Offering Details
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Current Offerings / Enercapita Energy Ltd.
Enercapita Energy Ltd.
Property DivestitureBid Deadline: July 2, 2026
12:00 PM
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OVERVIEW
Enercapita Energy Ltd. (“Enercapita” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale of its oil and natural gas interests located in the Boundary Lake North area of northeastern British Columbia (the “Property”). The Company is selling the Property in order to focus its operations on its core properties.
Overview Map Showing the Location of the Divestiture Property
BOUNDARY LAKE NORTH
Township 87-88, Range 14-15 W6
At Boundary Lake North, Enercapita holds a primarily 100% working interest in approximately 13.25 sections of land on which there are horizontal oil wells producing from the Halfway Formation.
Average daily production net to Enercapita from Boundary Lake North for the fourth months ended April 30, 2026 was approximately 185 boe/d, consisting of 145 bbl/d of oil and natural gas liquids and 240 Mcf/d of natural gas.
Operating income net to the Company from Boundary Lake North for the four months ended April 30, 2026 was approximately $320,000. Operating income net to the Company from Boundary Lake North for the year ended December 31, 2025 was approximately $1.0 million.
Enercapita has identified 4 open-hole fracs included as PNPs in its reserve report with capital costs estimated to be $1.3 million each, with additional initial production rates ranging from 95 to 115 bbl/d and additional recoverable reserves ranging from 145,000 – 205,000 bbls.
The Company is not currently allocating capital to the Property as it is focused on its core properties.
In addition, the Company has 6 PUD locations and 1 probable location assigned reserves in its reserve report for horizontal, multi-stage frac’d drills. Enercapita believes the Property can be exploited using multi-leg open-hole lateral drilling.
At Boundary Lake North, Enercapita holds a primarily 100% working interest in approximately 13.25 sections of land on which there are horizontal oil wells producing from the Halfway Formation.
Average daily production net to Enercapita from Boundary Lake North for the fourth months ended April 30, 2026 was approximately 185 boe/d, consisting of 145 bbl/d of oil and natural gas liquids and 240 Mcf/d of natural gas.
Operating income net to the Company from Boundary Lake North for the four months ended April 30, 2026 was approximately $320,000. Operating income net to the Company from Boundary Lake North for the year ended December 31, 2025 was approximately $1.0 million.
Enercapita has identified 4 open-hole fracs included as PNPs in its reserve report with capital costs estimated to be $1.3 million each, with additional initial production rates ranging from 95 to 115 bbl/d and additional recoverable reserves ranging from 145,000 – 205,000 bbls.
The Company is not currently allocating capital to the Property as it is focused on its core properties.
In addition, the Company has 6 PUD locations and 1 probable location assigned reserves in its reserve report for horizontal, multi-stage frac’d drills. Enercapita believes the Property can be exploited using multi-leg open-hole lateral drilling.
Boundary Lake North, B.C.
Gross Production Group Plot of Enercapita's Oil & Natural Gas Wells
Gross Production Group Plot of Enercapita's Oil & Natural Gas Wells
Halfway Formation
The Halfway Formation is the primary target across the Company’s lands at Boundary Lake North as shown in the following well cross-section.
The Halfway Formation is a Middle Triassic shallow marine sandstone and coquina sequence deposited in a north-northwest to south-southeast trend parallel to the paleo shoreline at Boundary Lake North. The sandstones consist of three coarsening upwards sequences which vary from 3 to 5 metres thick separated by thin shale beds. The upper most coarsening upward sequence is usually cemented with a 1 to 2 metre anhydrite cap indicating the environment has become hypersaline.
These Halfway sandstones in Boundary Lake North have two main facies in this pool; dolomitic sandstones and coquinas. The sandstones vary in porosity from less than 10% to 15%. Sandstones with porosity in the mid-teens have permeability of 10s to 100s of millidarcies. The coquina has porosities ranging from 20% to 30%. The coquinas can be identified on logs by a very clean gamma ray signature of 15 API or less. The coquinas have permeabilities from 100s of millidarcies to darcies and porosity greater than 9%.
The Halfway Formation is the primary target across the Company’s lands at Boundary Lake North as shown in the following well cross-section.
