Close
Save

Offering Details


Back

Under Review   /   Sinopec Canada



Sinopec Canada

Property Divestiture
Bid Deadline: January 25, 2024
12:00 PM
Download Full PDF - Printable


OVERVIEW

Sinopec Canada (“Sinopec” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale of certain of the Company’s non-core oil and natural gas gross overriding royalty (“GORR”) and working interest properties located in Alberta, British Columbia and Saskatchewan (the “Properties”).

The Properties consist of GORR interests as well as operated and non-operated working interests which are located throughout Alberta, British Columbia and Saskatchewan. For marketing purposes, the Properties are separated into the following geographical packages for this offering: Central AB, Eastern AB, Greater Kaybob, Peace River Arch, Greater Rainbow and Northeastern BC. Sinopec’s strong preference is to sell the Properties in one transaction but will also entertain offers on individual properties or multiple properties thereof.

Average production net to Sinopec from the Properties in the second quarter of 2023 was 3,223 boe/d, consisting of 16.2 MMcf/d of natural gas and 527 barrels of oil and natural gas liquids per day.

Operating income net to Sinopec from the Properties for the second quarter of 2023 averaged $400,000 per month or $4.8 million on an annualized basis.

As of November 4, 2023, Sinopec’s net deemed asset value in Alberta was ($24.6 million) (deemed assets of $34.9 million and deemed liabilities of $59.5 million), with an LMR ratio of 0.59.

As of November 20, 2023, Sinopec’s net deemed asset value in British Columbia was ($449,690) (deemed assets of $0 and deemed liabilities of $449,690), with an LMR ratio of 0.00.

The interests held by Sinopec in Saskatchewan are non-operated.

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

 
Overview Map Showing the Location of the Divestiture Properties
Production & NOI Overview

Operating income net to Sinopec from the Properties for the second quarter of 2023 averaged $400,000 per month or $4.8 million on an annualized basis.

Average production net to Sinopec from the Properties in the second quarter of 2023 was 3,223 boe/d, consisting of 16.2 MMcf/d of natural gas and 527 barrels of oil and natural gas liquids per day.
 


Gross Production Group Plot of Sinopec's Oil & Natural Gas Wells

 
LMR Summary

Alberta


As of November 4, 2023, Sinopec’s net deemed asset value in Alberta was ($24.6 million) (deemed assets of $34.9 million and deemed liabilities of $59.5 million), with an LMR ratio of 0.59.

The LMR for each package in Alberta as of November 4, 2023 is summarized below.
 
Summary of LMR by Package

 
British Columbia

As of November 20, 2023, Sinopec’s net deemed asset value in British Columbia was ($449,690) (deemed assets of $0 and deemed liabilities of $449,690), with an LMR ratio of 0.00.
 

 
Facilities Overview

Sinopec holds various working interests in facilities associated with the Properties.  Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Seismic

Details on the Company’s seismic ownership are available in the virtual data room for parties that execute a confidentiality agreement.

Reserves Overview

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Properties contained remaining proved plus probable reserves of 1.9 million barrels of oil and natural gas liquids and 61.3 Bcf of natural gas (12.1 million boe), with an estimated net present value of approximately $99.8 million using forecast pricing at a 10% discount.

 


 
Well List

Click here to download the complete well list in Excel.


 

GREATER KAYBOB PACKAGE

In the Greater Kaybob Package, Sinopec has various GORR and working interests in the Ansell South, Chip Lake, Easyford, Fir, Groat, Kaybob, Leaman, Marlboro, Medicine Lodge, Oldman, Pine Creek, Rosevear, Whitecourt and Windfall areas as shown on the following map.
 

 
Average production net to Sinopec from the Greater Kaybob Package for the second quarter of 2023 was approximately 14.4 MMcf/d of natural gas and 434 bbl/d of oil and natural gas liquids (2,841 boe/d).
 



 

 

MEDICINE LODGE

Township 51-55, Range 20-22 W5

At Medicine Lodge, Sinopec holds various operated and non-operated working interests in approximately 44.5 sections of land. Production from Medicine Lodge is primarily from the Mannville, and Cardium formations.

Average production net to Sinopec from the Medicine Lodge property for the second quarter of 2023 was approximately 5.5 MMcf/d of natural gas and 114 bbl/d of condensate and natural gas liquids (1,028 boe/d).

Operating income net to Sinopec from Medicine Lodge for the second quarter of 2023 averaged $150,600 per month or $1.8 million on an annualized basis.

 


Medicine Lodge, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Medicine Lodge Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Medicine Lodge Reserves


McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel estimated that as at January 1, 2023 the Medicine Lodge property contained remaining proved plus probable reserves of 11.6 Bcf of natural gas and 180,000 barrels of natural gas liquids (2.1 million boe), with an estimated net present value of approximately $21.5 million using forecast pricing at a 10% discount.

 


 
Medicine Lodge LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Medicine Lodge property was ($4.8 million) (deemed assets of $6.0 million and deemed liabilities of $10.7 million), with an LMR ratio of 0.55.
 

 
Medicine Lodge Well List

Click here to download the complete well list in Excel.

OLDMAN

Township 55-56, Range 21 W5

At Oldman, Sinopec holds primarily non-operated working interests and GORR interests in 11 sections of land operated by Peyto Exploration & Development Corp. The Company also holds a 100% operated interest in one non-producing well at Oldman. Production from Oldman is primarily from the Mannville, Belly River and Cardium formations.

Average production net to Sinopec from the Oldman property for the second quarter of 2023 was approximately 2.5 MMcf/d of natural gas and 125 bbl/d of condensate and natural gas liquids (544 boe/d).

Operating income net to Sinopec from Oldman for the second quarter of 2023 averaged $144,400 per month or $1.7 million on an annualized basis.

 


Oldman, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Oldman Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Oldman Reserves


McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel estimated that as at January 1, 2023 the Oldman property contained remaining proved plus probable reserves of 9.4 Bcf of natural gas and 258,000 barrels of natural gas liquids (1.8 million boe), with an estimated net present value of approximately $17.9 million using forecast pricing at a 10% discount.

 


 
Oldman LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Oldman property was ($29,250) (deemed assets of $0 and deemed liabilities of $29,250), with an LMR ratio of 0.00.
 

 
Oldman Well List

Click here to download the complete well list in Excel.

MARLBORO

Township 55-56, Range 18-20 W5

At Marlboro, Sinopec holds various operated and non-operated working interests in approximately 43.5 sections of land. Production from Marlboro is primarily from the Mannville Group.

Average production net to Sinopec from the Marlboro property for the second quarter of 2023 was approximately 1.6 MMcf/d of natural gas and 31 bbl/d of oil and natural gas liquids (290 boe/d).

Operating income net to Sinopec from Marlboro for the second quarter of 2023 averaged $73,000 per month or $875,600 on an annualized basis.

 


Marlboro, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Marlboro Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Marlboro Reserves


McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel estimated that as at January 1, 2023 the Marlboro property contained remaining proved plus probable reserves of 4.6 Bcf of natural gas and 49,000 barrels of natural gas liquids (814,000 boe), with an estimated net present value of approximately $8.8 million using forecast pricing at a 10% discount.

 


 
Marlboro LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Marlboro property was ($1.3 million) (deemed assets of $259,986 and deemed liabilities of $1.5 million), with an LMR ratio of 0.17.
 

