West Lake Energy Plans To Sell 100% Working Interest In Oil And Natural Gas Properties In Saskatchewan

Deal In Brief

West Lake Energy Corp, an energy company, intends to sell 100% working interest in producing and non-producing oil and natural gas properties located in the Province of Saskatchewan, Canada. The transaction has an effective date of July 1, 2022

The producing properties are located in the Battle River, Cactus Lake, Celtic, Epping, Furness, Lashburn, Mervin, Pikes Peak, Silverdale and Tangleflags areas of Saskatchewan and the non-producing properties are located in the Ear Lake, Freemont, Macklin, Maidstone, Manitou, Marsden, Primate and Rush Lake areas of Saskatchewan. The properties have 33 proven plus probable horizontal and vertical drilling locations. As of March 31, 2022, the properties had proved plus probable reserves of approximately 5.6 mmbbls of oil and the average production of approximately to 1,152 boed (1,134 barrels of heavy oil per day and 108 mcfd of natural gas). In March 2022, net operating income from the properties averaged approximately to $1.9 million

Sayer Energy Advisors has been retained by the company for the divestment of assets

The preliminary information distributed in the week of May 16, 2022. The data rooms open in the week of May 23, 2022. The bid is due on June 23, 2022. The transaction is expected to be completed in July/August 2022.

Deal Type	Acquisition
Sub-Category	Asset Purchase
Deal Status	Rumour: 2022-05-18

Deal Participants

Acquirer (Company)	Undisclosed Company
Vendor (Company)	West Lake Energy Corp

Deal Rationale

% Acquisition

100%

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