 Mcf/d of natural gas.
Operating income net to Barrel from Killam for the year ended December 31, 2026 is forecasted to be approximately $16,500 per month, or $198,000 on an annualized basis.
At Killam, Barrel holds primarily a 100% working interest in 3.75 sections of land. Production from Killam is from the Sparky Formation.
The Killam property was recently acquired by Barrel as part of a larger transaction. November 2025 is the first full month of production.
Current daily sales production net to Barrel from Killam is approximately 46 boe/d, consisting of 36 bbl/d of oil and natural gas liquids and 61 Mcf/d of natural gas.
Operating income net to Barrel from Killam for the year ended December 31, 2026 is forecasted to be approximately $16,500 per month, or $198,000 on an annualized basis.
Killam, Alberta
Gross Production Group Plot of Barrel's Oil & Natural Gas Wells
Killam Upside
The Lloydminster (Sparky) sand of the Mannville Stack is the primary target on Barrel’s lands at Killam. The following cross-section shows the Lloydminster (Sparky) sand target.
The Lloydminster (Sparky) sand of the Mannville Stack is the primary target on Barrel’s lands at Killam. The following cross-section shows the Lloydminster (Sparky) sand target.
Killam, Alberta
Mannville Stratigraphic Cross-Section
Mannville Stratigraphic Cross-Section
The Company also has core data from 2 wells drilled in the Lloyd (Sparky) sand. Core data from the well Surge Energy KillamN 100/08-21-044-13W4 shows weighted average porosity of 22.7% and permeability of 43 mD. The well M&C-VCA-Killam 100/15-16-044-13W4 shows weighted average porosity of 24.4% and permeability of 28 mD.
Barrel has identified 8 multi-lateral drilling locations and 1 multi-lateral redrill targeting the Lloydminster (Sparky) sand. This includes 6 booked proved undeveloped and 4 probable undeveloped locations supported by recent offset drilling activity.
Barrel has identified 8 multi-lateral drilling locations and 1 multi-lateral redrill targeting the Lloydminster (Sparky) sand. This includes 6 booked proved undeveloped and 4 probable undeveloped locations supported by recent offset drilling activity.
There is development offsetting the Company’s lands in the area by other operators including primarily Westgate Energy Inc., which is currently developing the Mannville stack in the area through horizontal drilling. Westgate has successfully drilled three 4 to 6 leg multi-laterals.
This pool can be developed using horizontal wells and completion techniques that have been proven successful by several operators in the area including Westgate.
Killam Seismic
Barrel does not have ownership in any seismic data at Killam.
Killam Facilities
The Company holds working interests in the following facilities at Killam.
Killam Seismic
Barrel does not have ownership in any seismic data at Killam.
Killam Facilities
The Company holds working interests in the following facilities at Killam.
Further details on the Company’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.
Killam Reserves
Deloitte LLP (“Deloitte”) prepared an independent reserves evaluation of the Properties (the “Deloitte Report”). The Deloitte Report is effective December 31, 2025 using an average of Deloitte, GLJ Ltd., McDaniel & Associates Consultants Ltd., and Sproule ERCE’s forecast pricing as at January 1, 2026.
Deloitte estimated that, as at December 31, 2025, the Killam property contained remaining proved plus probable reserves of 730,000 barrels of oil and natural gas liquids and 627 MMcf of natural gas (834,000 boe), with an estimated net present value of $8.9 million using forecast pricing at a 10% discount.
Killam Reserves
Deloitte LLP (“Deloitte”) prepared an independent reserves evaluation of the Properties (the “Deloitte Report”). The Deloitte Report is effective December 31, 2025 using an average of Deloitte, GLJ Ltd., McDaniel & Associates Consultants Ltd., and Sproule ERCE’s forecast pricing as at January 1, 2026.
Deloitte estimated that, as at December 31, 2025, the Killam property contained remaining proved plus probable reserves of 730,000 barrels of oil and natural gas liquids and 627 MMcf of natural gas (834,000 boe), with an estimated net present value of $8.9 million using forecast pricing at a 10% discount.
Killam Liabiity Assessment
As of February 1, 2026, the Killam property had a deemed liability value of $1.5 million.
Killam Well List
Click here to download the complete well list in Excel.
