Rife Resources Ltd. (“Rife” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale of certain of Rife’s non-core oil and natural gas working interests located in Alberta and British Columbia (the “Properties”).

The Properties consist of operated and non-operated working interests which are located throughout Alberta and British Columbia. For marketing purposes, the Properties are separated into the following geographical packages: Central, Western, Southeast, Peace River Arch, Northern and Northwest.

Average production net to Rife from the Properties in the fourth quarter of 2023 was 57 boe/d, consisting of 202 Mcf/d of natural gas and 23 barrels of oil and natural gas liquids per day.

Operating income net to Rife from the Properties for the fourth quarter of 2023 was approximately $50,000 or approximately $200,000 on an annualized basis.

As of May 4, 2024, the Properties had a net deemed asset value in Alberta ($551,163) (deemed assets of $736,516 and deemed liabilities of $1.3 million), with an LMR ratio of 0.57. Rife does not operate any wells in British Columbia.

Trimble Engineering Associates Ltd. (“Trimble”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “Trimble Report”). The Trimble Report is effective December 31, 2023, using Sproule Associates Limited’s November 30, 2023 forecast pricing. Rife modified the Trimble Report specifically for this divestiture. Trimble estimated that as at December 31, 2023 the Properties contained remaining proved plus probable reserves of 820 MMcf of natural gas and 71,000 barrels of oil and natural gas liquids (207,000 boe), with an estimated net present value of approximately $1.3 million using forecast pricing at a 10% discount. 

Summary information relating to this divestiture is attached to this correspondence.  A package of more detailed confidential information will be sent to any party executing a Confidentiality Agreement (copy attached). 

Cash offers relating to this process will be accepted until 12:00 pm on Thursday, June 27, 2024.

For further information please feel free to contact: Ben Rye, Sydney Birkett, or Tom Pavic at 403-266-6133.