The Halfway Formation is a Middle Triassic shallow marine sandstone and coquina sequence deposited in a north-northwest to south-southeast trend parallel to the paleo shoreline at Boundary Lake North. The sandstones consist of three coarsening upwards sequences which vary from 3 to 5 metres thick separated by thin shale beds. The upper most coarsening upward sequence is usually cemented with a 1 to 2 metre anhydrite cap indicating the environment has become hypersaline.
These Halfway sandstones in Boundary Lake North have two main facies in this pool; dolomitic sandstones and coquinas. The sandstones vary in porosity from less than 10% to 15%. Sandstones with porosity in the mid-teens have permeability of 10s to 100s of millidarcies. The coquina has porosities ranging from 20% to 30%. The coquinas can be identified on logs by a very clean gamma ray signature of 15 API or less. The coquinas have permeabilities from 100s of millidarcies to darcies and porosity greater than 9%.
Boundary Lake North Cross Section
Enercapita has recently reviewed the opportunity to develop the Boundary Lake North Halfway pool through open-hole multi-lateral drilling. Historically wells have been successfully drilled open-hole leading to the possibility for applying open-hole multilateral development. Venturion Oil Limited drilled the 04-29-87-14W6 well in 2014. The 04-29 well flowed at 1,000 bbl/d for 6 months and was ranked as Canada's top oil well in 2014.
Recent success with open-hole multilateral design in the northern edge of the conventional Viewfield Bakken field presents a similar opportunity in the Halfway to take advantage of the improved returns from the royalty incentives. Bakken open-hole multilateral wells show similar results compared to offsetting frac’d wells.
The initial design includes 6 legs, with approximately 1,500 metres of lateral length and 100 metre interleg spacing. This yields 7 possible locations on the northern part of the Property.
Recent success with open-hole multilateral design in the northern edge of the conventional Viewfield Bakken field presents a similar opportunity in the Halfway to take advantage of the improved returns from the royalty incentives. Bakken open-hole multilateral wells show similar results compared to offsetting frac’d wells.
The initial design includes 6 legs, with approximately 1,500 metres of lateral length and 100 metre interleg spacing. This yields 7 possible locations on the northern part of the Property.
Boundary Lake North
Halfway Coquina Net Pay Map
Boundary Lake North
Halfway Dolomitic Net Pay Map
Halfway Coquina Net Pay Map
Boundary Lake North
Halfway Dolomitic Net Pay Map
Further technical details on the Property will be made available to parties that execute a confidentiality agreement.
Boundary Lake North Upside
The Company has identified upside opportunities on the Property which could add additional production of 1,026 boe/d (571 bbl/d, 2.7 MMcf/d) as outlined below.
Boundary Lake North Upside
The Company has identified upside opportunities on the Property which could add additional production of 1,026 boe/d (571 bbl/d, 2.7 MMcf/d) as outlined below.
Enercapita has identified 4 open-hole fracs included as PNPs in its reserve report. The wells are located at 100/07-01-088-15W6/00, 100/02-29-087-14W6/00, 100/14-14-088-15W6/00 and 102/16-30-087-14W6/00. The capital costs are estimated to be $1.3 million each, with additional initial production rates ranging from 95 to 115 bbl/d and additional recoverable reserves ranging from 145,000 – 205,000 bbls.
In addition, the Company has 6 PUD locations and 1 probable location assigned reserves in its reserve report for horizontal, multi-stage frac’d drills.
The capital to drill, complete, equip and tie-in is estimated to be $4.2 Million per location. Initial production rates are estimated to be 180 bbl/d oil (PUD) and 200 bbl/d oil (P+PUD) and recoverable reserves are booked at 200,000 bbl (PUD) and 250,000 bbl (P+PUD) for each location.
100/04-29-087-14W6/00 Well:
In December 2025 the pipeline from 02-31-087-14W6M (surface location of 04-29 well) to the 08-31-087-14W6M satellite experienced a failure and the well was shut-in on December 15th, 2025. The well had been producing approximately 50 bbl/d of oil and 20 Mcf/d of natural gas before the failure. The pipeline was repaired and the well was put back on production March 9th, 2026.
