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Current Offerings / Lineup Resources Corp.
Lineup Resources Corp.
Property DivestitureBid Deadline: May 7, 2026
12:00 PM
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OVERVIEW
Lineup Resources Corp. (“Lineup” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the farmout or sale of its oil interests located in the Delmas and Unity areas of Saskatchewan (the “Properties”). The Company is seeking proposals for the Properties in order to focus its operations on its core assets.The Properties are prospective for oil production from stacked Mannville zones which contain significant original oil in place, with low recovery factors and opportunities for horizontal development drilling.
As of March 6, 2026, the Delmas property had a deemed net asset value of $2.1 million (deemed assets of $2.2 million and deemed liabilities of $82,200), with an LMR ratio of 26.94.
Further technical details on the Properties will be made available to parties that execute a confidentiality agreement.
Overview Map Showing the Location of the Divestiture Properties
DELMAS
Township 45-46, Range 19-20 W3At Delmas, Lineup holds a primarily 100% working interest in approximately 35 sections of land on which there are two horizontal oil wells. One well is currently producing from the Mannville Group. The Delmas property consists of 26 sections of Crown land, 3 sections of Freehold and 6 Fee sublease sections.
The property is prospective for further oil development from stacked formations of the Mannville Group.
The Company has identified approximately 270 potential locations within 3 primary zones of interest on its land at Delmas, including the Rex, Sparky and Lloydminster zones. Additional prospective zones within the Mannville stack include the Cummings, GP and Dina. Total recoverable reserves are estimated at approximately 36 million barrels of oil.
Average daily production net to Lineup from Delmas for the quarter ended March 31, 2026 was approximately 15 bbl/d of oil.
Delmas, Saskatchewan – Gross Production Group Plot of Lineup’s Oil Wells
Delmas Upside
The Company has identified 3 primary zones of interest on its land at Delmas, consisting of the Rex, Sparky and Lloydminster zones. Additional prospective zones within the Mannville stack include the Cummings, GP and Dina.
Both the Lloydminster and Sparky have several areas that are easily co-developed with the extensive Rex Formation.
Broadview Delmas DD 4D16-33-1A 91/01-04-046-19W3/0 – Mannville Type Log
The following map shows the additional Mannville development near the Company’s lands at Delmas.
Rex Formation
Lineup has identified upside potential in the Rex Formation at Delmas. The following well logs show oil pay in the Rex target.
CNRL Oliver LK A 101/13-22-045-19W3/0 – Rex Type Log
The Rex Formation represents a regionally extensive target across the acreage at Delmas in four separate prospects, with a minimum 45 metre oil column and production shows from legacy vertical wells. The Company believes successful development of the Rex zone could result in over 135 multilateral locations with estimated ultimate recovery of 125,000 bbl per well with 17.1 MMbbl of total recoverable reserves. The Rex shoreface sandstone has excellent reservoir properties as shown in the following tables.
Lineup drilled two wells at Delmas into the Rex Formation at 101/03-15-045-19W3 and 101/01-27-045-19W3. Both wells were drilled using single leg lined laterals with circulation strings, or high-rate circulation strings. The wells were drilled as single leg lined laterals with circulation strings based on core, which indicated strong CHOPS potential, and a strong vertical production test from a well in a regional downdip position.
Lineup now believes the Rex zone is a better candidate for multileg horizontal development. The lack of notable sand production, from the 1-27 well in particular, has demonstrated the Rex reservoir remains competent in this area. With initial rates from 1-27 of approximately 100 bbl/d of oil and maintaining a steady rate of approximately 35 bbl/d of oil after 6 months, Lineup believes there is potential to scale these rates, with the typical multi-lateral well having 8-10 times the open-hole metres as the 1-27.
High Rate Circulation Wells
High-rate circulation, single leg wells with slotted liners are a new production technique. Lineup continues to believe that the Sparky and Lloydminster formations at Delmas are excellent candidates for development utilizing high-rate circulation, single leg wells. Lineup has used the Baytex Energy Ltd. Ardmore (062-03W4) Sparky pool as an analog high-rate circulation development to illustrate the recovery potential at Delmas.
Lineup analyzed a fully developed 1.7 section portion of the Ardmore pool (62-03W4) where Baytex has drilled 28 wells and production peaked at over 2,000 bbl/d of oil.
The average Ardmore well is expected to recover 152 Mbbls. This projected recovery of 4.3 MMbbls represents 18.9% of the 22.5 MMbbls of oil originally in place mapped across the 1.7 sections.
Baytex’s Ardmore wells show improving results over time, which Lineup believes can be attributed to more efficiently placing laterals within the reservoir with increased experience and control.
Lineup’s development scenario assumes a 17.5% recovery factor for the Sparky, and 12.5% recovery factor for the Lloydminster.
Sparky Formation
An additional proven target identified by Lineup is the Sparky shoreface sandstone, with excellent reservoir properties, core with strong indication of CHOPS potential, and a strong vertical production test from a well in a regional downdip position.
