CALGARY, June 20, 2012 /CNW/ - On April 23, 2012, the Alberta Court of
Queen's Bench (the "Court') granted an order appointing Ernst & Young
Inc. as Receiver and Manager ("Receiver") of Stone Mountain Resources
Ltd. ("SMR"). In addition, on May 31, 2012, the Court approved a
process permitting the Receiver to sell the assets of SMR.
The Receiver is currently seeking parties interested in acquiring the
assets of SMR.
SMR's assets include a world class Horn River Basin ("HRB") shale gas
development at Coles Lake and other secondary assets located in
northeast British Columbia, Canada.
SMR's primary asset is the Horn River Shale Development in Coles Lake,
located in the northwest portion of the HRB in the Tattoo Field. SMR
holds a 96.8% WI operated position that is fully delineated with
existing production, and has no tenure or production commitments. The
asset consists of 472 Bcf of 3P reserves and 2.1 Tcf of additional
resources. The asset has had three years of well performance
demonstrating above average reservoir quality. The property is ideally
situated for full field development and is connected to extensive
infrastructure with optionality for delivery of production to various
North American markets or to future west coast LNG facilities.
SMR's secondary assets, Tenaka and Clarke Lake, have 35,000 net acres
and 26 Bcf of 3P reserves, currently producing Slave Point gas with
other undeveloped lands.
Interested parties in acquiring the assets of SMR are invited to contact
the Receiver for further information.
Bid deadline is 5 p.m. (Mountain Daylight Time) on September 17, 2012.
Ernst & Young Inc. In its capacity as Receiver and Manager of
Stone Mountain Resources Ltd.
1000, 440 2nd Ave. SW
Calgary, Alberta T2P 5E9
SOURCE Stone Mountain Resources Ltd.
For further information:
Attn: Brock McMillan
Attn: Alex Watterworth