Navarone Energy Corporation - Asset/Corporate Sale
Navarone Energy Corporation, (Navarone) has engaged NRG Divestitures to market the sale of its operated, non operated & undeveloped assets in Alberta and Saskatchewan. The production for the first 9 months consist of 53 bbls of oil and liquids per day, and 343 mscf/d gas. In Saskatchewan the company produces 37 boepd for a total of 109 boepd. In addition, there are 5225 net acres of non-producing and/or undeveloped assets in this offering.
The Waskahigan Property, operated by Navarone, consists of a new pool discovery oil well in the Swan Hills Reef. This asset has superior potential in the Swan Hills, Montney, Duvernay, Nordegg and BHL. There is extensive activity in the area by Athabasca Oilsands, Arc, RMP, Shell, Trilogy and many others with land sales reaching $2500 per ha with an Alberta average for 2012 of $369/ha.
Navarone’s Willesden Green property, operated by Anderson Energy, provides stable production and revenue generation. There is upside for additional horizontal development in the Cardium.
The Liebenthal property, near Medicine Hat AB, on the Saskatchewan side, consists of 76 wells in 8470 gross acres in the Milk River. With a WI of 25.5% and operated by CNRL it produces 40 boepd gas net. These are very long life with low operating costs.
The McLeod asset consists of a 38.5% working interest in 320 acres in the Cardium. It consists one producing oil well that generates net 6 bopd net.
The Grande Prairie area consists of a 9% working interest in 640 acres in the Banff. It includes of one producing oil well that generates net 2 bopd.
The Lanaway, near Sylvan Lake AB, consists of two wells in 640 acres, one in the Lower Mannville, operated by NAL producing 3 boepd gas net. A suspended gas well is also included in the property.
The Pembina asset consists of a 2% GOR (based on 20-23.334% production) in 1920 acres in the Cardium. There are 13 HZ producing oil wells with one water injector operated by Whitecap Resources. Further drilling is expected.
The Rosevear asset consists of a 33% working interest in 640 acres in the Cardium, including one producing gas well generating 6+ boepd net. Bonavista is the contract operator.
This sale represents an excellent package for any company. With assets generating in excess of $2 million dollars per year of revenue and net operating income greater than $1.1 million, it also contains $20 million in available tax pools. This offering provides new high impact development and exploration opportunities along with balanced stable production and ample cash flow.
Preference will be given to bids for the entire package, but bids for individual properties will also be accepted.