 
Marlboro Well List

Click here to download the complete well list in Excel.

PINE CREEK

Township 56-58, Range 18-21 W5

At Pine Creek, Sinopec holds various operated and non-operated working interests in approximately 111 sections of land and a 16.67% working interest in the Pine Creek Gas Unit operated by Paramount Resources Limited. Production from Pine Creek is primarily from the Mannville, Bluesky and Cardium formations.

Average production net to Sinopec from the Pine Creek property for the second quarter of 2023 was approximately 1.3 MMcf/d of natural gas and 64 bbl/d of oil and natural gas liquids (282 boe/d).

Operating income net to Sinopec from Pine Creek for the second quarter of 2023 averaged ($2,300) per month or ($27,300) on an annualized basis.

 


Pine Creek, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Pine Creek Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Pine Creek Reserves


McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Pine Creek property contained remaining proved plus probable reserves of 7.6 Bcf of natural gas and 456,000 barrels of oil and natural gas liquids (1.7 million boe), with an estimated net present value of approximately $12.9 million using forecast pricing at a 10% discount.

 


 
Pine Creek LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Pine Creek property was ($1.6 million) (deemed assets of $1.1 million and deemed liabilities of $2.7 million), with an LMR ratio of 0.42.
 

 
Pine Creek Well List

Click here to download the complete well list in Excel.

ANSELL SOUTH

Township 51-52, Range 18-19 W5

At Ansell South, Sinopec holds non-operated working interests and GORR interests in 10 sections of land operated by Peyto Exploration & Development Corp. and Tourmaline Oil Corp. Production from Ansell South is primarily from the Mannville Group.

Average production net to Sinopec from the Ansell South property for the second quarter of 2022 was approximately 1.2 MMcf/d of natural gas and 15 bbl/d of oil and natural gas liquids (208 boe/d).

Operating income net to Sinopec from Ansell South for the second quarter of 2023 averaged $52,800 per month or $634,000 on an annualized basis.

 


Ansell South, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Ansell South Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.


Ansell South Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Ansell South property contained remaining proved plus probable reserves of 5.7 Bcf of natural gas and 60,000 barrels of natural gas liquids (1.0 million boe), with an estimated net present value of approximately $10.6 million using forecast pricing at a 10% discount.

 


 
Ansell South LMR

Sinopec does not operate any wells or facilities at Ansell South.

 
Ansell South Well List

Click here to download the complete well list in Excel.

WHITECOURT

Township 58-61, Range 9-13 W5

At Whitecourt, Sinopec holds various operated and non-operated working interests and GORR interests in approximately 35 sections of land. Production from Whitecourt is primarily from the Mannville Group.

Average production net to Sinopec from the Whitecourt property for the second quarter of 2023 was approximately 1.1 MMcf/d of natural gas and 6 bbl/d of oil and natural gas liquids (184 boe/d).

Operating income net to Sinopec from Whitecourt for the second quarter of 2023 averaged $14,700 per month or $176,000 on an annualized basis.

 


Whitecourt, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Whitecourt Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Whitecourt Reserves


McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Whitecourt property contained remaining proved plus probable reserves of 3.3 Bcf of natural gas and 22,000 barrels of oil and natural gas liquids (566,000 boe), with an estimated net present value of approximately $4.0 million using forecast pricing at a 10% discount.

 


 
Whitecourt LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Whitecourt property was $5.0 million (deemed assets of $9.7 million and deemed liabilities of $4.8 million), with an LMR ratio of 2.05.
 

 
Whitecourt Well List

Click here to download the complete well list in Excel.

KAYBOB

Township 58-60, Range 17-19 W5

At Kaybob, Sinopec holds various operated and non-operated working interests and GORR interests in approximately 59.5 sections of land. Production from Kaybob is primarily from the Bluesky and Gething formations.

Average production net to Sinopec from the Kaybob property for the second quarter of 2023 was approximately 601 Mcf/d of natural gas and 21 bbl/d of oil and natural gas liquids (121 boe/d).

Operating income net to Sinopec from Kaybob for the second quarter of 2023 averaged $16,800 per month or $201,600 on an annualized basis.

 


Kaybob, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Kaybob Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Kaybob Reserves


McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Kaybob property contained remaining proved plus probable reserves of 1.7 Bcf of natural gas and 72,000 barrels of oil and natural gas liquids (349,000 boe), with an estimated net present value of approximately $3.0 million using forecast pricing at a 10% discount.

 


 
Kaybob LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Kaybob property was ($1.0 million) (deemed assets of $1.3 million and deemed liabilities of $2.3 million), with an LMR ratio of 0.55.
 

 
Kaybob Well List

Click here to download the complete well list in Excel.

CHIP LAKE

Township 52-55, Range 10-12 W5

At Chip Lake, Sinopec holds various operated working interests in approximately 11.75 sections of land. Sinopec also holds a 50% non-operated working interest in one non-producing well operated by Vermilion Energy Inc. Production from Chip Lake is primarily from the Rock Creek Formation.

Average production net to Sinopec from the Chip Lake property for the second quarter of 2023 was approximately 422 Mcf/d of natural gas and 45 bbl/d of oil and natural gas liquids (115 boe/d).

Operating income net to Sinopec from Chip Lake for the second quarter of 2023 averaged $2,400 per month or $29,000 on an annualized basis.

 


Chip Lake, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Chip Lake Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Chip Lake Reserves


McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Chip Lake property contained remaining proved plus probable reserves of 714 MMcf and 124,000 barrels of oil and natural gas liquids (243,000 boe), with an estimated net present value of approximately $2.1 million using forecast pricing at a 10% discount.

 


 
Chip Lake LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Chip Lake property was $3.6 million (deemed assets of $5.8 million and deemed liabilities of $2.2 million), with an LMR ratio of 2.66.
 

 
Chip Lake Well List

Click here to download the complete well list in Excel.

LEAMAN

Township 56-57, Range 9-13 W5

At Leaman, Sinopec holds various operated and non-operated working interests in approximately 12.5 sections of land. Production from Leaman is primarily from the Rock Creek and Ellerslie formations.

Average production net to Sinopec from the Leaman property for the second quarter of 2023 was approximately 169 Mcf/d of natural gas and 2 bbl/d of oil and natural gas liquids (30 boe/d).

Operating income net to Sinopec from Leaman for the second quarter of 2023 averaged approximately $2,400 per month or $29,200 on an annualized basis.

 


Leaman, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Leaman Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Leaman Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Leaman property contained remaining proved plus probable reserves of 440 MMcf of natural gas and 5,000 barrels of natural gas liquids (78,000 boe), with an estimated net present value of approximately $562,000 using forecast pricing at a 10% discount.

 


 
Leaman LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Leaman property was ($533,362) (deemed assets of $0 and deemed liabilities of $533,362), with an LMR ratio of 0.00.

 

 
Leaman Well List

Click here to download the complete well list in Excel.

FIR

Township 58-60, Range 20-23 W5

At Fir, Sinopec holds various operated and non-operated working interests and GORR interests in approximately 25 sections of land. Production from Fir is primarily from the Cadomin, Montney and Cardium formations.

Average production net to Sinopec from the Fir property for the second quarter of 2023 was approximately 106 Mcf/d of natural gas and 6 bbl/d of oil and natural gas liquids (24 boe/d).

