Offering Details
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Current Offerings / 10101906 Manitoba Ltd.
10101906 Manitoba Ltd.
Strategic Alternatives ProcessBid Deadline: July 3, 2025
12:00 PM
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OVERVIEW
10101906 Manitoba Ltd. (“101” or the “Company”) has engaged Sayer Energy Advisors to assist it with a strategic alternatives process. The Company is open to reviewing all alternatives including, but not limited to, a corporate transaction resulting in the sale of all of the shares of the Company or the sale of the Company’s oil and natural gas assets, in whole or in part.
101 is a private junior oil and natural gas company with predominantly operated working interests located in the Greater Manson area, specifically the Elgin, Gambler, Linklater, Manson, McAuley, North Hargrave and St. Lazare areas of Manitoba (the “Properties”). 101 was incorporated on June 15, 2021 under the Corporations Act of Manitoba and commenced operations on March 18, 2022. The Company acquired the Properties in 2022.
Average daily production net to 101 from the Properties for the year ended December 31, 2024 was approximately 105 bbl/d of oil.
Operating income net to 101 from the Properties for the year ended December 31, 2024 was approximately $900,000.
As at September 30, 2024, 101 had total unused Canadian income tax pools of approximately $5.9 million, including $2.8 million of non-capital losses.
Additional information relating to 101 will be provided to parties upon execution of a confidentiality agreement.
101 is a private junior oil and natural gas company with predominantly operated working interests located in the Greater Manson area, specifically the Elgin, Gambler, Linklater, Manson, McAuley, North Hargrave and St. Lazare areas of Manitoba (the “Properties”). 101 was incorporated on June 15, 2021 under the Corporations Act of Manitoba and commenced operations on March 18, 2022. The Company acquired the Properties in 2022.
Average daily production net to 101 from the Properties for the year ended December 31, 2024 was approximately 105 bbl/d of oil.
Operating income net to 101 from the Properties for the year ended December 31, 2024 was approximately $900,000.
As at September 30, 2024, 101 had total unused Canadian income tax pools of approximately $5.9 million, including $2.8 million of non-capital losses.
Additional information relating to 101 will be provided to parties upon execution of a confidentiality agreement.
Overview Map Showing the Location of 101's Properties
Corporate Overview
101 is a tightly-held private junior oil and natural gas company with a small number of shareholders, and no severance obligations.
As at December 31, 2024, 101 had total unused Canadian income tax pools of approximately $5.9 million, including $2.8 million of non-capital losses. Additional corporate information relating to 101 will be provided to parties upon execution of a confidentiality agreement.
101 is a tightly-held private junior oil and natural gas company with a small number of shareholders, and no severance obligations.
As at December 31, 2024, 101 had total unused Canadian income tax pools of approximately $5.9 million, including $2.8 million of non-capital losses. Additional corporate information relating to 101 will be provided to parties upon execution of a confidentiality agreement.
GREATER MANSON PROPERTIES
Township 6-18, Range 21-29 W1
In the Greater Manson area, 101 holds primarily a 100% working interest in 12 sections of Crown and Freehold mineral rights in the Elgin, Gambler, Linklater, Manson, McAuley, North Hargrave and St. Lazare and Two Creeks areas of Manitoba. Production from the Properties is primarily oil from the Lodgepole, Amaranth and Bakken formations.
Average daily production net to 101 from the Properties for the year ended December 31, 2024 was approximately 105 bbl/d of oil.
Operating income net to 101 from the Properties for the first year ended December 31, 2024 was approximately $900,000.
In the Greater Manson area, 101 holds primarily a 100% working interest in 12 sections of Crown and Freehold mineral rights in the Elgin, Gambler, Linklater, Manson, McAuley, North Hargrave and St. Lazare and Two Creeks areas of Manitoba. Production from the Properties is primarily oil from the Lodgepole, Amaranth and Bakken formations.
Average daily production net to 101 from the Properties for the year ended December 31, 2024 was approximately 105 bbl/d of oil.
Operating income net to 101 from the Properties for the first year ended December 31, 2024 was approximately $900,000.
Greater Manson, Manitoba
Gross Production Group Plot
North Hargrave/Two Creeks Areas
All of the Company’s production is currently from the North Hargrave/Two Creeks properties.
Current production at North Hargrave/Two Creeks is predominantly from vertical wells producing light oil from the Lodgepole Formation.
At North Hargrave/Two Creeks, the Company has primarily 100% working interests in certain lands as well as in the Miniota Unit No. 1.
All of the Company’s production is currently from the North Hargrave/Two Creeks properties.
Current production at North Hargrave/Two Creeks is predominantly from vertical wells producing light oil from the Lodgepole Formation.
At North Hargrave/Two Creeks, the Company has primarily 100% working interests in certain lands as well as in the Miniota Unit No. 1.
The North Hargrave/Two Creeks areas are defined by a northwest-southeast trending fault. The North Hargrave area is productive from the Lodgepole Formation and the Two Creeks area is productive from the Amaranth Formation.
Lodgepole Formation
The Mississippian Carbonates of the Upper Lodgepole Formation at North Hargrave consist of a high-quality heterogeneous limestone reservoir with good porosity and permeability. The limestone is overlain by dolomite with vuggy porosity. The Lodgepole reservoir lends itself to high recoverability of oil.
