Seaview has established its asset base in the Peace River Arch area through a combination of the corporate acquisitions, property acquisitions and several significant farm-ins. On June 30, 2009, Seaview completed the Peace River Asset Acquisition from a senior, public oil and gas company, providing approximately 730 Boe/d consisting of 3,990 Mcf/d of natural gas and 65 Bbls/d of crude oil and natural gas liquids. This acquisition enabled Seaview to consolidate its working interest in the strategic Balsam and Boundary Lake operating areas.
The Peace River Arch collective properties were producing approximately 2860 Boe/d at December 31, 2009 comprised of 15.8 mmcf/d natural gas and 230 Bbls/d oil and natural gas liquids as of the year ended. Seaview’s reserve life index (RLI) is 8.9 years based on Proven plus Probable reserves of approximately 9.3 MM Boe. Seaview has an average working interest of 48% in approximately 130,800 acres of gross land in this area.
Boundary Lake and Balsam are the most significant properties producing 1,500 and 660 boepd respectively. Seaview has working interest ranging from 50% to 100% and operates the majority of its production in the Boundary Lake asset. During 2009, Seaview was successful in delineating a Kiskatinaw gas pool through the drilling of 2 wells. In Balsam, Seaview’s working interest ranges from 33% to 100%. The primary reservoir zones are within large, mature Gething and Kiskatinaw natural gas pools and various Triassic oil and natural gas reservoirs. Seaview drilled a Triassic new pool discovery in late 2009, which will lead to additional drilling.
Seaview has production from the following other properties in this area; Gordondale, Doe, PouceCoupe, Sinclair, Valhalla and Clayhurst is approximately aggregate 700 boepd in aggregate as of December 31, 2009.
Seaview has focused its exploration and acquisition efforts in the Peace River Arch region. This area is characterized as having multi zone potential for natural gas and light oil drilling opportunities at shallow to moderate drilling depth (approximately 350 to 2,300 metres). Infrastructure is readily available and drilling access is predominately year round. Going forward, Seaview intends to focus its efforts on continuing to build its presence in this area through the internal development of prospects, acquisition of Crown acreage and attempting to secure acreage through farm in agreements and other industry participation agreements. Largely opportunity driven, Seaview will also look at selective acquisitions of assets, including undeveloped land, in this area.
Southeast Saskatchewan
As of April 29, 2010, Seaview sold its interest in the Southeast Saskatchewan properties for gross proceeds of $33 million.
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