ALVAREZ & MARSAL Canada Inc. in its capacity as Court Appointed Receiver of Bumper Development Corporation Ltd. Receivership Sale
Alvarez & Marsal Canada Inc. (A&M), acting as Court Appointed Receiver for Bumper Development Corporation Ltd. (Bumper) has engaged NRG Divestitures to market the sale of its assets.
The Bumper assets consist of interest in the Pembina Keystone Cardium Unit (“PKCU”) which yield 18 BOE/D of average daily production and annual cash flow of $135k net to the company. Bumper has internally evaluated the proved developed producing reserves for its unit interests at 76.8 MBOE and a 10% discounted net present value of $1.849mm, before royalties.
This package also includes significant GORR interests (“Royalties”) in over 200 producing gas and coal bed methane wells, which are currently yielding the company $65k of annual cash flow.
These assets represent stable, long-term cash flow from the long-running Pembina Keystone Cardium Unit and the low risk, diversified GORR interests.
The properties are being offered on an “As is where is” basis. Bidders will be given the opportunity to bid on an “En Bloc” basis for both PKCU and the Royalties or on an individual property basis.
The Receiver reserves the right to not proceed with any offer submitted by bidders that is not acceptable to the Receiver.