The board of directors at the general partner of South Bay Resources Canada Ltd. engaged Sayer Energy Advisors to assist with a strategic alternatives process, Sayer said April 13. South Bay is a privately held junior oil and gas company.
Oil and natural gas company South Bay has properties in central Alberta. At Mikwan/Huxley, the company has 60% to 85% working interests in four Nisku oil wells which can produce about 40 barrels per day (bbl/d) of sweet oil, or 30 bbl/d to 35 bbl/d net.
One well might be sidetracked to reach attic oil in a well-defined Nisku structure.
South Bay also has a 76% working interest in one Ellerslie natural gas well at Mikwan/Huxley. It produces 120 thousand cubic feet per day (Mcf/d) and 3 bbl/d of condensate and NGL.
At Radway, three Mannville natural gas wells can produce about 150 Mcf/d. The company has full working interest. Production at Radway could increase to 700 Mcf/d after workovers and tying in a fourth well, South Bay added. South Bay has minimal overhead and no severance obligations.
The deadline for submitting proposals relating to the strategic alternatives process is noon on Thursday, May 7. Contact Ryan Ferguson Young, Tom Pavic, Ben Rye or Jill Switzer at www.sayeradvisors.com
Sayer Energy Advisors is based in Calgary, Alberta.
South Bay Resources LLC is based in Houston.
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