Bering Exploration Company, ULC Corporate Divestiture
Sayer Energy Advisors has been engaged to assist Bering Exploration Company, ULC and its related entities, Lexington Oil & Gas Co. and Vitus Oil and Gas, ULC (collectively “Bering” or the “Companies”) with the sale of the shares of the Companies. Bering is a private company with a small number of shareholders, four employees, and low overhead and positive working capital.
- Bering’s properties are located in the Sullivan Lake, Mitsue and Peace River Arch (“PRA”) areas of Alberta (the “Properties”). In the PRA area of Alberta, Bering has properties in the Valhalla, Pouce Coupe and Gordondale areas. Bering also holds various interests in several minor non producing properties located in the Mikwan and Fenn Big Valley (Rich) areas of Alberta.
- Total production net to Bering from the Properties has averaged approximately 791 boe/d, consisting 612 barrels of oil and natural gas liquids per day and 1.1 MMcf/d of natural gas.
- Recent net operating income from the Properties averaged approximately $590,000/month, or approximately $7.1 million on an annualized basis.
- As of November 4, 2017, Bering had a positive deemed net asset value of $22.9 million (deemed assets of $26.8 million less liabilities of $3.8 million), with an LMR ratio of 6.97.
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Ben Rye, Tom Pavic, Grazina Palmer,
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- Asset Sales and Acquisitions