.png)
Lycos Energy Inc. (“Lycos” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale of certain non-core oil and natural gas interests located in the Mikwan/Elnora area of Alberta (the “Property”). The Property consists of operated, 100% working interest oil production from the Duvernay Formation and extensive prospective Duvernay acreage. Lycos is selling the Property in order to focus its operations in its core areas. Average daily production net to Lycos from the Property for the first four months of 2023 was approximately 48 barrels of oil per day. Operating income net to Lycos from the Property for the first four months of 2023 averaged approximately $33,400 per month, or approximately $400,000 on an annualized basis. The Company has identified 230 million barrels of recoverable oil in place in the Lower and Upper Duvernay shales on its lands. As of June 3, 2023, the Property had a deemed net asset value of $1.6 million (deemed assets of $2.7 million and deemed liabilities of $1.1 million), with an LMR ratio of 2.49. Sproule Associates Limited (“Sproule”) prepared an independent reserves evaluation of the Property (the “Sproule Report”). The Sproule Report is effective March 1, 2023 […]
CamTrader offers a preview only. View original article. boereport.com