Operating income net to Sinopec from Fir for the second quarter of 2023 averaged approximately $2,400 per month or $28,500 on an annualized basis.

 


Fir, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Fir Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Fir Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Fir property contained remaining proved plus probable reserves of 374 MMcf of natural gas and 15,000 barrels of oil and natural gas liquids (77,000 boe), with an estimated net present value of approximately $610,000 using forecast pricing at a 10% discount.

 


 
Fir LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Fir property was ($1.2 million) (deemed assets of $0 and deemed liabilities of $1.2 million), with an LMR ratio of 0.00.

 

 
Fir Well List

Click here to download the complete well list in Excel.

ROSEVEAR

Township 54-55, Range 15-17 W5

At Rosevear, Sinopec holds various non-operated working interests and GORR interests in approximately 9.75 sections of land. The Company also holds a 100% operated interest in one producing well at Rosevear. Production from Rosevear is primarily from the Rock Creek, Bluesky and Gething formations.

Average production net to Sinopec from the Rosevear property for the second quarter of 2023 was approximately 50 Mcf/d of natural gas and 4 bbl/d of oil and natural gas liquids (12 boe/d).

Operating income net to Sinopec from Rosevear for the second quarter of 2023 averaged $3,500 per month or $41,500 on an annualized basis.

 


Rosevear, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Rosevear Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Rosevear Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Rosevear property contained remaining proved plus probable reserves of 178 MMcf of natural gas and 9,000 barrels of oil and natural gas liquids (38,000 boe), with an estimated net present value of approximately $319,000 using forecast pricing at a 10% discount.

 


 
Rosevear LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Rosevear property was ($141,600) (deemed assets of $0 and deemed liabilities of $141,600), with an LMR ratio of 0.00.

 

 
Rosevear Well List

Click here to download the complete well list in Excel.

GROAT

Township 56-57, Range 16-17 W5

At Groat, Sinopec holds various operated and non-operated working interests in approximately 4.25 sections of land. Production from Groat is from Sinopec’s 50% working interest in one Belly River oil well operated by HWN Energy Ltd.

Average production net to Sinopec from the Groat property for the second quarter of 2023 was approximately one bbl/d of oil. Production from Groat was temporarily shut-in in April 2023 and has since returned to approximately 13 bbl/d of oil gross.

Operating income net to Sinopec from Groat for the second quarter of 2023 averaged ($8,300) per month or ($100,000) on an annualized basis.

 


Groat, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Groat Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Groat Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Groat property contained remaining proved plus probable reserves of 52,000 barrels of oil, with an estimated net present value of approximately $904,000 using forecast pricing at a 10% discount.

 


 
Groat LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Groat property was ($1.0 million) (deemed assets of $0 and deemed liabilities of $1.0 million), with an LMR ratio of 0.00.

 

 
Groat Well List

Click here to download the complete well list in Excel.

EASYFORD

Township 49-50, Range 7-8 W5

At Easyford, Sinopec holds various operated and non-operated working interests in approximately eight sections of land.

There is currently no production from Easyford.

Operating income net to Sinopec from Easyford for the second quarter of 2023 averaged ($3,600) per month or ($43,200) on an annualized basis.

 

 
Easyford Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Easyford Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

The Easyford property was audited as part of the McDaniel Report and no reserves were assigned. The property had an estimated net present value of approximately ($333,000) using forecast pricing at a 10% discount.

 


 
Easyford LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Easyford property was ($2.4 million) (deemed assets of $0 and deemed liabilities of $2.4 million), with an LMR ratio of 0.00.

 

 
Easyford Well List

Click here to download the complete well list in Excel.

WINDFALL

Township 59-61, Range 14-16 W5

At Windfall, Sinopec holds various operated and non-operated working interests in approximately 12 sections of land.

There is currently no production from Windfall.

Operating income net to Sinopec from Windfall for the second quarter of 2023 averaged ($6,800) per month or ($81,600) on an annualized basis.

 

 
Windfall Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Windfall Reserves

The Windfall property was not evaluated as part of the McDaniel Report.


Windfall LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Windfall property was ($3.0 million) (deemed assets of $0 and deemed liabilities of $3.0 million), with an LMR ratio of 0.00.
 

 
Windfall Well List

Click here to download the complete well list in Excel.

CENTRAL ALBERTA PACKAGE

In the Central AB Package, Sinopec has various working interests located in the Brewster, Buck Lake, Caroline, Minnehik and Wildhorse Creek areas as shown on the following map.
 

Average production net to Sinopec from the Central AB Package for the second quarter of 2023 was approximately 691 Mcf/d of natural gas and 73 bbl/d of oil and natural gas liquids (188 boe/d).
 


 

 

CAROLINE

Township 31-40, Range 6-11 W5

At Caroline, Sinopec holds various operated and non-operated working interests in approximately 30.5 sections of land including the Phoenix and Wildhorse Creek areas.

Average production net to Sinopec from the Caroline property for the second quarter of 2023 was approximately 563 Mcf/d of natural gas and 47 bbl/d of oil and natural gas liquids (140 boe/d).

Operating income net to Sinopec from Caroline for the second quarter of 2023 averaged $23,100 per month or $277,200 on an annualized basis.

 


Caroline, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Caroline Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Caroline Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel estimated that as at January 1, 2023 the Caroline property contained remaining proved plus probable reserves of 2.5 Bcf of natural gas and 198,000 barrels of natural gas liquids (618,000 boe), with an estimated net present value of approximately $5.1 million using forecast pricing at a 10% discount

 


 
The Phoenix and Wildhorse Creek properties were not evaluated as part of the McDaniel Report.

Caroline LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Caroline property was $982,655 (deemed assets of $2.7 million and deemed liabilities of $1.7 million), with an LMR ratio of 1.58.

 

 
Caroline Well List

Click here to download the complete well list in Excel.

BUCK LAKE

Township 42-45, Range 4-6 W5

At Buck Lake, Sinopec holds various operated and non-operated working interests and GORR interests in approximately 19.5 sections of land. Production from Buck Lake is primarily from the Mannville, Edmonton and Cardium formations.

Average production net to Sinopec from the Buck Lake property for the second quarter of 2023 was approximately 128 Mcf/d of natural gas and 26 bbl/d of oil and natural gas liquids (48 boe/d).

Operating income net to Sinopec from Buck Lake for the second quarter of 2023 averaged $17,300 per month or $207,000 on an annualized basis.

 


Buck Lake, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Buck Lake Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 


Buck Lake Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing. 

McDaniel & Sinopec estimated that as at January 1, 2023 the Buck Lake property contained remaining proved plus probable reserves of 256 MMcf of natural gas and 42,000 barrels of oil and natural gas liquids (85,000 boe), with an estimated net present value of approximately $534,000 using forecast pricing at a 10% discount.

 


 
Buck Lake LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Buck Lake property was ($303,974) (deemed assets of $0 and deemed liabilities of $303,974), with an LMR ratio of 0.00.

 

 
Buck Lake Well List

Click here to download the complete well list in Excel.

MINNEHIK

Township 42-43, Range 8-13 W5

At Minnehik, Sinopec holds operated and non-operated working interests as well as GORR interests in one section of land with five shut-in horizontal Cardium wells. The Brewster property consists of a 75% operated working interest in one abandoned vertical well and one section of land.