As shown on the following production plot, the well has been producing oil at a rate less than prior to the failure (currently approximately 22 bbl/d). Enercapita is optimizing the pumping unit in order to draw the well back down to previous conditions. The Company anticipates that oil production will return to previous levels in the near future.
In addition, the Company has 6 PUD locations and 1 probable location assigned reserves in its reserve report for horizontal, multi-stage frac’d drills.
The capital to drill, complete, equip and tie-in is estimated to be $4.2 Million per location. Initial production rates are estimated to be 180 bbl/d oil (PUD) and 200 bbl/d oil (P+PUD) and recoverable reserves are booked at 200,000 bbl (PUD) and 250,000 bbl (P+PUD) for each location.
100/04-29-087-14W6/00 Well:
In December 2025 the pipeline from 02-31-087-14W6M (surface location of 04-29 well) to the 08-31-087-14W6M satellite experienced a failure and the well was shut-in on December 15th, 2025. The well had been producing approximately 50 bbl/d of oil and 20 Mcf/d of natural gas before the failure. The pipeline was repaired and the well was put back on production March 9th, 2026.
As shown on the following production plot, the well has been producing oil at a rate less than prior to the failure (currently approximately 22 bbl/d). Enercapita is optimizing the pumping unit in order to draw the well back down to previous conditions. The Company anticipates that oil production will return to previous levels in the near future.
Enercapita Hz N Boundary 100/04-29-087-14W6/00
100/07-01-088-15W6/00 Well:
In March 2026 the pipeline from 11-31-087-14W6M (surface location of 07-01 well) to the 08-31-087-14W6M satellite experienced a failure and the well was shut-in on March 5th, 2026. The well had been producing approximately 15 bbl/d of oil and 30 Mcf/d of natural gas before the failure. The pipeline has not been repaired as of yet, as Enercapita did not have capital allocated for the repair. The estimated cost to repair the pipeline is approximately $300,000. The Company believes this to be a very economic project. The plot below shows the historical production prior to the failure.
As well as repairing the pipeline from the 07-01 well there is an opportunity to complete an open-hole frac on the well to significantly increase production rates and reserves. A PNP is booked in the reserve report for a cost of $1.3 million to increase production by 95 bbl/d and recoverable reserves by 145,000 bbls.
In March 2026 the pipeline from 11-31-087-14W6M (surface location of 07-01 well) to the 08-31-087-14W6M satellite experienced a failure and the well was shut-in on March 5th, 2026. The well had been producing approximately 15 bbl/d of oil and 30 Mcf/d of natural gas before the failure. The pipeline has not been repaired as of yet, as Enercapita did not have capital allocated for the repair. The estimated cost to repair the pipeline is approximately $300,000. The Company believes this to be a very economic project. The plot below shows the historical production prior to the failure.
As well as repairing the pipeline from the 07-01 well there is an opportunity to complete an open-hole frac on the well to significantly increase production rates and reserves. A PNP is booked in the reserve report for a cost of $1.3 million to increase production by 95 bbl/d and recoverable reserves by 145,000 bbls.
Enercapita Hz N Boundary 100/07-01-088-15W6/00
100/13-12-088-15W6/00 Well:
On February 5th, 2026 the 13-12 horizontal well experienced a failure due to a sand bridge in the wellbore. The well had been producing approximately 20-25 bbl/d of oil and 150 Mcf/d of natural gas before the failure. An attempt was made to clear the sand-bridge but a second bridge was encountered at which point Enercapita decided to stop the operation and plan a more extensive clean-out. The operation has not been completed to date as the Company did not have capital allocated for the repair. The estimated cost of the clean-out is between $300,000-$400,000. The Company believes this to be a very economic project. The plot below shows the historical production prior to the failure.
On February 5th, 2026 the 13-12 horizontal well experienced a failure due to a sand bridge in the wellbore. The well had been producing approximately 20-25 bbl/d of oil and 150 Mcf/d of natural gas before the failure. An attempt was made to clear the sand-bridge but a second bridge was encountered at which point Enercapita decided to stop the operation and plan a more extensive clean-out. The operation has not been completed to date as the Company did not have capital allocated for the repair. The estimated cost of the clean-out is between $300,000-$400,000. The Company believes this to be a very economic project. The plot below shows the historical production prior to the failure.