Amaranth Formation
Additional upside has been identified in the Miniota Unit No. 1 through expanding the waterflood in the Amaranth Formation, which should improve productivity and increase the reserves. Water injection started in November 2019 and immediately resulted in an increase in total fluid production. The well Elcano Miniota 100/05-06-013-26W1 has been identified as a candidate for water injection. Potential infill drilling locations on Section 01-013-027W1 could reduce per well operating costs for the area. Infill drilling of up to four additional production wells in the Miniota Unit No. 1 is also possible.
McAuley/St. Lazare Areas
In the McAuley/St. Lazare areas, 101 has a 100% working interest in several non-producing horizontal wells targeting oil from the Bakken and Melita formations.
Lodgepole Formation
The Mississippian Carbonates of the Upper Lodgepole Formation at North Hargrave consist of a high-quality heterogeneous limestone reservoir with good porosity and permeability. The limestone is overlain by dolomite with vuggy porosity. The Lodgepole reservoir lends itself to high recoverability of oil.
Amaranth Formation
Additional upside has been identified in the Miniota Unit No. 1 through expanding the waterflood in the Amaranth Formation, which should improve productivity and increase the reserves. Water injection started in November 2019 and immediately resulted in an increase in total fluid production. The well Elcano Miniota 100/05-06-013-26W1 has been identified as a candidate for water injection. Potential infill drilling locations on Section 01-013-027W1 could reduce per well operating costs for the area. Infill drilling of up to four additional production wells in the Miniota Unit No. 1 is also possible.
McAuley/St. Lazare Areas
In the McAuley/St. Lazare areas, 101 has a 100% working interest in several non-producing horizontal wells targeting oil from the Bakken and Melita formations.
Elgin/Linklater Areas
At Elgin, the Company holds a 100% working interest in the non-producing vertical well Elcano Elgin 04-31-006-21W1 which targeted oil in the Scallion Formation.
At Linklater, the Company holds a 100% working interest in the non-producing vertical well Elcano South Linklater Prov. 01-22-006-28W1 which targeted oil in the Mission Canyon Formation.
At Elgin, the Company holds a 100% working interest in the non-producing vertical well Elcano Elgin 04-31-006-21W1 which targeted oil in the Scallion Formation.
At Linklater, the Company holds a 100% working interest in the non-producing vertical well Elcano South Linklater Prov. 01-22-006-28W1 which targeted oil in the Mission Canyon Formation.
Gambler Area
At Gambler, the Company holds a 60% interest in the non-producing vertical well Elcano Gambler 14-23-018-29W1 which targeted oil in the Bakken Formation. Tundra Oil & Gas Ltd. has offsetting development in the Bakken Three Forks pool.
At Gambler, the Company holds a 60% interest in the non-producing vertical well Elcano Gambler 14-23-018-29W1 which targeted oil in the Bakken Formation. Tundra Oil & Gas Ltd. has offsetting development in the Bakken Three Forks pool.
Greater Manson Seismic
The Company does not have an interest in any seismic data relating to the Properties.
Greater Manson Reserves
The Company does not have a current third-party reserves evaluation relating to the Properties.
Greater Manson Liability Assessment
As of September 30, 2024, the Properties had an internally estimated liability value of $2.9 million.
Greater Manson Marketing
101 has a purchase contract in place with Kingston Marketing Limited for oil. Oil is trucked to the Kingston Cromer Truck Terminal from 101’s central battery located at 03-034-012-27W1.
Greater Manson Facilities
At North Hargrave/Two Creeks, the Company has a 100% working interest in the oil battery North Hargrave 100/03-34-012-27W1/00.
The Company also has a 100% working interest in four water disposal wells as follows:
The Company does not have an interest in any seismic data relating to the Properties.
Greater Manson Reserves
The Company does not have a current third-party reserves evaluation relating to the Properties.
Greater Manson Liability Assessment
As of September 30, 2024, the Properties had an internally estimated liability value of $2.9 million.
Greater Manson Marketing
101 has a purchase contract in place with Kingston Marketing Limited for oil. Oil is trucked to the Kingston Cromer Truck Terminal from 101’s central battery located at 03-034-012-27W1.
Greater Manson Facilities
At North Hargrave/Two Creeks, the Company has a 100% working interest in the oil battery North Hargrave 100/03-34-012-27W1/00.
The Company also has a 100% working interest in four water disposal wells as follows:
- Elcano North Hargrave SWD 00/03-34-012-27W1
- Elcano North Hargrave SWD 02/03-34-012-27W1
- Elcano North Hargrave 14-27-012-27W1
- Elcano North Hargrave 12-27-012-27W1
Greater Manson Well List
Click here to download the complete well list in Excel.
Click here to download the complete well list in Excel.
PROCESS & TIMELINE
Sayer Energy Advisors is accepting offers relating to this process until 12:00 pm on Thursday July 3, 2025.
Sayer Energy Advisors does not conduct a "second-round" bidding process; the intention is to attempt to conclude
transaction(s) with the party(ies) submitting the most acceptable proposal(s) at the conclusion of the process.
transaction(s) with the party(ies) submitting the most acceptable proposal(s) at the conclusion of the process.
Sayer Energy Advisors is accepting offers from interested parties until
noon on Thursday July 3, 2025.
noon on Thursday July 3, 2025.
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 Company 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.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.
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 (brye@sayeradvisors.com) or fax (403.266.4467).
Included in the confidential information is the following: most recent net lease operating statements, summary land information, liability information, and other relevant corporate and technical information.
Download Confidentiality Agreement
To receive further information on the Properties please contact Ben Rye, Tom Pavic or Sydney Birkett at 403.266.6133.