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Connacher Oil and Gas Limited Announces that its Oil Sands Assets Are for Sale Pursuant to a Sale and Investment Solicitation Process
Connacher Oil and Gas Limited Announces that its Oil Sands Assets Are for Sale Pursuant to...
About this update from Christina Lake Cannabis Corp
[{"type":"text","content":"\n\n\n\nConnacher Oil and Gas Limited Announces that its Oil Sands Assets Are for Sale Pursuant to a Sale and Investment Solicitation Process\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nConnacher Oil and Gas Limited Announces that its Oil Sands Assets Are for Sale Pursuant to a Sale and Investment Solicitation Process\nCanada NewsWire\nCALGARY, May 19, 2016\n\n\n\nCALGARY, May 19, 2016 /CNW/ - On May 17, 2016, Connacher Oil and Gas Limited (\"Connacher\" or the \"Corporation\") commenced proceedings and obtained court protection under the Companies' Creditors Arrangement Act (\"CCAA\") pursuant to an initial order granted by the Court of Queen's Bench, in the Province of Alberta (the \"Initial Order\"). Ernst & Young Inc. has been appointed Monitor (the \"Monitor\") of the Corporation for the CCAA proceedings.\n\nPursuant to the Initial Order, the Corporation obtained approval to initiate a sale and investment solicitation process (\"SISP\") to be conducted in conjunction with the CCAA proceedings. The SISP is intended to generate interest in either the business or the assets of the Corporation. The Initial Order provides that the Monitor will assist the Corporation in conducting the SISP.\n\nConnacher and the Monitor are currently seeking parties interested in acquiring or investing in the business or the assets of the Corporation.\n\nThe assets of Connacher include a 100% working interest in approximately 87,000 net acres of oil sands leases located southwest of Fort McMurray, Alberta, with estimated gross 2P reserves of 436 million barrels. The Company has two SAGD facilities at Great Divide, Pod One and Algar, that produced approximately 14,500 bbl/d in 2015 (and are currently producing approximately 8,000 bbl/d due to low commodity prices), with the opportunity for medium term development to increase capacity to 20,000 bbl/d. Connacher has 41 existing SAGD well pairs and 13 infill wells at Algar and Pod One and an approximately 40 year reserve life at 2015 production rates.\n\nUnder the SISP, the deadline for delivery of initial non-binding letters...