Spyglass Resources Corp. (SGLRF)

Overview

Spyglass Resources Corp. is an intermediate oil and gas company engaged in the operation of oil and natural gas properties within the prolific Western Canadian Sedimentary Basin. The company is notably anchored in Alberta, with its principal properties spread across Dixonville, Enchant, Retlaw, Matziwin, and Halkirk-Provost, as well as extending into Noel, British Columbia. It held a substantial reserve base, boasting proved plus probable reserves of 54,129 Mboe as of the close of 2014. The entity emerged from the amalgamation of Pace Oil & Gas Ltd., Charger Energy Corp., and AvenEx Energy Corp. in March 2013, adopting the Spyglass Resources Corp. name to mark this new chapter. The headquarters of Spyglass Resources Corp. are situated in Calgary, Canada. However, in November 2015, the company faced significant financial challenges when a syndicate of lenders initiated an involuntary petition against it in the Court of Queen's Bench of Alberta, which was approved by the Court on the same day, marking a pivotal moment in the company's history.

Products and Services

• Oil Operations

Spyglass Resources Corp. specialized in the development and extraction of oil, focusing its operations within the Western Canadian Sedimentary Basin. This geographical focus allowed the company to tap into the vast oil reserves of Alberta and British Columbia, harnessing the potential of its key properties spread across multiple locations. The company’s emphasis on oil extraction contributed to its overall strategy of optimizing production and reserve enhancement.

• Natural Gas Exploration

In addition to oil, Spyglass invested significantly in the exploration and production of natural gas. Leveraging its positions in Alberta and British Columbia, the company explored the potential of these regions for natural gas extraction. This diversified approach allowed Spylass to maintain a balanced portfolio of energy resources, adapting to the fluctuating demands and prices in the energy markets.