As of February 1, 2026, the Killam property had a deemed liability value of $1.5 million.
Killam Well List
Click here to download the complete well list in Excel.
CYNTHIA
Township 51, Range 10-11 W5
At Cynthia, Barrel holds various working interests in 2.5 sections of land. Production from Cynthia is from the Viking and Rock Creek formations.
Current daily sales production net to Barrel from Cynthia is approximately 28 boe/d, consisting of 14 bbl/d of oil and natural gas liquids and 83 Mcf/d of natural gas.
Operating income net to Barrel from Cynthia for the year ended December 31, 2026 is forecasted to be approximately $15,000 per month, or $181,000 on an annualized basis.
At Cynthia, Barrel holds various working interests in 2.5 sections of land. Production from Cynthia is from the Viking and Rock Creek formations.
Current daily sales production net to Barrel from Cynthia is approximately 28 boe/d, consisting of 14 bbl/d of oil and natural gas liquids and 83 Mcf/d of natural gas.
Operating income net to Barrel from Cynthia for the year ended December 31, 2026 is forecasted to be approximately $15,000 per month, or $181,000 on an annualized basis.
Cynthia, Alberta
Gross Production Group Plot of Barrel's Oil & Natural Gas Wells
Cynthia Seismic
Barrel does not have ownership in any seismic data at Cynthia.
Cynthia Facilities
The Company holds working interests in the following facilities at Cynthia.
Production is tied into a central battery at 06-07-051-10W5. Oil is pipeline connected to sales. Natural gas is processed at a third-party plant.
Barrel does not have ownership in any seismic data at Cynthia.
Cynthia Facilities
The Company holds working interests in the following facilities at Cynthia.
Production is tied into a central battery at 06-07-051-10W5. Oil is pipeline connected to sales. Natural gas is processed at a third-party plant.
Further details on the Company’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.
Cynthia Reserves
Deloitte LLP (“Deloitte”) prepared an independent reserves evaluation of the Properties (the “Deloitte Report”). The Deloitte Report is effective December 31, 2025 using an average of Deloitte, GLJ Ltd., McDaniel & Associates Consultants Ltd., and Sproule ERCE’s forecast pricing as at January 1, 2026.
Deloitte estimated that, as at December 31, 2025, the Cynthia property contained remaining proved plus probable reserves of 81,000 barrels of oil and natural gas liquids and 638 MMcf of natural gas (187,000 boe), with an estimated net present value of $1.4 million using forecast pricing at a 10% discount.
Cynthia Reserves
Deloitte LLP (“Deloitte”) prepared an independent reserves evaluation of the Properties (the “Deloitte Report”). The Deloitte Report is effective December 31, 2025 using an average of Deloitte, GLJ Ltd., McDaniel & Associates Consultants Ltd., and Sproule ERCE’s forecast pricing as at January 1, 2026.
Deloitte estimated that, as at December 31, 2025, the Cynthia property contained remaining proved plus probable reserves of 81,000 barrels of oil and natural gas liquids and 638 MMcf of natural gas (187,000 boe), with an estimated net present value of $1.4 million using forecast pricing at a 10% discount.
Cynthia Liability Assessment
As of February 1, 2026, the Cynthia property had a deemed liability value of $1.5 million.
Cynthia Well List
Click here to download the well list in Excel.
As of February 1, 2026, the Cynthia property had a deemed liability value of $1.5 million.
Cynthia Well List
Click here to download the well list in Excel.
PROCESS & TIMELINE
Sayer Energy Advisors is accepting cash offers to acquire the Properties until 12:00 pm on Thursday, April 16, 2026. Preference will be given to offers to acquire all of the Properties in one transaction.
Sayer Energy Advisors does not typically conduct a "second-round" bidding process; the intention is to attempt to conclude
transactions with the parties submitting the most acceptable proposals at the conclusion of the process.
transactions with the parties submitting the most acceptable proposals at the conclusion of the process.
Sayer Energy Advisors is accepting proposals from interested parties until
noon on Thursday, April 16, 2026.
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, email (brye@sayeradvisors.com) or fax (403.266.4467).
Included in the confidential information is the following: summary land information, the Deloitte Report, deemed liability information, most recent net operations summary, detailed facilities information 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.