Enercapita Hz N Boundary 100/13-12-088-15W6/00
100/02-29-087-14W6/00 Well:
In the third quarter of 2025 the oil and natural gas production from the 02-29 well dropped significantly from 7.5 bbl/d oil and 75 Mcf/d of natural gas to 3.5 bbl/d of oil and no natural gas. An optimization attempt was made on the pumping system, however the well is currently producing only 1 bbl/d of oil and 15 Mcf/d of natural gas. A clean-out or stim is planned for this well at an estimated cost of between $40,000-$50,000. It is expected that the rates previous to the decline can be recovered if not improved. The Company believes this to be a very economic project, however, has not been completed due to budget constraints. The plot below shows the historical production prior to the failure.
There is also an opportunity to complete an open-hole frac on the 02-29 well to significantly increase production rates and reserves. A PNP is booked in the reserve report for a cost of $1.3 million to increase production by 100 bbl/d and recoverable reserves by 205,000 bbls.
In the third quarter of 2025 the oil and natural gas production from the 02-29 well dropped significantly from 7.5 bbl/d oil and 75 Mcf/d of natural gas to 3.5 bbl/d of oil and no natural gas. An optimization attempt was made on the pumping system, however the well is currently producing only 1 bbl/d of oil and 15 Mcf/d of natural gas. A clean-out or stim is planned for this well at an estimated cost of between $40,000-$50,000. It is expected that the rates previous to the decline can be recovered if not improved. The Company believes this to be a very economic project, however, has not been completed due to budget constraints. The plot below shows the historical production prior to the failure.
There is also an opportunity to complete an open-hole frac on the 02-29 well to significantly increase production rates and reserves. A PNP is booked in the reserve report for a cost of $1.3 million to increase production by 100 bbl/d and recoverable reserves by 205,000 bbls.
Enercapita Hz N Boundary 100/02-29-087-14W6/00
100/14-14-088-15W6/00 Well:
In the third quarter of 2025 the oil and natural gas production from the 14-14 well dropped significantly from 18 bbl/d of oil and 80 Mcf/d of natural gas to 5 bbl/d oil and 60 Mcf/d of natural gas. An unsuccessful optimization attempt was made on the pumping system. A clean-out or stim is planned for this well at a cost of between $40,000-$50,000. It is expected that the rates previous to the decline can be recovered if not improved. The Company believes this to be a very economic project, however, has not been completed due to budget constraints. The plot below shows the historical production prior to the failure.
There is also an opportunity to complete an open-hole frac on the 14-14 well to significantly increase production rates and reserves. A PNP is booked in the reserve report for a cost of $1.3 million to increase production by 115 bbl/d and recoverable reserves by 146,000 bbls.
In the third quarter of 2025 the oil and natural gas production from the 14-14 well dropped significantly from 18 bbl/d of oil and 80 Mcf/d of natural gas to 5 bbl/d oil and 60 Mcf/d of natural gas. An unsuccessful optimization attempt was made on the pumping system. A clean-out or stim is planned for this well at a cost of between $40,000-$50,000. It is expected that the rates previous to the decline can be recovered if not improved. The Company believes this to be a very economic project, however, has not been completed due to budget constraints. The plot below shows the historical production prior to the failure.
There is also an opportunity to complete an open-hole frac on the 14-14 well to significantly increase production rates and reserves. A PNP is booked in the reserve report for a cost of $1.3 million to increase production by 115 bbl/d and recoverable reserves by 146,000 bbls.
Enercapita Hz N Boundary 100/14-14-088-15W6/00
Boundary Lake North Liability Assessment
As of May 26, 2026, the Boundary Lake North property had a deemed liability value of $5.7 million with $4.9 million of that liability associated with the active assets.
Boundary Lake North Liability Emissions Credits
Enercapita’s industrial emissions (as verified by a third party) for the Boundary Lake North system, including 06-29-087-14W6, were net positive for the 2025 reporting year. The 06-29 facility and surrounding wells are operating at a lower emissions intensity than industry average and are generating BC Industrial Emissions Reporting System (BCIERS) credits.
