West Lake Energy Corp. Property Divestiture

Sayer Energy Advisors has been engaged to assist West Lake Energy Corp. (“West Lake” or the “Company”) with the sale of its non-core producing heavy oil properties located in the Silverdale, Furness, Tangleflags, Lashburn, Mervin, Pikes Peak, Epping, Celtic, Primate and Freemont areas of Saskatchewan as well as non-producing properties located in the Maidstone, Ear Lake, Manitou, Macklin, Marsden and Rush Lake areas of Saskatchewan (the “Properties”).

  • West Lake operates all of the Properties, generally holding a 100% working interest including associated facilities. 
     
  • The Properties are generally located near Lloydminster, Saskatchewan and have minimal impending expiries.  The Company has ownership in significant seismic data coverage relating to the Properties.
     
  • Total production net to West Lake from the Properties averaged approximately 1,179 boe/d in the second quarter of 2018, consisting of 1,176 barrels of heavy oil per day and 16 Mcf/d of natural gas.  Sales from the property consist of 99% oil.
     
  • Net operating income from the Properties has averaged approximately $3.5 million for the 12 months ended June 30, 2018 and is forecasted to be approximately $5.4 million on an annualized basis, based on second quarter 2018 net operating income.
     
  • As of July 28, 2018, the Properties had a positive deemed net asset value of $7.1 million (deemed assets of $42.5 million less liabilities of $35.3 million), with an LMR ratio of 1.20.
     
  • West Lake has mapped significant upside on the Properties which resulted in a total of 21 proved plus probable horizontal and vertical drilling locations booked on the Properties and an additional 178 unbooked drilling locations, as well as 120 recompletion opportunities (93 unbooked) and a total of 69 reactivation candidates (65 unbooked).

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

Ben Rye, Ryan Ferguson Young, Tom Pavic, Mark Zalucky,

Grazina Palmer or Alan Tambosso at 403.266.6133.

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.