2020 acquisition of Western Canadian Sedimentary Basin assets, including large contiguous holdings in several of Alberta’s most economic play types.
Recently acquired through a reverse takeover of private company Gain Energy, the Western Canadian Sedimentary Basin portfolio consists of 242 operated wells, at an average working interest of 78%, and 1,044 non-operated wells, at an average working interest of 14%, and includes 172k net developed acres and 186k net undeveloped acres of land.
Producing 8,948 boepd in June 2020, the portfolio includes large contiguous holdings in several of Alberta’s most economic play types. A stable, low-decline legacy production base from strategically held land positions, the assets generated $22 million of net operating income in 2019. As at 30 June 2020, the updated 2P reserves of the assets are 53.8 MMboe with a before-tax NPV10 of c.US$182 million.
Additionally, there are substantial third-party custom processing revenue and royalty income streams in place, which generated $3.9 million in 2019. i3 also owns the infrastructure in core assets, which provides egress optionality.