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Fall 2010 Asset Sale |
Bids Due: Nov. 10, 2010 |
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Primary Contact: 403-299-8447 |
Introduction Letter | Foreward & Disclaimer | Asset Sale Overview Northern Alberta: Overview | Utikuma | Minor Properties North Eastern Alberta: Overview | Ashmont Central Alberta (Non-Unit): Overview | Swan Hills/Virginia Hills & Judy Creek | Ferrier/Willesden Green | Minor Properties Central Alberta (Unit): Overview | Virginia Hills Unit | Leduc Unit South Central Alberta: Overview | Michichi | Drumheller | Richdale Southern Alberta #1: Overview | Bantry | Pekisko (Princess) | Mannville Waterflood Southern Alberta #2: Overview | Alderson | Bow Island Royalty Group: Overview | Properties |
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SOUTH CENTRAL ALBERTA - RICHDALE
HIGHLIGHTS
- 269 Mcf/d of gas production (45 boe/d) from the Mannville and Second White Specks Formations (Company Share production June 2010)
- 2P Reserves of 46 Mboe and $366M (NPV 10%)
- Average working interest of 54% in 10.9 gross sections of land
LAND
The Richdale interests are located in South Central Alberta. Celtic owns a 54% working interest in 6,975 gross acres of land.
PRODUCTION
In June 2010, the Richdale asset produced 269 Mcf/d of Company Share production. This production is attributed to 10 gas wells producing from the Upper/Lower Mannville and Second White Specks Formations.
FACILITIES/INFRASTRUCTURE
The Richdale Gas Plant is located at 12-06-032-12W4, and is equipped with sweet gas and oil treating facilities. The Company has 48% working interest in the on-site compressor and 64% working interest in the oil battery.
MARKETING
Gas from the Richdale plant is sold to the Celtic Gas Pool and delivered to NOVA/TCPL. Oil/condensate is sold to Nexen Marketing on short term contracts. As part of the plant processing agreement, natural gas liquids are bought by CNRL.
RESERVES
The Richdale asset has been assigned 35 Mboe of Total Proved reserves and 46 Mboe of Total Proved Plus Probable reserves.
GEOLOGY
Mannville Coals/Glauconitic Sand: In the Richdale area, coal zones within the Mid-Cretaceous Mannville Group were deposited during a period of regression. Thick coal beds in the Lower Mannville formed along expansive coastal plain environments. Younger and thinner coals formed in nonmarine alluvial-plain and deltaic environments. Numerous sand packages deposited in a variety of fluvial and shallow marine settings serve as the main Mannville reservoirs.
Mannville production in this area comes from the Glauconitic Formation and a ‘Coal Sand’ found overlying the thickest Mannville coal zone. The Glauconitic has a gross thickness between 8- 12 m and porosities up to 30%. The ‘Coal Sand’ averages ~ 5 m thick, with porosities as high as 20%. Geologic mapping of this zone shows there is upside potential on Company Lands in Richdale.
There are currently no CBM producing wells on or adjacent to Company Lands in Richdale, but coals up to 6 m thick with high resistivity values are present. Testing is required to determine the productivity and economic viability of these coals.