Avalon Energy Ltd. Property Divestiture
Sayer Energy Advisors has been engaged to assist Avalon Energy Ltd. (“Avalon” or the “Company”) to assist it with the sale of the Company’s Alberta oil properties (the “Properties”).
- Avalon main Alberta assets is its 100% working interest Lower Mannville (Sunburst) oil pool in the Murray Lake area of southern Alberta. Avalon’s recent production from the property has averaged approximately 75 barrels of 20° API oil per day. Avalon’s net operating income from Murray Lake for the first six months of 2017 was $425,000.
- The Company’s minor properties at Knappen, Long Coulee, Pageant and Majorville are currently producing a total of approximately eight barrels of oil per day and 55 Mcf/d of natural gas.
- As at August 5, 2017, Avalon’s Properties had a positive deemed net asset value of $2,069,548 (deemed assets of $3,586,852 and deemed liabilities of $1,517,304), with an LLR of 2.36.
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