Transaction helps position industry to tackle swelling inventory of inactive wells CALGARY, Nov. 21, 2019 /CNW/ – Skye Asset Retirement Inc., ("Skye" or the "Company") announced today that it has entered into the first ever Sale and Funding Agreement ("SFA") to acquire the licenses and associated liability for a package of oil and gas wells that Skye will take through full closure and restoration. The wells are located in Saskatchewan and are being acquired from an undisclosed party. Skye Asset Retirement (CNW Group/Skye Asset Retirement) Under the SFA, Skye will receive cash considerations equal to the estimated cost to obtain full regulatory closure of the properties, a process that requires decommissioning, remediation and restoration of the sites to their original condition. Skye provides a turnkey solution for the retirement, remediation and full reclamation of inactive oil and gas wells, facilities and pipelines. In doing so, Skye enables solvent oil and gas producers to focus on their producing assets, while reducing the total inventory of inactive infrastructure. This, in turn, reduces the potential for inactive sites to become orphans, that is, sites that no longer have an owner that can be held accountable. "This acquisition proves there is now a […]
