North Peace Energy Corp. to Review Strategic Alternatives
North Peace Energy Corp. (“North Peace” or the “Company”) has retained CIBC World Markets Inc. (“CIBC”) as its exclusive financial advisor to assist in its review of strategic alternatives. Strategic alternatives may include, but are not limited to, a corporate sale, merger or other business combination, joint venturing with an interested party, a major financing, or any other combination of the above.
North Peace has a 100% working interest in 135 nearly contiguous sections (86,400 acres) of crown oil sands leases at Red Earth in the Peace River area. The productive zone is the Bluesky Formation, which is a regional sand, deposited in a near shore marine environment at approximately 400 metre depth. A pilot project consisting of two horizontal Cyclic Steam Stimulation wells - complete with production and steam generation facilities - has been operating since May 2009.
Sproule Associates Ltd. (“Sproule”) has provided a resource appraisal of the company’s resource base and assigned 2.1 billion bbl discovered bitumen in place and a best estimate contingent resource of 105 million bbl. The resource base is technically sufficient to advance a 10,000 bbl/d commercial project, with the ultimate potential to produce 30,000 bbl/d.
Upon signing of a CA, confidential information is immediately available to qualified interested parties.
Download North Peace Overview (2 MB)
Download the Confidentiality Agreement (40 KB)