Aspenleaf Energy Limited — Puskwa, Alberta Property Divestiture

Aspenleaf Energy Limited (“Aspenleaf” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale of its oil and natural gas interests located in the Puskwa area of northern Alberta (the “Property”). 

Aspenleaf acquired the Puskwa property as part of a larger asset acquisition in the fourth quarter of 2020. The Company is divesting the Property to focus on its core assets.

At Puskwa, Aspenleaf holds a 100% working interest in and operates 17 wells capable of producing oil from the Montney Formation. 

Production capability from Puskwa net to the Company is approximately 255 barrels of oil and natural gas liquids per day and 1.0 MMcf/d of natural gas (422 boe/d). Puskwa is currently shut-in pending a required pipeline repair and re-activation. 

It is estimated that the Puskwa Montney Pool contains approximately 170 million barrels of oil in place with upside potential of another 100 million barrels in place with successful vertical step-out drilling.

GLJ Ltd. (“GLJ”) prepared an independent reserves evaluation of the Property (the “GLJ Report”). The GLJ Report is effective October 1, 2021, using GLJ’s October 1, 2021, forecast pricing. GLJ estimated that, as of October 1, 2021, the Puskwa property contained remaining proved plus probable reserves of 2.6 million barrels of oil and 6.3 Bcf of natural gas (3.6 million boe), with an estimated net present value of $12.6 million using forecast pricing at a 10% discount.

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

Offers relating to this divestiture will be accepted until 12:00 pm on Thursday, November 18, 2021.

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



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