Bid Deadline: 10/25/2018 12:00 PM
On March 23, 2018, pursuant to the Bankruptcy and Insolvency Act (“BIA”), Sequoia Resources Corporation (“Sequoia” or the “Company”), filed an assignment in Bankruptcy and PricewaterhouseCoopers Inc. LIT (“PwC”) was appointed as Licensed Insolvency Trustee (the “Trustee”).
Sayer Energy Advisors has been engaged to assist the Trustee with the sales process of certain of Sequoia’s oil and natural gas properties. At this time, we are marketing the Company’s Cabin Creek natural gas property (the “Property”).
The Company operates the Property, holding working interests of 25%-55% in 14 sections of land.
At Cabin Creek, Sequoia holds an average 45% working interest in and operates five natural gas wells which are capable of producing high rates of natural gas with minor volumes of natural gas liquids (5-6 barrels per MMcf of natural gas sales).
The Property generated over $500,000 in operating income net to Sequoia in 2017.
As per an order from the Alberta Energy Regulator (“AER”), Sequoia’s licensed properties have been shut-in since March 2018. As a result, all production numbers stated herein reflect the production capability of the Property prior to the shut-in. The natural gas and natural gas liquids sales net to Sequoia from the Property at that time averaged 448 boe/d, consisting of 2.6 MMcf/d of natural gas and 15 bbl/d of natural gas liquids.