Lineup has captured drillable inventory of over 50 Sparky locations with estimated ultimate recovery per well of 135,000 bbls and total recoverable oil in place of approximately 7 MMbbls.
Lineup views this as an excellent single-lined lateral with high-rate circulation string candidate based on core review, reservoir properties and historical sand production from the Broadview Energy Ltd. 191/01-04-046-19W3/00 vertical well. This is similar to the existing commercial development of the Sparky at Ardmore (62-3W4) using the same development strategy.
Broadview Delmas DD 4D16 191/01-04-046-19W3/00 –Sparky Formation Type Log
Lloydminster FormationLineup has identified the additional proven target of the Lloydminster shoreface, with over 4 metres of sandstone with excellent reservoir properties, core with strong indication of CHOPS potential, and a strong vertical production test from a well in a good structural position.
Lineup has captured drillable reservoir for over 90 Lloydminster drilling locations with estimated ultimate recovery per well of 137,000 bbls and total recoverable oil in place of 13.2 MMbbls.
The Canadian Natural Resources Limited 112/04-30-045-19W3 vertical well produced approximately 2,200 bbls of oil from the Lloydminster Formation.
At Delmas, Lineup has identified upside potential in multiple pools in the Lloydminster Formation. The following well logs indicate the Lloydminster target.
COPRC 11/04-30-045-19W3/00 – Lloydminster Formation Type Log
Delmas Seismic
The Company has trade 2D seismic data relating to its interests at Delmas as shown on the following plat. Information relating to the seismic will be made available in the virtual data room to parties that execute a confidentiality agreement.
Delmas Marketing
Oil from Delmas is treated to sales spec on site and trucked to Altex Energy Ltd.’s Lashburn Transload Rail Terminal at 06-18-048-25W3 (SK TM 013727).
Another option that Lineup has utilized in the past is Gibson Energy Inc.’s Hardisty Terminal located at 04-29-042-09W4.
Delmas Reserves
McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties (the “McDaniel Report”). The McDaniel Report is effective December 31, 2025 using an average of GLJ Ltd., McDaniel, and Sproule ERCE’s forecast pricing as at January 1, 2026.
McDaniel estimated that, as at December 31, 2025, the Delmas property contained remaining proved plus probable reserves of 21,000 barrels of oil, with an estimated net present value of $43,000 using forecast pricing at a 10% discount.
Delmas Facilities
At Delmas, Lineup holds a working interest in single well batteries at 03-22-045-19W3 and 04-26-045-19W3. The Company also had a previously approved application for a water disposal well into the Dina Formation at 101/04-26-045-19W3 which has not been drilled.
Delmas Liability Assesment
As of March 6, 2026, the Delmas property had a deemed net asset value of $2.1 million (deemed assets of $2.2 million and deemed liabilities of $82,200), with an LMR ratio of 26.94.
Delmas Well List
Click here to download the complete well list in Excel.
UNITY
Township 39-40, Range 24 W3
At Unity, Lineup holds a 100% working interest in P&NG rights from surface to the top of the Precambrian in 5 sections of land. The Unity property is prospective for oil from stacked formations of the Mannville Group.
Unity Upside
Lineup has 5 sections of land which is highly prospective in the Waseca Formation. Based on original oil in place, Lineup believes this target can be developed using industry adopted multi-lateral drilling techniques.
Three wells on the property have proven production from the Waseca zone with 11.1 API oil and with viscosity of 16,000 cP at 25°C.
Additionally, 2 of the 5 sections at Unity were acquired for highly prospective Cummings shoreface potential.
A show well at 132/04-12-041-25W3 held by Longshore Resources Ltd. in the Cummings has produced over 14,000 bbls of oil.
Waseca Formation
Lineup has 5 sections of land which are highly prospective for the Waseca channel.
Based on original oil in place, Lineup believes this target can be developed using multi-lateral drilling techniques.
Three wells on the property have proven production from the Waseca zone with 11.1 API oil and viscosity of 16,000 cP at 25°C.
Lineup has identified upside potential in the Waseca Formation at Unity. The following well logs show the Waseca target.
Gear DD 91/06-29-040-24W3/00 – Waseca Formation Type Log
The Company has 2 sections of land which are highly prospective for the Cummings shoreface.
The Cummings well at 132/04-12-041-25W3 has produced over 14,000 bbls of oil.
Gear DD 91/06-29-040-24W3/00 – Cummings Formation Type Log
Lineup does not have any seismic at Unity.
Unity Reserves
Lineup does not have a current third-party reserve report relating to its interests at Unity.
Unity Facilities
Lineup does not have an interest in any wells or facilities at Unity.
Unity Liability Assessment
Lineup does not have an interest in any wells or facilities at Unity.
Unity Well List
Lineup does not have an interest in any wells or facilities at Unity.
PROCESS & TIMELINE
Sayer Energy Advisors is accepting proposals from interested parties for the Properties until 12:00 pm on Thursday, May 7, 2026.
Sayer Energy Advisors does not typically conduct a "second-round" bidding process; the intention is to attempt to conclude a
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, May 7, 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 McDaniel Report, geological summary, financial 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.