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Property Divestiture BID DEADLINE: OCTOBER 25, 2023 AT 4:00 PM MST Bering Exploration Company, ULC (“Bering”, or the “Company”) has retained Trimble Energy Group as its exclusive financial advisor and agent to assist with the marketing of its oil & natural gas properties located in the Sullivan Lake/Garden Plains area of east central Alberta, the Valhalla, Pouce Coupe South, and Mirage areas on the Peace River Arch and in Mitsue area of northern Alberta (the “Properties”). DIVESTITURE OVERVIEW Recent production of 475 boe/d, consisting of 252 bbl/d of oil & condensate, 10 bbl/d of natural gas liquids and 1.3 MMcf/d of natural gas. In addition, at Sullivan Lake/Garden Plains, Bering has 334 boe/d (92 bbl/d of oil and 1.45 MMcf/d of natural gas) of completed volumes moving to production. At Pouce Coupe South, there is immediate reactivation and workover potential to bring online 2.26 MMcf/d of natural gas and 14 bbl/d of liquids or 391 boe/d net to Bering for estimated net capital costs of $475,000 or $1,214/boe/d. The majority of the production is attributed to Bering’s oil-weighted property in the Sullivan Lake/Garden Plains area with additional production, cash flow and reserves coming from its properties in Valhalla, Mirage-Gordondale […]
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