There is currently no production from the Minnehik property. Royalty production net to Sinopec from the Minnehik property in the second quarter of 2023 was minimal.

Operating income net to Sinopec from Minnehik and Brewster for the second quarter of 2023 averaged $60 per month or $720 on an annualized basis.

 

 
Minnehik Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Minnehik Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Minnehik property contained remaining proved plus probable reserves of 300 barrels of oil, with an estimated net present value of approximately $20,000 using forecast pricing at a 10% discount.

 


 
Brewster Reserves

The Brewster property was not evaluated as part of the McDaniel Report.

 
Minnehik LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Minnehik property was ($88,805) (deemed assets of $0 and deemed liabilities of $88,805), with an LMR ratio of 0.00.

 

 
Brewster LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Brewster property was ($29,250) (deemed assets of $0 and deemed liabilities of $29,250), with an LMR ratio of 0.00.

 

 
Minnehik/Brewster Well List

Click here to download the complete well list in Excel.

EASTERN ALBERTA PACKAGE

In the Eastern AB Package, Sinopec has various operated and non-operated working interests located in the Baptiste, Bittern Lake, Calling Lake, Chigwell, Chipman, Craigend, Ferrybank, Killam, Meanook, Redwater, Retlaw, St. Albert and Westlock areas as shown on the following map.
 

Average production net to Sinopec from the Eastern AB Package for the second quarter of 2023 was approximately 160 Mcf/d of natural gas (27 boe/d).
 


 

 

CHIGWELL

Township 39-43, Range 20-26 W4

At Chigwell, Sinopec holds various non-operated working interests and GORR interests in approximately 28.75 sections of land with primarily CBM production. The Company also holds operated working interests in several non-producing wells at Chigwell.

Average production net to Sinopec from the Chigwell property for the second quarter of 2023 was approximately 147 Mcf/d of natural gas (25 boe/d).

Operating income net to Sinopec from Chigwell for the second quarter of 2023 averaged $3,700 per month or $44,700 on an annualized basis.

 


Chigwell, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Chigwell Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Chigwell Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Chigwell property contained remaining proved plus probable reserves of 338 MMcf of natural gas (56,000 boe), with an estimated net present value of approximately $274,000 using forecast pricing at a 10% discount.

 


 
Chigwell LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Chigwell property was ($520,537) (deemed assets of $0 and deemed liabilities of $520,537), with an LMR ratio of 0.00.

 

 
Chigwell Well List

Click here to download the complete well list in Excel.

FERRYBANK

Township 44-45, Range 27-28 W4

At Ferrybank, Sinopec holds a 50% operated working interest in two non-producing wells and a 2.4476% working interest in the Ferrybank Belly River Gas Unit operated by Canadian Natural Resources Limited.

Average production net to Sinopec from the Ferrybank property for the second quarter of 2023 was approximately 13 Mcf/d of natural gas (2 boe/d).

Operating income net to Sinopec from Ferrybank for the second quarter of 2023 averaged $1,000 per month or $12,000 on an annualized basis.

 


Ferrybank, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Ferrybank Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.


Ferrybank Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing. 

McDaniel & Sinopec estimated that as at January 1, 2023 the Ferrybank property contained remaining proved plus probable reserves of 55 MMcf of natural gas and 2,000 barrels of natural gas liquids (11,000 boe), with an estimated net present value of approximately $62,000 using forecast pricing at a 10% discount.

 


 
Ferrybank LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Ferrybank property was ($51,703) (deemed assets of $0 and deemed liabilities of $51,703), with an LMR ratio of 0.00.

 

 
Ferrybank Well List

Click here to download the complete well list in Excel.

BAPTISTE

Township 66-68, Range 22-23 W4

At Baptiste, Sinopec holds various operated and non-operated working interests in approximately seven sections of land.

There is currently no production from the Baptiste property.

Operating income net to Sinopec from Baptiste for the second quarter of 2023 averaged ($1,100) per month or ($13,200) on an annualized basis.

 

 
Baptiste Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Baptiste Reserves


The Baptiste property was not evaluated as part of the McDaniel Report.

Baptiste LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Baptiste property was ($1.4 million) (deemed assets of $0 and deemed liabilities of $1.4 million), with an LMR ratio of 0.00.

 

 
Baptiste Well List

Click here to download the complete well list in Excel.

BITTERN LAKE

Township 46-47, Range 21-23 W4

At Bittern Lake, Sinopec holds GORR interests in two sections of land.

There is currently no production from Bittern Lake.

 

 
Bittern Lake Reserves

The Bittern Lake property was not evaluated as part of the McDaniel Report.
 
Bittern Lake LMR

Sinopec does not operate any wells or facilities at Bittern Lake.


Bittern Lake Well List

Click here to download the complete well list in Excel.

CALLING LAKE

Township 70-72, Range 18-21 W4

At Calling Lake, Sinopec holds various operated and non-operated working interests in approximately 35.75 sections of land.

There is currently no production from the Calling Lake property.

Operating income net to Sinopec from Calling Lake for the second quarter of 2023 averaged ($2,600) per month or ($31,200) on an annualized basis.

 

 
Calling Lake Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Calling Lake Reserves


The Calling Lake property was audited as part of the McDaniel Report and no reserves were assigned.

Calling Lake LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Calling Lake property was ($769,597) (deemed assets of $0 and deemed liabilities of $769,597), with an LMR ratio of 0.00.

 

 
Calling Lake Well List

Click here to download the complete well list in Excel.

CHIPMAN

Township 53-58, Range 17-23 W4

At Chipman, Sinopec holds various operated and non-operated working interests in approximately 11 sections of land.

There is currently no production from the Chipman property.

Operating income net to Sinopec from Chipman for the second quarter of 2023 averaged ($36,900) per month or ($442,800) on an annualized basis.

 

 
Chipman Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Chipman Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Chipman property contained remaining proved plus probable reserves of 1,000 barrels of oil, with an estimated net present value of approximately ($117,000) using forecast pricing at a 10% discount.

 


 
Chipman LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Chipman property was ($1.0 million) (deemed assets of $0 and deemed liabilities of $1.0 million), with an LMR ratio of 0.00.

 

 
Chipman Well List

Click here to download the complete well list in Excel.

CRAIGEND

Township 62, Range 12 W4

At Craigend, Sinopec holds non-operated working interests in one section of land.

There is currently no production from Craigend.

Operating income net to Sinopec from Craigend for the second quarter of 2023 averaged ($10) per month or ($120) on an annualized basis.

 

 
Craigend Reserves

The Craigend property was not evaluated as part of the McDaniel Report.

Craigend LMR

Sinopec does not operate any wells or facilities at Craigend.


Craigend Well List

Click here to download the complete well list in Excel.

KILLAM

Township 42, Range 13 W4

At Killam, Sinopec holds non-operated working interests in 0.75 sections of land.

There is currently no production from Killam.

 

Killam Reserves

The Killam property was not evaluated as part of the McDaniel Report.

Killam LMR

Sinopec does not operate any wells or facilities at Killam.


Killam Well List

Click here to download the complete well list in Excel.

MEANOOK

Township 62-64, Range 21-23 W4

At Meanook, Sinopec holds various operated and non-operated working interests.

There is currently no production from Meanook.

