Welcome to AltaCorp Capital Inc.

Bernum Petroleum Ltd.


*Situation Map is optimized for plotting at 22x34 (D-size), alternatively printable at 11x17

*Land files can be imported into Accumap or Geoscout.
 Right click and save to download to your computer.

AltaCorp Capital Inc. (“AltaCorp”) has been engaged by Bernum Petroleum Ltd. (“Bernum”) as its exclusive advisor in its Corporate Divestiture process. Bernum is a private company with the majority (90%) of the equity held by a single major shareholder and management. This will be a competitive process and the owners’ preference will be for cash consideration.

Bernum is currently producing approximately 675 boed at 80% oil. The main assets are located at Bellis; heavy oil, in east central Alberta and Roxana; light oil, in west Central Alberta.

At Bellis, Bernum has captured the heart of a 150 MMbbl original-oil-in-place Sparky pool at 100% WI, only 1% of which has been recovered to-date. Consistent pay is mapped using log and 3-D seismic data at a depth of 575 m, with over 50 quad-leg horizontal locations identified. The oil is 16o API with a viscosity of 1,200 cp. The reservoir consists of a high permeability, consolidated sand with a solution gas drive, allowing it to cold flow.

22 wells have been drilled on the play and, in the process, Bernum has determined that it is most efficient to drill 1-mile quad-leg horizontal wells at a cost of approximately $ 1.7 MM; drilled, completed and equipped. The 1-mile quad-leg horizontals have been coming on-stream up to 180 bbl/d with expected primary recoveries of 150 – 200 mbbl oil per well.

With the superior reservoir quality (Darcy permeability) at Bellis, additional reserves can be realized at Bellis with a commercialized waterflood project. A pilot waterflood has been implemented in the north half of section 36-058-17W4 and has demonstrated that waterflooding can moderate production declines as well as deliver incremental recoverable reserves. This has been seen with the 13-36-059-17W4 and 14-36-058-17W4,  ½-mile long producers offsetting the pilot injection well.

Bernum tank treats the oil at Bellis, which then trucks clean oil to Hardisty. Additional infrastructure at Bellis includes a water disposal well and water injector, also at 100% WI. Netbacks in 2018 are forecast to be in the range of $ 20 / boe at strip pricing.

Bernum represents a unique opportunity to acquire an early-stage, low-cost project with a sizeable development inventory

Process Description:
Review of Documents: Commencing December 8, 2017
Bid Deadline: January 11, 2018 at 4:00pm MST



For further information, please contact:

Leslie Kende, P. Eng., MBA
Managing Director
Acquisitions & Divestitures
Tel: 403.539.8622