Cougar acquired the Properties from a private company. The Properties include the following assets;

  • 4 producing non-operated CBM gas wells and associated gathering and production facilities located in Central Alberta with a net production of approximately 25 BOEPD.
  • 3 suspended Cardium oil wells located in central Alberta with the potential to reactivate 2 of the wells this summer for an estimated net production of 25bbl per day. The wells are also located in an area that has recently proven successful for horizontal Cardium oil development.
  • 5 standing natural gas wells in central and southern Alberta. These wells require additional workover and/or tie-in work and will be evaluated for development, farmout or divestiture.
  • 3200 net acres of mineral rights adjacent to Cougar’s oil producing Alexander property. These mineral rights include all P&NG rights and will be evaluated for oil production potential.

On April 25. 2011 Cougar received notification that the ERCB had approved the transfer of the operated wellbores included in the acquisition of the Properties. Payment for the Properties included Cougar assuming the abandonment liability for the Properties and forgiving an outstanding Accounts Receivable from the private company.