Operating income net to Sinopec from Meanook for the second quarter of 2023 averaged ($1,300) per month or ($15,600) on an annualized basis.

 

 
Meanook Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Meanook Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

The Meanook property was audited as part of the McDaniel Report and no reserves were assigned. Meanook had an estimated net present value of approximately ($29,000) using forecast pricing at a 10% discount.

 


 
Meanook LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Meanook property was ($323,750) (deemed assets of $0 and deemed liabilities of $323,750), with an LMR ratio of 0.00.

 

 
Meanook Well List

Click here to download the complete well list in Excel.

REDWATER

Township 60-62, Range 19-21 W4

At Redwater, Sinopec holds a non-operated working interest in one section of land.

There is currently no production from Redwater.

 

 
Redwater Reserves

The Redwater property was not evaluated as part of the McDaniel Report.

Redwater LMR

Sinopec does not operate any wells or facilities at Redwater.


Redwater Well List

Click here to download the complete well list in Excel.

RETLAW

Township 11-13, Range 17-18 W4

At Retlaw, Sinopec holds various operated and non-operated working interests in approximately 6.25 sections of land.

There is currently no production from Retlaw.

Operating income net to Sinopec from Retlaw for the second quarter of 2023 averaged ($7,300) per month or ($87,600) on an annualized basis.

 

 
Retlaw Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Retlaw Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Retlaw property contained remaining proved plus probable reserves of 72,000 barrels of oil and natural gas liquids and 102 MMcf of natural gas (90,000 boe), with an estimated net present value of approximately $1.1 million using forecast pricing at a 10% discount.

 


 
Retlaw LMR

Sinopec does not operate any wells or facilities at Retlaw.


Retlaw Well List

Click here to download the complete well list in Excel.

ST. ALBERT

Township 52-58, Range 25 W4 - 4 W5

At St. Albert, Sinopec holds various operated and non-operated working interests in approximately 40 sections of land.

There is currently no production from St. Albert.

Operating income net to Sinopec from St. Albert for the second quarter of 2023 averaged ($17,100) per month or ($205,200) on an annualized basis.

 

 
St. Albert Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

St. Albert Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

The St. Albert property was audited as part of the McDaniel Report and no reserves were assigned. St. Albert had an estimated net present value of approximately ($452,000) using forecast pricing at a 10% discount.

 


 
St. Albert LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the St. Albert property was ($10.2 million) (deemed assets of $0 and deemed liabilities of $10.2 million), with an LMR ratio of 0.00.

 

 
St. Albert Well List

Click here to download the complete well list in Excel.

WESTLOCK

Township 61, Range 26-27 W4

At Westlock, Sinopec holds non-operated working interests in two sections of land.

There is currently no production from Westlock.

Operating income net to Sinopec from Westlock for the second quarter of 2023 averaged ($100) per month or ($1,200) on an annualized basis.

 

 
Westlock Reserves

The Westlock property was not evaluated as part of the McDaniel Report.
 
Westlock LMR

Sinopec does not operate any wells or facilities at Westlock.


Westlock Well List

Click here to download the complete well list in Excel.

PEACE RIVER ARCH PACKAGE

In the Peace River Arch Package, Sinopec holds various GORR and working interests in the Ante Creek, Bezanson, Bonanza, Calais, Cecil, George, Kakut, Manir, Mulligan, Pouce Coupe, Puskwa, Simonette, Sinclair, Valleyview, Wembley and Woking areas as shown on the following map.
 

Average production net to Sinopec from the Peace River Arch Package for the second quarter of 2023 was approximately 487 Mcf/d of natural gas and 19 barrels of oil and natural gas liquids (100 boe/d).
 

 


 

 

MULLIGAN

Township 81-82, Range 7-10 W6

At Mulligan, Sinopec holds various operated and non-operated working interests in approximately 20.75 sections of land. Production from Mulligan is primarily from the Paddy, Dunvegan, Kiskatinaw and Charlie Lake formations.

Average production net to Sinopec from the Mulligan property for the second quarter of 2023 was approximately 297 Mcf/d of natural gas and 6 bbl/d of oil and natural gas liquids (56 boe/d).

Operating income net to Sinopec from Mulligan for the second quarter of 2023 averaged $125 per month or $1,500 on an annualized basis.

 


Mulligan, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Mulligan Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Mulligan Reserves

The Mulligan property was audited as part of the McDaniel Report and no reserves were assigned.


Mulligan LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Mulligan property was $119,426 (deemed assets of $1.8 million and deemed liabilities of $1.7 million), with an LMR ratio of 1.07.
 

 
Mulligan Well List

Click here to download the complete well list in Excel.

POUCE COUPE

Township 77, Range 11 W6

At Pouce Coupe, Sinopec holds a 3.0% GORR interest in P&NG rights below the base of the Halfway to the base of the Montney Formation in one section of land as well as a 100% working interest in the natural gas rights in the Paddy-Cadotte and Cadomin formations in the south half of Section 32-077-11W6. Royalty production from Pouce Coupe is from the Montney Formation and is operated by Kelt Exploration Ltd.

Average royalty production net to Sinopec from the Pouce Coupe property for the second quarter of 2023 was approximately 101 Mcf/d of natural gas and 9 bbl/d of oil (25 boe/d). 

Royalty income net to Sinopec from Pouce Coupe for the second quarter of 2023 averaged $32,500 per month or $390,000 on an annualized basis.

 


Pouce Coupe, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Pouce Coupe Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Pouce Coupe property contained remaining proved plus probable reserves of 208 MMcf and 37,000 barrels of oil and natural gas liquids (72,000 boe), with an estimated net present value of approximately $2.3 million using forecast pricing at a 10% discount.

 


 
Pouce Coupe LMR

Sinopec does not operate any wells or facilities at Pouce Coupe.


Pouce Coupe Well List

Click here to download the complete well list in Excel.

WEMBLEY

Township 74, Range 8 W6

At Wembley, Sinopec holds a 0.15% GORR interest in one section of land. Production from Wembley is from the Halfway Formation and is operated by Canadian Natural Resources Limited.

Royalty production net to Sinopec from the Wembley property in the second quarter of 2023 was minimal.

Royalty income net to Sinopec from Wembley for the second quarter of 2023 averaged $80 per month or $960 on an annualized basis

 


Wembley, Alberta
Gross Production Group Plot of Sinopec's Wells



 
Wembley Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Wembley property contained remaining proved plus probable reserves of 2 MMcf (300 boe), with an estimated net present value of approximately $6,000 using forecast pricing at a 10% discount.

 


 
Wembley LMR

Sinopec does not operate any wells or facilities at Wembley.


Wembley Well List

Click here to download the complete well list in Excel.

PUSKWA

Township 73, Range 25-26 W5

At Puskwa, Sinopec holds a 5.0% GORR interest in 10.25 sections of land.

Average royalty production net to Sinopec from the Puskwa property for the second quarter of 2023 was approximately 4 Mcf/d of natural gas and 5 bbl/d of oil and natural gas liquids (5 boe/d).

Royalty income net to Sinopec from Puskwa is nominal.

 


Puskwa, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Puskwa Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Puskwa property contained remaining proved plus probable reserves of 26 MMcf and 12,000 barrels of oil and natural gas liquids (17,000 boe), with an estimated net present value of approximately $735,000 using forecast pricing at a 10% discount.

