Waseca Energy Inc.
Waseca Energy Inc. (“Waseca”) is a private company focused on the exploration and development of heavy oil resources. The company is based in Canada and currently operates on 17,000 hectares of leased land in the Lloydminster area bordering central Alberta and Saskatchewan. Waseca is led by a management team that has an average of 33 years of technical experience in the oil industry and has built an impressive track record in the area in which it operates.
To date, Waseca’s drilling program has led to the 20 oil wells currently on production and the company expects to drill at least 30 wells on its existing land base by the end of 2010. Waseca is currently implementing a capital program that is expected to increase production to 1,300 - 1,600 bbls/d by the end of 2010. Management is also committed to exploring potential land acquisitions to increase its development operations.
Sprott Resource Corp. first invested in Waseca in October 2008 and completed a follow-on investment in January 2010. Sprott Resource Corp.’s total investment in Waseca is now $44.2 million and represents an 81.3% ownership position in the company.
