Moya Little, President
Suite 105, 214 - 11 Avenue SE,
Calgary, Alberta, Canada
Phone: (403) 543-4080
Western Divestments has been retained by Petro One Energy Corp. (a wholly owned subsidiary of Goldstrike Resources Ltd.) to sell the shares of the company. The company’s primary oil and gas property is in the Milton area of Southwest Saskatchewan (Map 1). In addition there are miscellaneous interests located in SE Saskatchewan and Manitoba.
- Low risk, Viking light oil (30 API), development potential on major resource play fairway)
- Proven offsetting production from all prospective horizons
- Principal property under Saskatchewan jurisdiction
- Significant low risk development drilling opportunity base including:
- 6 unbooked horizontal locations
- Additional seismic based deeper potential on lands in Mannville/Success and Middle Bakken Sands. (20-30 API
- 2015 reserve evaluation completed on package
As a result of its activity in Saskatchewan and Manitoba Petro One generated significant Corporate tax pools. The current estimated value of these pools is 20 million dollars. It is anticipated that a potential purchaser would be the beneficiary of these tax pools through a corporate purchase.
McDaniel & Associates Consultants Ltd prepared an independent Reserves Report which included all of the Oil & Gas Assets of Petro One Energy Corp. The effective date of the report is April 30, 2015. The price deck used was McDaniel’s April 1, 2015 price forecast.
As of the effective date of this reserves report, the company had a total of 2 wells producing, both at Milton Saskatchewan, from the Viking formation. The reserves report also includes the drilling of 2 Viking HZ wells at Milton included in the Probable category. McDaniel’s has assumed that these wells will be drilled in 2016 and 2017 and will have initial production rates of 65 B/d and WI Recoverable Reserves of 43.7 MBbls/Well. Total FDC of 1.8 MM$.