Number of posts : 253
Registration date : 2008-03-29
|Subject: Re: SABRETOOTH ENERGY LTD. (SAB.T) - NE BC Oil Shale Fri Sep 12, 2008 9:43 am|| |
|Sabretooth Energy Ltd. (SAB)||As of September 11th, 2008|
|Filing Date ||Transaction Date ||Insider Name ||Ownership Type ||Securities ||Nature of transaction ||# or value acquired or disposed of ||Unit Price |
|Jun 19/08 ||Jun 11/08 ||McFarlane, Joseph Eric ||Direct Ownership ||Options ||50 - Grant of options ||55,000 || |
|Jun 19/08 ||Jun 11/08 ||Ponto, Michael Karl ||Direct Ownership ||Options ||50 - Grant of options ||46,250 || |
|Jun 19/08 ||Jun 11/08 ||Robertson, Christine ||Direct Ownership ||Options ||50 - Grant of options ||55,000 || |
|Jun 19/08 ||Jun 11/08 ||Abbott, Marshall ||Direct Ownership ||Options ||50 - Grant of options ||75,000 || |
|Jun 03/08 ||May 23/08 ||Hume, Kelly Colleen ||Direct Ownership ||Common Shares ||51 - Exercise of options ||48,393 ||$2.060 |
|Jun 03/08 ||May 23/08 ||Hume, Kelly Colleen ||Direct Ownership ||Options ||51 - Exercise of options ||-48,393 || |
|Mar 24/08 ||Mar 24/08 ||Hume, Kelly Colleen ||Direct Ownership ||Common Shares ||10 - Disposition in the public market ||-10,000 ||$2.750 |
|Mar 13/08 ||Mar 12/08 ||Hume, Kelly Colleen ||Direct Ownership ||Common Shares ||10 - Disposition in the public market ||-10,000 ||$2.750 |
|Feb 26/08 ||Feb 26/08 ||Hume, Kelly Colleen ||Direct Ownership ||Common Shares ||10 - Disposition in the public market ||-8,000 ||$2.750 |
|Feb 25/08 ||Feb 25/08 ||Hume, Kelly Colleen ||Direct Ownership ||Common Shares ||10 - Disposition in the public market ||-8,260 ||$2.500|
Number of posts : 253
Registration date : 2008-03-29
|Subject: SABRETOOTH ENERGY LTD. (SAB.T) - NE BC Oil Shale Fri Jun 13, 2008 2:34 pm|| |
Sabretooth Energy Ltd. Announces New Strategic Direction
Sabretooth Energy Provides Operational and Financial Update; Intent to Focus on
Montney Exploration and Development
CALGARY, ALBERTA (May 8, 2008) – Sabretooth Energy Ltd. (“Sabretooth” or the “Company”)
(TSX: “SAB”) is pleased to provide an operational and financial update on first quarter 2008
production and drilling success as well as details regarding Sabretooth’s new strategic direction
and intent to become a Montney-focused exploration and development company.
Operations & Production Update
Sabretooth drilled seven gross (5.4 net) wells in the first quarter of 2008. Drilling was focused
mainly in Alberta on the Peace River Arch for the first quarter, before a focus shift into British
Columbia for the balance of 2008 to mitigate the effects of the Alberta new royalty framework.
Five wells drilled on the Peace River Arch (four in Alberta) resulted in two oil discoveries (1.8 net)
one gas discovery (1 net) and two dry holes (1.6 net). One well (0.5 net) was drilled in central
Alberta resulting in an oil discovery. One well (0.5 net) was drilled at Fireweed, British Columbia,
resulting in a gas discovery. Subsequent to the quarter end, the first well in a four well (1 net)
program, at Gunnell, spudded targeting the Jean Marie.
Work is ongoing on the approximately 785 boe/d tested and awaiting tie-in from nine projects in
the Peace River Arch area of Alberta and British Columbia. First production from behind pipe is
anticipated to be onstream from the Mica discovery at 250 boe/d by month end. As well, the first
of a 4 well infill horizontal drilling program in the Gunnell area is currently drilling and is
anticipated to be on-stream by month-end. The initial Gunnell well is projected to add 70 boe/d,
after flush volumes, and the project is estimated to add 200 boe/d, after flush volumes, by the end
of June. Current production is approximately 2,700 boe/d with additional existing production
impacted by break-up conditions. Production in the first quarter of 2008 was adversely affected
by the loss of production from three wells at George.
Strategic Direction & Asset Rationalization
The Board of Directors of Sabretooth have unanimously determined that a new, more focused
strategic direction for the Company will provide shareholders with the highest possible exposure
to near term value creation and unlock the undervalued potential that management and the Board
of Directors see reflected in the current share price.
Sabretooth has engaged Tristone Capital Inc. to explore alternatives to sell all or materially all of
the Company’s conventional asset production and land base, which would enable Sabretooth to
focus on, and accelerate exploitation of its significant Montney land spread and harvest the
material production and reserve volumes associated with the play.
Montney Asset Base & Impact Drilling Inventory
Sabretooth was recently successful in acquiring 5,280 net acres to further consolidate the
Company’s strategic asset base at Red Creek, a highly prospective landholding that Sabretooth
controls at 100% working interest. Current Sabretooth undeveloped land holdings in the core
Montney Fairway of British Columbia total over 35,000 net acres.
Montney technical expertise within the Company dates back to drilling initial successful wells in
the Montney in 1996. The Sabretooth technical team has been evaluating Montney opportunities
since Company inception and interprets potential recoverable reserves from existing Company
lands range from 250 BCF to 500 BCF. This strategic decision allows the Company to focus
exclusively on Montney exploitation in the near term.
Licensing is underway on multiple long reach horizontal wells planned for the second and third
quarters targeting the Montney Formation in the Red Creek and Oak areas of NEBC. The first
Red Creek well will spud in June. Sabretooth now has 8 sections with 100% working interest at
Red Creek where offset logs indicate significant pay sections (exceeding 70 meters in thickness)
within the Upper Montney. As well, the Company acquired a 10 section 3-D seismic suite over the
Red Creek acreage which supports consistent reservoir quality and displays structural elements
that have been associated with superior production performance. The initial well location is 100
meters from tie-in to the Spectra McMahon Facility which currently has significant unutilized
capacity. In the Oak area Sabretooth has drilled and completed 2 Montney vertical wells and
achieved initial rates of 500 mcf\d and 1 mmcf\d. A third well was drilled, cored and cased in the
Montney to enable a horizontal leg to be drilled. Core results compared favourably to cored wells
in established producing areas of the Montney fairway.
Conventional targets in British Columbia, including follow ups to two oil discoveries, are also
being licensed for late Q2 / Q3 drilling. Our updated capital forecast projects spending of $30
million for the balance of 2008 and anticipates drilling 10 wells by the end of Q3 2008.
Bank Line and Working Capital
At March 31 bank debt was $55.5 million (including $24.1MM of Asset Based Commercial Paper)
on a line of $78.0 million. Subsequent to quarter end the bank line has increased to $81 million.
Working capital deficit is $65.1 million including a $7.1 million mark to market adjustment for the
company’s commodity contracts. Excluded from working capital is the company’s $24.1 million
Asset Backed Commercial Paper which is recorded as a non-current asset and recorded with a
fair value of $18 and accrued interest from the ABCP which is approximately $0.7 million.
About Sabretooth Energy
Sabretooth Energy Ltd. is a public oil and gas exploration and development company, located in
Calgary, Alberta and carrying out operations in Western Canada. Sabretooth trades on the
Toronto Stock Exchange (TSX) under the symbol “SAB”.