Spyglass Resources receiver approved by court to sell oil, gas assets

By Mark Reccek

Bethlehem, Pa., Feb. 2 – Spyglass Resources Corp. said the Court of Queen’s Bench of Alberta on Jan. 25 approved a process whereby the receiver may sell company assets, as well as approved an agreement between the receiver and the Alberta Energy Regulator to facilitate the transfer of licenses to successful bidders, according to a news release.

Company assets include combined 2015 average production of approximately 9,603 boe/d, working interests in 545,894 gross acres in Alberta and British Columbia (including 345,708 net undeveloped acres), combined 2P oil and natural gas reserves estimated at approximately 42,437 Mboe and all associated infrastructure owned by Spyglass, the release said.

The 12 packages offered for sale include Dixonville, Southern Alberta Oil, Matziwin, British Columbia, Peace River Arch, Drumheller, Southern Alberta Gas, Provost, Pembina, Northern Alberta, royalty interests and proprietary seismic.

According to the release, the receiver is seeking parties interested in acquiring the company assets.

The deadline to submit bids is 5 p.m. ET on March 10.

Ernest & Young, Inc. serves as receiver and manager, the release indicated.

Spyglass is an oil and natural gas company based in Calgary, Alta.

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