Grant Thornton Limited/Lexin Group Receivership Sale
Sayer Energy Advisors has been engaged to assist Grant Thornton Limited, in its capacity as court-appointed receiver (the “Receiver”) of Lexin Resources Ltd., 0989 Resource Partnership, 1051393 BC Ltd., LR Processing Ltd. and the LR Processing Partnership (collectively the “Lexin Group” or “Lexin”) with the sale of fee simple lands (the “Fee Simple Lands”) and seismic data (the “Seismic”) owned by the Lexin Group.
- Fee Simple Lands: The Fee Simple Lands are located in southern Alberta, primarily south of Calgary. Lexin holds various interests in the Fee Simple Lands, ranging from approximately 4.3% to 100%. The majority of the Fee Simple Lands are currently unleased and presently titled to a predecessor company name, Compton Petroleum Corporation, as well as another company, 1059032 BC Ltd. that is in the process of transferring the assets back to Lexin pursuant to a court-approved settlement agreement. Many of the Fee Simple Lands are subject to a 5% GOR payable to a third party and some of the lands are burdened by a 12.5% Gross Royalty Trust.
- The Receiver’s preference is to receive separate offers for the lands held by each entity, as each entity will have their own unique conveyance process.
- Seismic: Lexin owns a significant database of both proprietary (100% owned by Lexin) and partner (owned by Lexin and its partners) 2D and 3D seismic data, including a total of approximately 4,800 kilometres of 2D seismic data and a total of approximately 2,000 square kilometres of 3D seismic data.
- The Seismic covers various prospects throughout Alberta and British Columbia. The Seismic was estimated to have a future licensing value of approximately $41 million as per a March 31, 2009 seismic valuation report completed for Compton.
- The Receiver’s preference is to sell all of the Seismic in one transaction.
To book an appointment to visit the Data Room
or for more information please contact:
Tom Pavic, Alan Tambosso, Ben Rye, Mark Zalucky,
Grazina Palmer or Ryan Ferguson Young at 403.266.6133.
- Asset Sales and Acquisitions