 


 
Puskwa LMR

Sinopec does not operate any wells or facilities at Puskwa.


Puskwa Well List

Click here to download the complete well list in Excel.

SIMONETTE

Township 62-63, Range 25-26 W4

At Simonette, Sinopec holds various operated and non-operated working interests and GORR interests in approximately 19.75 sections of land. Production from Simonette is primarily from the Dunvegan and Gething formations.

Average production net to Sinopec from the Simonette property for the second quarter of 2023 was approximately 49 Mcf/d of natural gas (8 boe/d).

Operating income net to Sinopec from Simonette for the second quarter of 2023 averaged ($5,000) per month or ($60,500) on an annualized basis.

 


Simonette, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Simonette Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Simonette Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing. 

McDaniel & Sinopec estimated that as at January 1, 2023 the Simonette property contained remaining proved plus probable reserves of 220 MMcf of natural gas and 35,000 barrels of oil and natural gas liquids (71,000 boe), with an estimated net present value of approximately $1.2 million using forecast pricing at a 10% discount.

 


 
Simonette LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Simonette property was ($342,176) (deemed assets of $49,969 and deemed liabilities of $392,145), with an LMR ratio of 0.13.

 

 
Simonette Well List

Click here to download the complete well list in Excel.

GEORGE

Township 81, Range 3 W6

At George, Sinopec holds a 10% non-operated working interest in two sections of land. Production from George is from the Kiskatinaw Formation in two vertical natural gas wells operated by Spoke Resources Ltd.

Average production net to Sinopec from the George property for the second quarter of 2023 was approximately 35 Mcf/d of natural gas (6 boe/d). 

Operating income net to Sinopec from George for the second quarter of 2023 averaged $1,400 per month or $16,500 on an annualized basis.

 


George, Alberta
Gross Production Group Plot of Sinopec's Wells


 
George Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing. 

McDaniel & Sinopec estimated that as at January 1, 2023 the George property contained remaining proved plus probable reserves of 86 MMcf and 1,000 barrels of natural gas liquids (16,000 boe), with an estimated net present value of approximately $191,000 using forecast pricing at a 10% discount.

 


 
George LMR

Sinopec does not operate any wells or facilities at George.


George Well List

Click here to download the complete well list in Excel.

ANTE CREEK

Township 66-67, Range 21-24 W5

At Ante Creek, Sinopec holds various operated and non-operated working interests in approximately 1.75 sections of land.

There is currently no production from Ante Creek.

Operating income net to Sinopec from Ante Creek for the second quarter of 2023 averaged ($1,300) per month or ($15,600) on an annualized basis.

 

 
Ante Creek Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Ante Creek Reserves

The Ante Creek property was audited as part of the McDaniel Report and no reserves were assigned.


Ante Creek LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Ante Creek property was ($34,000) (deemed assets of $0 and deemed liabilities of $34,000), with an LMR ratio of 0.00.
 

 
Ante Creek Well List

Click here to download the complete well list in Excel.

BEZANSON

Township 69-71, Range 2 W6

At Bezanson, Sinopec holds an operated working interests in one section of land.

There is currently no production from Bezanson.

Operating income net to Sinopec from Bezanson for the second quarter of 2023 averaged ($45) per month or ($540) on an annualized basis.

 

 
Bezanson Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Bezanson Reserves


The Bezanson property was not evaluated as part of the McDaniel Report.

Bezanson LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Bezanson property was ($120,776) (deemed assets of $0 and deemed liabilities of $120,776), with an LMR ratio of 0.00.
 

 
Bezanson Well List

Click here to download the complete well list in Excel.

BONANZA

Township 80-82, Range 10-12 W6

At Bonanza, Sinopec holds various operated and non-operated working interests in 3.25 sections of land.

There is currently no production from Bonanza.

Operating income net to Sinopec from Bonanza for the second quarter of 2023 averaged ($140) per month or ($1,680) on an annualized basis.

 

 
Bonanza Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Bonanza Reserves

The Bonanza property was not evaluated as part of the McDaniel Report.


Bonanza LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Bonanza property was ($206,877) (deemed assets of $0 and deemed liabilities of $206,877), with an LMR ratio of 0.00.
 

 
Bonanza Well List

Click here to download the complete well list in Excel.

CALAIS

Township 70, Range 25 W5

At Calais, Sinopec holds non-operated working interests in two sections of land.

There is currently no production from Calais.

 



 
Calais Reserves

The Calais property was not evaluated as part of the McDaniel Report.


Calais LMR

Sinopec does not operate any wells or facilities at Calais.

Calais Well List

Click here to download the complete well list in Excel.

CECIL

Township 83-84, Range 8-10 W6

At Cecil, Sinopec holds operated working interests in approximately 7.5 sections of land.

There is currently no production from Cecil.

Operating income net to Sinopec from Cecil for the second quarter of 2023 averaged ($12,600) per month or ($151,200) on an annualized basis.

The Cecil property has been shut-in since March 2021. In February 2021 gross production from the property was over 50 bbl/d of oil and 200 Mcf/d of natural gas (84 boe/d). The Company has proved developed non-producing reserves of approximately 1.2 million boe, consisting of 6.2 Bcf of natural gas, 74,900 barrels of natural gas liquids and 53,400 barrels of oil at Cecil.

 

 
Cecil Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Cecil Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Cecil property contained remaining proved plus probable reserves of 8.7 Bcf and 165,000 barrels of oil and natural gas liquids (1.6 million boe), with an estimated net present value of approximately $3.4 million using forecast pricing at a 10% discount.

 


 
Cecil LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Cecil property was ($3.1 million) (deemed assets of $0 and deemed liabilities of $3.1 million), with an LMR ratio of 0.00.

 

 
Cecil Well List

Click here to download the complete well list in Excel.

KAKUT

Township 74-76, Range 1-3 W6

At Kakut, Sinopec holds various operated and non-operated working interests in seven sections of land.

There is currently no production from Kakut.

Operating income net to Sinopec from Kakut for the second quarter of 2023 averaged ($3,300) per month or ($39,600) on an annualized basis.

 

 
Kakut Facilities

Details of all Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Kakut Reserves

The Kakut property was not evaluated as part of the McDaniel Report.


Kakut LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Kakut property was ($1.9 million) (deemed assets of $0 and deemed liabilities of $1.9 million), with an LMR ratio of 0.00.
 

 
Kakut Well List

Click here to download the complete well list in Excel.

MANIR

Township 72, Range 4-5 W6

At Manir, Sinopec holds non-operated working interests in five sections of land.

There is currently no production from Manir.

Operating income net to Sinopec from Manir for the second quarter of 2023 averaged ($80) per month or ($960) on an annualized basis.

 

 
Manir Reserves

The Manir property was audited as part of the McDaniel Report and no reserves were assigned.

Manir LMR

Sinopec does not operate any wells or facilities at Manir.

Manir
 Well List

Click here to download the complete well list in Excel.

SINCLAIR

Township 73, Range 11-13 W6

At Sinclair, Sinopec holds various operated and non-operated working interests in approximately 7.75 sections of land.

There is currently no production from Sinclair.

Operating income net to Sinopec from Sinclair for the second quarter of 2023 averaged ($18,700) per month or ($224,400) on an annualized basis.

 

 
Sinclair Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Sinclair Reserves

The Sinclair property was audited as part of the McDaniel Report and no reserves were assigned.

