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Forge Oil & Gas Limited has made the decision to consolidate its limited capital on a single core property, and as such the Greater Bonnie Glen Rex/Spirit River oil and shallow gas assets are being made available for divestiture. Forge will consider all proposals with a preference to sell the assets located Southwest Of Edmonton in East-Central Alberta for cash.

These are two distinct, but strategically related divestiture packages:

1—
EMERGING HORIZONTAL REX OIL PLAY (16° API) – Upper Mannville (Rex/Spirit River) 370 MMbbls OOIP and 4 hz wells drilled (2 on production, 2 awaiting solution gas tie-in)
–Large Land Base Of 45 Contiguous Sections in 3 Strike areas: Bonnie Glen, Ferrybank & Honeysuckle;
–8 well/section Rex Oil Horizontal development drilling opportunity;
–New generation Horizontal Drill and Completion techniques yielding excellent economics;
–Proven Horizontal play w/ successful offsetting producing wells drilled by numerous operators
–Existing oil production in the Honeysuckle area;
–Standing Rex oil wells in Bonnie Glen awaiting solution gas tie-in.
–Production: 45 boe/d, immediate tie-in and bypassed pay drilling upside gain of 245 boe/day;
–LLR of 4.0;

The plan continues to be derisked and developed by offset operators.

2—
ESTABLISHED SHALLOW GAS PRODUCTION BASE with drilling and tie-in upside
–Production: 300 mcf/d (50 boe/d), immediate tie-in and bypassed pay drilling upside gain of 167 boe/day;
–Producing gas wells in Bonnie Glen and Ferrybank;
–LLR of 1.4
–Combined LLR of 1.9 can be increased to over 2.0 by tieing-in two existing drilled and completed Rex oil wells

ADDITIONAL NARRATIVE—
Forge has assembled a large contiguous land base of 45 Sections with 100% Working Interest in an emerging Upper Manville (Rex/Spirit River Group) Oil Play (sweet, 16° API) and 57 sections with 100% Working Interest of Upper Cretaceous Natural Gas rights in the Bonnie Glen, Honeysuckle, Leduc- Woodbend and Ferrybank strike areas of Central Alberta.

Asset Highlights:

• EAST-CENTRAL ALBERTA PROJECT
• U MANNVILLE; REX OIL; SPIRIT RIVER
• BONNIE GLEN; FERRYBANK
• -HONEYSUCKLE AREAS
• REX OIL (16° API)
• Proven Play. Successful Offset Operators
• LOW RISK; LONG HORIZONTALS
• 100% OPERATED WI. ~70/30 Crown & FH
• ORIGINAL OIL IN PLACE: 370 MMBBLS
• Current Prod: 20 BOPD & 146 MCFD
• Behind Pipe Rex Oil: 170 BOPD & 450 MCFD
• Current Prod: 300 MCFD
• Shallow Gas: 100% Operated WI
• Upside: 1.0 MMCFD bypassed Belly River
• Pipeline/Processing Infrastructure In Place
• SEEKING ASSET SALE

 

Energy Advisors Group - Mannville Development - East Central Alberta Project - Oil and Gas 360

Large Rex Oil & Shallow Gas Asset

 

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For more information, contact Steve Henrich, Canadian Representation with EAG, at shenrich@energyadvisors.com or 403-294-1906.

 


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