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Progress Energy

 

Progress Energy
Resources Corp.

 

Winter 2010/2011
Asset Sale

 

Bids Due:

Jan. 17, 2011

 

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PDF IM
45 Pgs, 21.8 MB

 

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Confidentiality
Agreement

Primary Contact:

Tom Caldwell

403-299-8453

 

Introduction Letter | Foreward & Disclaimer | Asset Sale Overview

Fort St. John North: Overview | Beaverdam | Currant | Minor Properties

Fort St. John South: Overview | Two Rivers | Stoddart | West Eagle | Flatrock | Teal

Ojay: Overview | Area Activity | Nikanassin Development Potential | Cadotte/Falher Development Potential

Copton: Overview | Geology & Area Activity | Cardium Development Potential | Cadotte Development Potential

Two Creek: Overview | Jurassic 'A' and 'B' Pools | Jurassic 'A' Pool - ASP Upside Potential | Gething

 

FORT ST. JOHN SOUTH - TEAL

 

 

FORT ST. JOHN SOUTH - TEAL HIGHLIGHTS

  • 42 boe/d of gas-weighted production from the Belloy Formation (September 2010 net production)
  • 2P reserves 133 Mboe (NPV 10% $1,106M)
  • 2,609 total gross acres of land with an average working interest of 53% (additional 652 royalty acres)
  • Opportunity for Belloy gas step-out to the east of 16-10-087-22W6; CTD is 6.3 Bcf, producing at a rate of 349 Mcf/d (Aug. 2010); The Company has a 34.4% working interest in Section 11-087-22W6

 

 

Map

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Table

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LAND

 

The Company has 3,262 gross acres of land including 652 acres under royalty. Average working interest of 53%.

 

 

RESERVES

 

The Teal property contains 105 Mboe of Total Proved reserves and 133 Mboe of Total Proved plus Probable reserves. Probable reserves were assigned on the basis of higher ultimate recovery. Natural gas represents greater than 90% on the total weight in both Proved and Probable reserves categories.

 

 

MARKETING

 

The Company holds a Spectra McMahon Plant Gathering (RGT) and Processing (Treatment) service contract which includes a land dedication. Firm processing service will also be assigned to match the RGT. The company currently holds firm Spectra T-North Short Haul and T-North Long Haul service that can be assigned.

 

Oil is trucked to various delivery points, and is purchased by Shell on a 30-day evergreen contract.

 

Natural gas liquids are recovered at McMahon 05-31-082-17W6 (McMahon plant outlet) where spec products are purchased by Keyera on a one-year contract with an evergreen clause.