Sinclair LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Sinclair property was ($3.0 million) (deemed assets of $0 and deemed liabilities of $3.0 million), with an LMR ratio of 0.00.
 

 
Sinclair Well List

Click here to download the complete well list in Excel.

VALLEYVIEW

Township 71, Range 21 W5

At Valleyview, Sinopec holds a GORR interest in two sections of land.

There is currently no production from Valleyview.

 

 
Valleyview Reserves

The Valleyview property was not evaluated as part of the McDaniel Report.

Valleyview LMR

Sinopec does not operate any wells or facilities at Valleyview.

Valleyview
 Well List

Click here to download the complete well list in Excel.

WOKING

Township 75-76, Range 4-5 W6

At Woking, Sinopec holds various operated and non-operated working interests in 1.5 sections of land.

There is currently no production from Woking.

Operating income net to Sinopec from Woking for the second quarter of 2023 averaged ($45) per month or ($540) on an annualized basis.

 

 
Woking Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Woking Reserves

The Woking property was not evaluated as part of the McDaniel Report.

Woking LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Woking property was ($34,000) (deemed assets of $0 and deemed liabilities of $34,000), with an LMR ratio of 0.00.
 

 
Woking Well List

Click here to download the complete well list in Excel.

GREATER RAINBOW PACKAGE

In the Greater Rainbow Package, the Company holds various working interests in the Boundary Lake, Chinchaga and Rainbow areas of Alberta.
 

Average production net to Sinopec from the Greater Rainbow Package for the second quarter of 2023 was approximately 17 Mcf/d of natural gas (three boe/d).



 

 

BOUNDARY LAKE

Township 86-87, Range 11-13 W6

At Boundary Lake, Sinopec holds non-operated working interests in two sections of land. Production from Boundary Lake is from Sinopec’s 50% working interest in one commingled Baldonnel/Charlie Lake natural gas well operated by Canadian Natural Resources Limited.

Average production net to Sinopec from the Boundary Lake property for the second quarter of 2023 was approximately 17 Mcf/d of natural gas (three boe/d).

Operating income net to Sinopec from Boundary Lake for the second quarter of 2023 averaged ($250) per month or ($3,000) on an annualized basis.

 


Boundary Lake, Alberta
Gross Production Group Plot of Sinopec's Wells


 
Boundary Lake Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Boundary Lake property contained remaining proved plus probable reserves of 19 MMcf and 1,000 barrels of natural gas liquids (4,000 boe), with an estimated net present value of approximately $19,000 using forecast pricing at a 10% discount.

 


 
Boundary Lake LMR

Sinopec does not operate any wells or facilities at Boundary Lake.

Boundary
 Lake Well List

Click here to download the complete well list in Excel.

CHINCHAGA

Township 97-98, Range 9 W6

At Chinchaga, Sinopec holds non-operated working interests in 1.5 sections of land.

There is currently no production from Chinchaga.

Operating income net to Sinopec from Chinchaga for the second quarter of 2023 averaged ($110) per month or ($1,320) on an annualized basis.

 

 
Chinchaga Reserves

The Chinchaga property was not evaluated as part of the McDaniel Report.

Chinchaga LMR

Sinopec does not operate any wells or facilities at Chinchaga.

Chinchaga
 Well List

Click here to download the complete well list in Excel.

RAINBOW

Township 109-120, Range 5-9 W6

At Rainbow, Sinopec holds various operated and non-operated working interests in approximately three sections of land.

There is currently no production from Rainbow.

Operating income net to Sinopec from Rainbow for the second quarter of 2023 averaged ($330) per month or ($3,960) on an annualized basis.

 

 
Rainbow Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Rainbow Reserves

The Rainbow property was not evaluated as part of the McDaniel Report.

Rainbow LMR

As of November 4, 2023, Sinopec’s deemed net asset value for the Rainbow property was ($23,875) (deemed assets of $0 and deemed liabilities of $23,875), with an LMR ratio of 0.00.
 

 
Rainbow Well List

Click here to download the complete well list in Excel.

NORTHEASTERN BC PACKAGE

In the Northeastern BC Package, the Company holds various operated and non-operated working interests in the Buick Creek, Dahl, Flatrock, Jackpine, Milo, Monias, Sahtaneh, Thunder and Wargen areas.
 

Average production net to Sinopec from the Northeastern BC Package for the second quarter of 2023 was approximately 381 Mcf/d of natural gas and one barrel of natural gas liquids per day (65 boe/d).
 


 

 

THUNDER

NTS 093-I - 093-P

At Thunder, Sinopec holds various operated and non-operated working interests in approximately 32 NTS units of land. Production from Thunder is from Sinopec’s 32.5% working interest in one Cretaceous natural gas well operated by Cenovus Energy Inc. and one 100% working interest Nikanassin natural gas well.

Average production net to Sinopec from Thunder for the second quarter of 2023 was approximately 152 Mcf/d of natural gas (25 boe/d).

Operating income net to Sinopec from Thunder for the second quarter of 2023 averaged $2,300 per month or $27,900 on an annualized basis.

 


Thunder, British Columbia
Gross Production Group Plot of Sinopec's Wells


 
Thunder Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Thunder Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Thunder property contained remaining proved plus probable reserves of 327 MMcf (55,000 boe), with an estimated net present value of approximately $260,000 using forecast pricing at a 10% discount.

 


 
Thunder LMR

As of November 20, 2023, Sinopec’s deemed net asset value for the Thunder property was ($206,940) (deemed assets of $0 and deemed liabilities of $206,940), with an LMR ratio of 0.00.

 

 
Thunder Well List

Click here to download the complete well list in Excel.

JACKPINE

NTS 093-P

At Jackpine, Sinopec holds non-operated working interests in 12 NTS units of land. Production from Jackpine is from Sinopec’s 50% working interest in one Nikanassin natural gas well operated by Cenovus Energy Inc.

Average production net to Sinopec from the Jackpine property for the second quarter of 2023 was approximately 140 Mcf/d of natural gas and one bbl/d of natural gas liquids (24 boe/d).

Operating income net to Sinopec from Jackpine for the second quarter of 2023 averaged $1,400 per month or $16,000 on an annualized basis.

 


Jackpine, British Columbia
Gross Production Group Plot of Sinopec's Wells


 
Jackpine Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Jackpine Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Jackpine property contained remaining proved plus probable reserves of 570 MMcf and 8,000 barrels of natural gas liquids (103,000 boe), with an estimated net present value of approximately $299,000 using forecast pricing at a 10% discount.

 


 
Jackpine LMR

Sinopec does not operate any wells or facilities at Jackpine.

Jackpine
 Well List

Click here to download the complete well list in Excel.

MONIAS

Township 82, Range 21 W6

At Monias, Sinopec holds a non-operated working interest in one section of land. Production from Monias is from Sinopec’s 26% working interest in one Belloy natural gas well operated by Crew Energy Inc.

Average production net to Sinopec from the Monias property for the second quarter of 2023 was approximately 89 Mcf/d of natural gas (15 boe/d).

Operating income net to Sinopec from Monias for the second quarter of 2023 averaged ($5,000) per month or ($60,000) on an annualized basis.

