Pennine currently owns or operates these properties in Western Canada:
Chauvin, AB: Operates a producing property with approximately gross 15 BOPD, net 6 BOPD
Chinook, AB: Has 100% ownership interest in 5 natural gas wells (currently shut in as a result of commodity pricing)
Cygnet-Red Deer, AB: Has 100% ownership in 2 natural gas and condensate liquids wells, with seasonal production based on a higher-price regime
In May 2019, Pennine announced its intention to add to those Western Canadian assets by signing a Memorandum of Understanding (MOU) with a private company to acquire producing assets in southwest Alberta worth a 50% to 100% working interest, in addition to operatorship. The transaction is anticipated to close prior to July 31, 2019.