Roadmap

Q1 2024

Planned IPO on the TSX Venture Exchange.

Jan 2023

SEPC contracts new trucking firm. Production returns to a portion of the Somerset field. Approximately 55,000 bbl held in inventory.

Sep 2022

Production reaches over 700 b/d. Third-party trucking firm has trucks seized by IRS preventing shipment of oil and wells have to be shut in.

Aug 2022

SEPC acquires the Seagull field. SEPC owns approximately 1,700 wells across 26,000 acres.

Jun 2022

First of six wells fracked in the Lit formation at the Bigfoot field. All Lit wells have demonstrated sustained commercial production under chemical program.

Mar 2022

SEPC raises a further $6.2 M. Acquires remaining interest in the Somerset field and acquires the Bigfoot field.

Sep 2021

Three wells in the unconventional Lit formation fracked. Testing exceeds expectations at 15 - 20 b/d.

Mar 2021

SPEC founded. Raise $1.3 M and acquired initial stake in the Somerset field.

History

The Somerset field was initial developed in the 1980’s with over 1,000 wells drilled into the Olmos and Kayote formations. Almost no additional work has been done to the majority of the wells, and only limited secondary recovery techniques such as waterflood have been implemented across the field.

In March 2021, Somerset Energy acquired its initial interest with and initial work program consisting of recompletions, chemical clean outs and a waterflood test. The initial results were encouraging with production increasing from the reworked wells.

In September 2021, Somerset took the first step in unlocking a new resource play following a three well recompletion and frack program in the Lit formation. The Lit formation sits above the Olmos and Kayote formations and has never been commercially produced in this area. Initial production rates from the three wells averaged 17 – 21 b/ d which exceeded expectations.

Based on success from both the workovers and the new Lit formation, in early 2022, Somerset acquired three additional asset packages to expand its footprint in south Texas to c. 26,000 acres and increasing its inventory of historical wells and its holdings over the Lit.