Spartan vs Westbrick…AgainIt looks like Spartan and Westbrick Energy are in a fight over the CCAA’d Triple Five Energy Ltd, now know as Calgary Oil and Gas Syndicate Group Ltd.
Secured creditor Crown describes Triple Five as:
… a Calgary-based, privately-held company engaged in the business of acquiring interests in petroleum and natural gas rights, and the exploration, development, production and sale of petroleum and natural gas. Triple 5 produces approximately 5,500 barrels of oil equivalent production per day of which approximately 80% is natural gas and 20% is natural gas liquids. Triple Five is a low cost producer focused on increasing cash flow.
All of Triple 5’s production is from the Sunchild First Nation Reserve in west central Alberta in the Deep Basin fairway. The Company has no standing or abandoned wells on its property and has one of the best Liability Management Ratings in the industry. Triple Five intends to continue to develop its properties into a prominent high impact liquids rich gas play in Canada.
Current production from the Ferrier assets that are in the vicinity of the O’Chiese First Nations assets held by SDE is currently somewhat less than the above quoted 5,500 boe/d.
There are considerable details in the filings posted on the BDO website, but it looks like SDE made an offer to recap Triple Five, Westbrick showed up and made an offer to purchase the assets, and SDE has said they are not going to waste time and money unless they have exclusivity.
Laughably, allegedly Westbrick has been suggesting to various parties SDE doesn’t have the financial capacity to do a deal, which needs to at least cover the $27m + interest owing to Crown.
The last posted communication is April 13th, so who knows where this all of this currently stands.
For deal geeks, this all makes for interesting reading.
We all know how the epic Spartan vs Westbrick fight over Bellatrix turned out.
Can Spartan prevail once again??