M&A company markets oil and gas leases for Canadian Cancer Society
CALGARY – A Calgary mergers and acquisitions company is stepping in to market some two dozen scattered Alberta freehold oil and gas properties donated to the Canadian Cancer Society over the past 30 years.
Bidders are asked to "look deep in their hearts this Christmas season when preparing an offer" in the Sayer Energy Advisors' offering brochure. A data room offers details on the properties, which stretch from south of Calgary to Edmonton.
The 26 freehold properties were accumulated gradually through bequests since 1985 and at one time they may have generated as much as $40,000 per year. But annual returns have fallen to $5,000 to $6,000 in recent years and the society consulted with a petroleum landman to find a solution.
Freehold titles owned by individuals are rare and have their origins in the early days of the province, when it was possible for settlers to acquire the rights to both surface and subsurface resources. Some have kept the mineral rights after selling the surface rights.
Source: Calgary Herald