Moya Little, President
Suite 105, 214 - 11 Avenue SE,
Calgary, Alberta, Canada
Phone: (403) 543-4080
Convega Energy Ltd. wishes to sell 100% operated working interest in its Cessford property. Cessford is located approximately 200 km east of Calgary, Alberta. The property consists of 640 acres with rights from surface to base Mannville excl. NG in the Colorado and Blairmore Formations. There are seven wells on the property four of which produce 20 bopd of 30 degree API oil and 80 mcfd solution gas from the Mannville Formation. The wells produce at a 1% watercut.
In May of 2015, Convega as operator of a lower Mannville oil pool in sections 34 and 35-024-13 W4 in the Cessford field, submitted an application to have the pool designated as a separate pool from the current Cessford Commingled Pool 002. The application was approved.
The LLR asset value is $1,085,283 with an LLR liability value of $437,451. Property LLR ratio 2.48.
- 100% working interest in the Cessford Mannville T13T pool, Crown P&NG rights, no overrides.
- 7 wells total, 4 producing, 1 reactivation potential, 1 water injection potential, 1 water source potential.
- All wells flow-lined to a proration battery on LSD 8-34-24-13 W4. Battery equipped with 1000 bbl oil sales tank, 1000 bbl emulsion tank, 400 bbl water tank, treater, group separator and test separator. 3 producing wells equipped with casing gas compressors.
- Solution gas gathered to CNRL Cessford 2-8-24-12 W4 processing facility through new tie-in at LSD 7-26-24-13 W4.
- Recent toluene/dispersant squeezes on the 8-34, 10-34 & 12-35 wells.
- Recent overhauls on two casing gas compressors and two pump motors.
- Clean oil sold to Trafigura through IPL Hamilton Lake pipeline at Throne Truck Terminal.
- 6 un-booked drilling locations on 16 Ha spacing.
Original oil in place of 5,280 mstb, 518 mstb primary production to date (10 % current recovery). 107 mstb remaining oil reserves on primary recovery, 390 mstb waterflood recoverable reserves (conservative).