 


Monias, British Columbia
Gross Production Group Plot of Sinopec's Wells


 
Monias Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Monias property contained remaining proved plus probable reserves of 225 MMcf and 200 barrels of natural gas liquids (38,000 boe), with an estimated net present value of approximately $117,000 using forecast pricing at a 10% discount.

 


 
Monias LMR

Sinopec does not operate any wells or facilities at Monias.

Monias
 Well List

Click here to download the complete well list in Excel.

BUICK CREEK

NTS 094-A

At Buick Creek, Sinopec holds various operated and non-operated working interests in approximately eight NTS units of land.

There is currently no production from Buick Creek.

Operating income net to Sinopec from Buick Creek for the second quarter of 2023 averaged ($20) per month or ($240) on an annualized basis.

 

 
Buick Creek Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Buick Creek Reserves

The Buick Creek property was not evaluated as part of the McDaniel Report.

Buick Creek LMR

As of November 20, 2023, Sinopec’s deemed net asset value for the Buick Creek property was ($30,000) (deemed assets of $0 and deemed liabilities of $30,000), with an LMR ratio of 0.00.
 

 
Buick Creek Well List

Click here to download the complete well list in Excel.

DAHL

NTS 094-H

At Dahl, Sinopec holds non-operated working interests in four NTS units of land.

There is currently no production from Dahl.

Operating income net to Sinopec from Dahl for the second quarter of 2023 averaged ($150) per month or ($1,800) on an annualized basis.

 

 
Dahl Reserves

The Dahl property was not evaluated as part of the McDaniel Report.

Dahl LMR

Sinopec does not operate any wells or facilities at Dahl.

Dahl
 Well List

Click here to download the complete well list in Excel.

FLATROCK

Township 84-87, Range 16-18 W6

At Flatrock, Sinopec holds various operated and non-operated working interests in 10 sections of land.

There is currently no production from Flatrock.

Operating income net to Sinopec from Flatrock for the second quarter of 2023 averaged ($7,000) per month or ($84,000) on an annualized basis.

 

 
Flatrock Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement.

Flatrock Reserves

The Flatrock property was audited as part of the McDaniel Report and no reserves were assigned.

Flatrock
 LMR

As of November 20, 2023, Sinopec’s deemed net asset value for the Flatrock property was ($64,500) (deemed assets of $0 and deemed liabilities of $64,500), with an LMR ratio of 0.00.
 

 
Flatrock Well List

Click here to download the complete well list in Excel.

MILO

NTS 094-J

At Milo, Sinopec holds non-operated working interests in approximately 36 NTS units of land.

There is currently no production net to Sinopec from Milo.

Operating income net to Sinopec from Milo for the second quarter of 2023 averaged ($350) per month or ($4,200) on an annualized basis.

 


Milo, British Columbia
Gross Production Group Plot of Sinopec's Wells


 
Milo Reserves

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). A number of the Properties were evaluated by McDaniel, while some Properties were evaluated by the Company and audited by McDaniel. The McDaniel Report is effective January 1, 2023, using McDaniel’s January 1, 2023 forecast pricing.

McDaniel & Sinopec estimated that as at January 1, 2023 the Milo property contained remaining proved plus probable reserves of 2.0 Bcf (338,000 boe), with an estimated net present value of approximately $2.0 million using forecast pricing at a 10% discount. 


 


 
Milo LMR

Sinopec does not operate any wells or facilities at Milo.

Milo
 Well List

Click here to download the complete well list in Excel.

SAHTANEH

NTS 094-I

At Sahtaneh, Sinopec holds non-operated working interests in approximately four NTS units of land.

There is currently no production from Sahtaneh.

Operating income net to Sinopec from Sahtaneh for the second quarter of 2023 averaged ($40) per month or ($480) on an annualized basis.

 

 
Sahtaneh Reserves

The Sahtaneh property was not evaluated as part of the McDaniel Report.

Sahtaneh LMR

Sinopec does not operate any wells or facilities at Sahtaneh.

Sahtaneh
 Well List

Click here to download the complete well list in Excel.

WARGEN

NTS 094-H

At Wargen, Sinopec holds an 80% operated working interest in approximately four NTS units of land.

There is currently no production from Wargen.

Operating income net to Sinopec from Wargen for the second quarter of 2023 averaged ($100) per month or ($1,200) on an annualized basis.

 

 
Wargen Facilities

Details on Sinopec’s facilities are available in the virtual data room for parties that execute a confidentiality agreement. 

Wargen Reserves

The Wargen property was not evaluated as part of the McDaniel Report.

Wargen LMR

As of November 20, 2023, Sinopec’s deemed net asset value for the Wargen property was ($148,250) (deemed assets of $0 and deemed liabilities of $148,250), with an LMR ratio of 0.00.
 

 
Wargen Well List

Click here to download the complete well list in Excel.

FORGAN, SASKATCHEWAN

Township 23, Range 13 W3

Sinopec holds a non-operated interest in two non-producing wells and six LSDs of land in the Forgan area of Saskatchewan.

 

 
Forgan Reserves

The Forgan property was not evaluated as part of the McDaniel Report.

Forgan LMR

Sinopec does not operate any wells or facilities at Forgan.

Forgan Well List


Click here to download the complete well list in Excel.

 

PROCESS & TIMELINE

Sayer Energy Advisors is accepting cash offers to acquire the Properties until 12:00 pm on Thursday January 25, 2024. 


 
Sayer Energy Advisors does not conduct a "second-round" bidding process; the intention is to attempt to conclude
transactions with the parties submitting the most acceptable proposals at the conclusion of the process.

Sayer Energy Advisors is accepting cash offers from interested parties until
noon on Thursday January 25, 2024.

NOTE REGARDING A SAYER PROCESS
 
On each and every offering brochure generated by Sayer, you will note the sentence “Sayer Energy Advisors does not conduct a “second-round” bidding process; the intention is to attempt to conclude a sale of the Properties with the party submitting the most acceptable proposal at the conclusion of the process.” What this means is that Sayer will not go back to multiple parties at the same time after bids are received, asking them all for a second bid. We determine which party submitted the most acceptable proposal and then we attempt to negotiate acceptable terms with that party in a “one-off” situation.

If the process involves a cash sale of a property or company and the party which submitted the most acceptable proposal has met our client’s threshold value, that offer will be accepted. If this proposal does not meet our client’s threshold value, then we will advise that party that the offer is not quite what our client was expecting, and we will ask them to increase the offer. If that offer is not acceptable to our client, we will then move down to the party which submitted the next most acceptable proposal and we will then work with that party to attempt to meet our client’s threshold value.

 
In the extremely rare circumstance where two or more parties submit virtually identical proposals, we will contact all  parties, we will advise them of this situation and we will ask them to submit a revised proposal.  Once these are received, we will work with the party which has submitted the most acceptable proposal.

CONFIDENTIALITY AGREEMENT

Parties  wishing to receive access to the confidential information with detailed  technical information relating to this opportunity should execute the  Confidentiality Agreement and return one copy to Sayer Energy Advisors by courier, email (tpavic@sayeradvisors.com) or fax (403.266.4467).

Included in the confidential information is the following: summary land information, the McDaniel Report, LMR information, most recent net operations summary, detailed facilities information and other relevant technical information.

Download Confidentiality Agreement

To receive further information on the Properties please contact Tom Pavic, Ben Rye or Sydney Birkett at 403.266.6133.

Top