MNP Ltd. COGI Receivership Sale
Sayer Energy Advisors has been engaged by MNP. Ltd. to assist COGI Limited Partnership, Canadian Oil & Gas International Inc., Conserve Oil Group Inc. and Conserve Oil 1st Corporation. (collectively “COGI” or the “Company”) pursuant to orders of the Court of Queen’s Bench of Alberta, in divesting all of the remaining oil and natural gas properties held by COGI (the “Properties”).
- In November 2016, a process to sell the oil and natural gas assets of COGI was undertaken. Subsequent to the sales process, certain oil and natural gas assets of the Company were either sold or certain of the Company’s operated wells were disclaimed by the Receiver.
- The Properties include properties operated by COGI, third-party operated properties in which COGI holds a working interest, and properties in which COGI holds a royalty interest.
- Recent sales volumes net to COGI from its working interest Properties has averaged approximately 1,493 boe/d (6.37 MMcf/d of natural gas and 432 barrels of oil and natural gas liquids per day). COGI’s operated properties produce a total of 1,089 boe/d (4.2 MMcf/d of natural gas and 389 bbl/d of oil and natural gas liquids) net to the Company. Non-operated properties contribute a total of 404 boe/d (2.17 MMcf/d of natural gas and 43 bbl/d of oil and natural gas liquids).
- Total recent royalty production received by the Company has averaged approximately 40 boe/d, with recent total royalty revenue of approximately $12,000-$17,000 per month.
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- Asset Sales and Acquisitions