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Echoex Ltd. |
Bids Due: May 12, 2011 |
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Contact: 403-299-8453
403-299-8456 |
Introduction Letter | Foreword & Disclaimer | Corporate Overview Redwater:
Overview |
Development Potential |
Westlock Overview |
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CORPORATE SALE OVERVIEW
INVESTMENT HIGHLIGHTS
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Land: The Company has an average working interest of 89% in 171,453 gross acres of land.
Production: Company interest production averaged 1,343 boe/d (551 bbl/d of oil and 4,755 Mcf/d of natural gas), for December 2010. Oil production is currently from ten horizontal Viking wells. Future development is focused on the Viking and will grow the Company’s oil production significantly in the short to medium term. Gas production is from a variety of shallow Colorado age reservoirs.
Reserves:
The Company has been assigned Total Proved reserves of 3,301 Mboe
consisting of 911 Mbbl of oil and 14,341 MMcf of gas. The Proved
Developed Producing component is 2,100 Mboe, 199 Mboe is Proved
Non-Developed Producing associated with ten standing CBM wells, and
1,015 Mboe is in the Proved Undeveloped category assi
gned to 45 drilling
locations. Probable Additional reserves of 1,777 Mboe are assigned to
increased recovery and 22 drilling locations. Possible reserves of 2,118
Mboe are attributed to 15 drilling locations and increased recoveries.
Total Proved plus Probable plus Possible reserves assigned are 7,209
Mboe.
Development Potential: Over 130 drilling opportunities have been identified over the Company’s land base. Of these, 32 horizontal wells targeting the Viking light oil resource play in Redwater have been assigned reserves. An additional 13 low risk Viking locations have been identified but were not assigned reserves in the recent report. Additional upside exists as the play matures and both spacing and reservoir boundaries are tested. The Company has over 90 remaining locations which target low-decline, long-life shallow gas reserves, 60 of which have been assigned reserves.