Boundary Lake North Well List
Click here to download the complete well list in Excel
102/16-30-087-14W6/00 Well:
Enercapita has identified an opportunity to complete an open-hole frac on the 102/16-30 well to significantly increase production rates and reserves. A PNP is booked in the reserve report for a cost of $1.3 million to increase production by 110 bbl/d and recoverable reserves by 160,000 bbls.
Enercapita has identified an opportunity to complete an open-hole frac on the 102/16-30 well to significantly increase production rates and reserves. A PNP is booked in the reserve report for a cost of $1.3 million to increase production by 110 bbl/d and recoverable reserves by 160,000 bbls.
Enercapita Hz Boundary Lake North 102/16-30-087-14W6/00
Boundary Lake North Seismic
The Company has a copy of trade 3D seismic data relating to its interests at Boundary Lake North 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.
The Company has a copy of trade 3D seismic data relating to its interests at Boundary Lake North 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.
Boundary Lake North Marketing
Boundary Lake North crude is trucked to Pembina Gordondale and oil is marketed by Phillips 66 Canada Ltd.
Natural gas from Boundary Lake North is processed through the North River Midstream Operations LP McMahon Plant and natural gas is sold to BP Canada Energy Group ULC using ICE NGX Spectra Station #2 Day Ahead Index price. Firm service transportation is in place with BP (T-North Long Haul) and North River Midstream.
C3 and C4 Plant Spec is marketed by Kiros Energy Marketing ULC, C5 Plant Spec is marketed by AltaGas Extraction & Transmission Limited Partnership, C3+ products is marketed by North River Midstream and sulphur is marketed by Petrosul International Ltd.
Boundary Lake North Reserves
Deloitte LLP (“Deloitte”) prepared an independent reserves evaluation of the Property (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 Boundary Lake North property contained remaining proved plus probable reserves of 2.9 million barrels of oil and natural gas liquids and 6.6 Bcf of natural gas, with an estimated net present value of $45.1 million using forecast pricing at a 10% discount.
Boundary Lake North crude is trucked to Pembina Gordondale and oil is marketed by Phillips 66 Canada Ltd.
Natural gas from Boundary Lake North is processed through the North River Midstream Operations LP McMahon Plant and natural gas is sold to BP Canada Energy Group ULC using ICE NGX Spectra Station #2 Day Ahead Index price. Firm service transportation is in place with BP (T-North Long Haul) and North River Midstream.
C3 and C4 Plant Spec is marketed by Kiros Energy Marketing ULC, C5 Plant Spec is marketed by AltaGas Extraction & Transmission Limited Partnership, C3+ products is marketed by North River Midstream and sulphur is marketed by Petrosul International Ltd.
Boundary Lake North Reserves
Deloitte LLP (“Deloitte”) prepared an independent reserves evaluation of the Property (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 Boundary Lake North property contained remaining proved plus probable reserves of 2.9 million barrels of oil and natural gas liquids and 6.6 Bcf of natural gas, with an estimated net present value of $45.1 million using forecast pricing at a 10% discount.
Boundary Lake North Facilities
Enercapita owns the following facilities at Boundary Lake North:
Enercapita owns the following facilities at Boundary Lake North:
Boundary Lake North Liability Assessment
As of May 26, 2026, the Boundary Lake North property had a deemed liability value of $5.7 million with $4.9 million of that liability associated with the active assets.
Boundary Lake North Liability Emissions Credits
Enercapita’s industrial emissions (as verified by a third party) for the Boundary Lake North system, including 06-29-087-14W6, were net positive for the 2025 reporting year. The 06-29 facility and surrounding wells are operating at a lower emissions intensity than industry average and are generating BC Industrial Emissions Reporting System (BCIERS) credits.
Boundary Lake North Well List
Click here to download the complete well list in Excel
PROCESS & TIMELINE
Sayer Energy Advisors is accepting cash offers for the Property until 12:00 pm on Thursday, July 2, 2026.
Sayer Energy Advisors does not typically 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 cash offers from interested parties until
noon on Thursday, July 2, 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 Property 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, most recent net lease operating statements, the Deloitte Report, deemed liability information and other relevant technical information.
Download Confidentiality Agreement
To receive further information on the Property please contact Ben Rye, Tom Pavic or Sydney Birkett at 403.266.6133.