CIBC Capital Markets (“CIBC”), the “Advisor”, has been retained by Insignia Energy Ltd. (“Insignia” or the “Company”) as exclusive advisors to solicit and evaluate proposals for a corporate sale. Insignia’s assets are located primarily in the Pouce Coupe and Caroline areas of Alberta. The Company’s current production is split 80% from the Pouce Coupe area (1,878 boe/d plus 200 boe/d currently behind pipe), 325 boe/d from the Caroline area, with non-core properties contributing less than 10% of total corporate production. Both of the Company’s main core areas are characterized by large unbooked inventories of future drilling locations across multiple stacked horizons.
The largest single property, Pouce Coupe, is located within the over-pressured window, directly offsetting prolific horizontal Montney development by other operators (particularly in the Gordondale area). Offsetting area operators have identified multiple Montney formations on offsetting lands. Insignia has high working interest (78%) Montney rights predominantly within the oil and liquids rich gas windows, as well as multiple liquids rich drilling opportunities in the Upper and Lower Doig and the Charlie Lake horizons.
In the Caroline area the Company has identified 287 net high working-interest (94%) development locations within the Mannville (Glauconitic, Ostracod and Ellerslie) alongside additional secondary potential within the Cardium and Viking formations.
Interested parties should not contact Insignia directly regarding any aspect of the process. All communications, enquiries and requests for information relating to the process should be directed to CIBC Capital Markets.
Signed CAs should be forwarded by email to CIBC. Once a CA has been executed, confidential information will be made available to qualified parties via a Virtual Data Room (“VDR”). Process timeline will be communicated to the counterparties upon execution of a CA.