Content area
Abstract
The assets include approximately 143 gross producing wells (72 net) and an ownership interest in approximately 17,000 gross developed acres (11,000 net) and 56,000 gross undeveloped acres (16,000 net). Estimated net production is approximately 31 million cubic feet of gas equivalent per day (86% gas).
Rider shareholders are to receive 0.4659 Shiningbank trust unit per Rider share and pro-rata ownership in a separate exploration company run by Rider's current managers for a total C$328.1 million. Shiningbank will assume C$92 million in debt.
The assets include properties concentrated in the Pembina, Sunchild and Ferrier areas of Alberta, with net undeveloped land of approximately 17,500 acres. The majority of the properties are operated and feature an average 70% working interest. Current production is approximately 8,800 barrels of oil equivalent per day (78% gas) with proved-plus-probable reserves of 24.8 million barrels of oil equivalent (77% gas). Approximately 61% of the reserves are proved (86% developed and producing).