Access to the RBC Rundle VIRTUAL DATA ROOM requires registration by execution of a project confidentiality agreement. To register please contact Jill Switzer: 403 299 8446
Progress Energy
Winter 2010/2011 |
Bids Due: Jan. 17, 2011 |
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Primary Contact: 403-299-8453
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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 |
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INTRODUCTION LETTER
December 1, 2010
Dear Sirs/Mesdames:
RE: PROGRESS ENERGY RESOURCES CORP. – WINTER 2010/2011 ASSET SALE
Progress Energy Resources Corp. (“the Company”) has retained RBC Rundle as the exclusive agent for the disposition of certain oil and gas properties (“Properties”) located in Alberta and British Columbia. The five Properties are located in Fort St. John North, Fort St. John South, Ojay, Copton and Two Creek. This letter outlines the sale process.
Access to Confidential Information
Interested parties may access confidential data for the Properties by executing two original Confidentiality Agreements (“CA”) in the form provided and attached hereto. The CA is also available for download on the RBC Rundle website. Executed CA’s can be faxed, but must also be forwarded in original form.
After receipt of the executed CA, RBC Rundle will issue a user name and password for access to a secure Virtual Data Room (“VDR”) that hosts key data and data updates. Key data on the VDR will include, but not limited to, an engineering evaluation, land schedules and accounting reports. Potential purchasers may book time in a physical Data Room at Rundle’s offices to view well files, prospect files and other relevant data. A Seismic Workstation is also available in Rundle’s offices. To book time in the Data Room or for questions regarding the CA please contact the undersigned.
Please note that CA’s executed on behalf of unidentified parties will not be accepted.
CA’s should be addressed to:
This address before December 10, 2010
Progress Energy Resources Corp.
Attention: Mr. Tom Caldwell |
Mail to this address after
Progress Energy Resources Corp.
Attention: Mr. Tom Caldwell |
Timing of Offers
The Company has allowed approximately five weeks for the evaluation of the Properties. Offers for the Properties shall be submitted no later than 12:00 noon, MST, Monday, January 17, 2011. The effective date of the sale is January 1, 2011. A minimum of three weeks should be available to the Company before expiry of the Offer to allow the Company reasonable time to respond to the Offer.
Nature and Form of Offer
The Company will only entertain cash offers for each of the Properties in their entirety with a preference to those parties interested in securing multiple areas. The Company will not entertain Offers for specific wells or leases within the Properties.
No bid form is supplied nor required. The Offer shall be non-binding. Notwithstanding other relevant issues, the Offer shall contain the following information:
1) Offer price
2) Effective date – January 1, 2011
3) Source of financing, financing conditions and timing, if applicable
4) Requirements for approval of Management, Board of Directors, or other parties
5) Review of Purchase and Sale Agreement
6) Expected timing to remove Offer conditions, execute Purchase and
Sale
Agreement, and closing
Offer Selection Process
Offers for consideration are selected at the discretion of the Company. If required, and at the discretion of the Company, bidders may be asked to provide clarifications or additional information to support their Offer. Furthermore, bidders may be asked to participate in an additional round of bidding.
Other Issues
This sale process carries no implicit promise to accept the highest Offer, or any Offer at all.
The Company and RBC Rundle do not make, and expressly disclaim, any representation or warranty (written or oral) as to the accuracy, or completeness of the information herein (or subsequently provided) and none shall be implied. Only those representations and warranties made in a fully executed Purchase and Sale Agreement shall be binding on the Company. All bidders are to incorporate in their bid level the assumption of any and all abandonment and reclamation obligations. Each potential purchaser must rely on their own investigation in order to satisfy themselves as to all matters, except to the extent expressly agreed to in the Purchase and Sale Agreement to be entered into between the Company and the successful purchaser. All costs incurred by the potential purchaser in this investigation and evaluation shall be for their own account.
The Company reserves the right to amend or modify these procedures, terms and conditions at any time.
Inquiries and Correspondence
The Company personnel are not to be contacted directly. All correspondence and inquiries should be directed to RBC Rundle.
Primary Contacts:
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| Secondary Contact: Robert Panek 403.299.8450 rob.panek@rbccm.com |
RBC Capital Markets Contact: |
We look forward to pursuing this opportunity with you.
Yours truly,
RBC RUNDLE
Tom Caldwell
Managing Director