Tangle Creek Energy Ltd. Non-Core Property Divestiture
Sayer Energy Advisors has been engaged to assist Tangle Creek Energy Ltd. (“Tangle Creek” or the “Company”) with the marketing of its non-core producing oil and natural gas properties in the Chip Lake, Leaman, McLeod, Pine Creek and Sinclair areas of Alberta, as well as its non-producing oil and natural gas properties in the Doe/Pouce Coupe, Grimshaw, Kakut, Pembina, Ricinus, Rycroft, Spirit River and Valhalla areas of Alberta (the “Properties”).
- Most of the Properties were acquired by Tangle Creek as part of its recently announced acquisition of assets from RMP Energy Inc.
- At Chip Lake, Tangle Creek has various working interests in seven producing oil wells and five producing natural gas wells. Recent sales net to Tangle Creek from the property have averaged approximately 190 boe/d. The Company has identified numerous locations to drill horizontal wells to further develop the Rock Creek reserves on its land and additional upside has been identified in the Wilrich Formation.
- Tangle Creek holds non-operated working interests in 11 Mannville natural gas wells in the Pine Creek area, from which the Company’s net sales have recently averaged approximately 200 boe/d. The Company’s properties at Leaman, McLeod and Sinclair produce a combined net total of 40 boe/d.
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