On March 5, 2025, pursuant to section 12(2) of the Judicature Act, RSA 2000, c J-2, section 99(a) of the Business Corporations Act, RSA 2000, c B-9 and section 106.1 of the Oil and Gas Conservation Act, RSA 2000, c O-6, further to an order application by the Orphan Well Association (“OWA”), PricewaterhouseCoopers Inc. LIT was appointed as Receiver and manager (the “Receiver”) of Long Run Exploration Ltd. (“Long Run” or the “Company”). Sayer Energy Advisors has been engaged to assist the Receiver with the sale of Long Run’s oil and natural gas properties (the “Properties”) located in Alberta. 

The Properties consist of operated and non-operated working interests which are located throughout Alberta. For marketing purposes, the Properties are separated into the following geographical packages: Boyer, Peace, Pine Creek, Redwater and Wapiti.

Average production net to Long Run from the Properties for the 12 months ended February 28, 2025 was 6,435 boe/d, consisting of 24.4 MMcf/d of natural gas and 2,361 barrels of oil and natural gas liquids per day.

As of April 1, 2025, the Properties had a deemed liability value of $474.8 million.

Long Run has identified numerous upside opportunities relating to the Properties including drilling opportunities at Pine Creek, multi-stack plays at Elmworth, waterflood potential at Snipe Lake, a liner pull project at Peace Montney and ample additional well repair projects and reactivation opportunities.  The Company’s key upside drilling locations are in the Elmworth, Hanlan, Kakwa and Pine Creek areas of Alberta.

McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared an independent reserves evaluation of the Properties as part of the Company’s year-end reporting (the “McDaniel Report”). The McDaniel Report is effective December 31, 2023, using an average of GLJ Ltd., McDaniel and Sproule Associates Limited’s January 1, 2024 forecast pricing. McDaniel estimated that as at December 31, 2023 the Properties contained remaining proved plus probable reserves of 391.8 Bcf of natural gas and 41.4 million barrels of oil and natural gas liquids (106.7 million boe), with an estimated net present value of approximately $731.2 million using forecast pricing at a 10% discount. 

Summary information relating to this divestiture and a package of more detailed confidential information will be sent to any party executing a Confidentiality Agreement. 

Offers relating to this process will be accepted until 12:00 pm on Thursday, June 19, 2025.

For further information please feel free to contact: Ben Rye, Sydney Birkett or Tom Pavic at 403.266.6133.