On October 29, 2020, BDO Canada Limited was appointed as the receiver and manager (the “Receiver”) of Bow River Energy Ltd. (“Bow River” or the “Company”) pursuant to an Order of the Court of Queen’s Bench of Alberta. The Receiver has engaged Sayer Energy Advisors to assist with a sale of all of Bow River’s oil and natural gas properties located in Alberta (the “Properties”). 

Bow River’s oil and natural gas interests are located in the Provost area of Alberta, specifically the Fleeing Horse, Red Lion, Amisk, Black Creek, Dolcy and Minor Alberta properties. Additionally, there are non-operated working interests which are grouped separately from the other properties.

Average daily production net to the Company from the Properties for the third quarter of 2020 was approximately 598 boe/d (581 barrels of oil and natural gas liquids per day and 103 Mcf/d of natural gas).

The Company has ownership in various proprietary 2D and 3D seismic data over several of the properties. Information on the seismic ownership will be made available in the data room to parties that execute a confidentiality agreement.

As of November 7, 2020, Bow River’s Properties had net deemed asset value of ($5,237,862) (deemed assets of $39,697,082 and deemed liabilities of $44,934,944) with an LMR of 0.88. 

Summary information relating to this divestiture is attached to this correspondence. More specific information is available at www.sayeradvisors.com. A package of more detailed confidential information will be sent to any party executing a Confidentiality Agreement.

Cash offers relating to this divestiture will be accepted until 12:00 pm on Thursday, January 28, 2021.

For further information please feel free to contact: Ben Rye, Grazina Palmer or Tom Pavic at 403.266.6133.