Gray Dusenbery Oil And Gas LP Strategic Alternatives Process

Sayer Energy Advisors has been engaged to assist Gray Dusenbery Oil and Gas LP (“GDOG” or the “Company”) with a strategic review of its business and assets. Alternatives may include but are not limited to the sale or farm-out of the Properties or a sale of the shares of the Company.

  • GDOG is owned and controlled by its founders. The General Partner, Hell’s Half-Acre Petroleum Corporation (“HHA”) is the licensed operator and manages the assets for the limited partnership.
  • HHA operates all of the Properties, generally holding a 100% working interest in producing wells and associated facilities. The Properties are primarily located in central Alberta and the lands have minimal impending expiries. The Company also has license to or ownership of significant seismic 3D data coverage relating to the Properties.
  • GDOG has assembled a significant undeveloped land position on the Ferrier Cardium light oil play. GDOG has 7,520 acres gross (5,060 acres net) of Cardium Rights Cardium rights with an average working interest of 67%. The lands are contiguous in two blocks and are largely undeveloped. Several wells have been drilled offsetting GDOG lands, and drilling remains active in the area. GDOG has identified up to 33 (29.2 net) Cardium horizontal locations on its lands. GLJ recognized five 1-mile, four 1.5-mile, and three 2-mile Cardium locations as proved reserves with a PV 10% value of $19.4 million within the Company’s year-end evaluation.
  • As of October 6, 2018, the Properties had a positive deemed net asset value of $8.0 million (deemed assets of $12.1 million less liabilities of $4.1 million), with an LMR ratio of 2.96.

To book an appointment to visit the Data Room
or for more information please contact:

Tom Pavic, Ryan Ferguson Young, Ben Rye, Mark Zalucky,
Grazina Palmer or Alan Tambosso at 403.266.6133.

 

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  • M&A

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