Affidavit of Harrison Williams, filed March 1, 2016

IV NV VW
*LOY"
Form 49
[RULE: 13,19] ,
MAR 0 1 2016
JUDICIAL CENTRE
- OF__CALGARY__ . _
COURT FILE NUMBER
1601 01675
COURT
COURT OF QUEEN'S BENCH OF ALBERTA
JUDICIAL CENTRE
CALGARY
IN THE MATTER OF THE COMPANIES'
CREDITORS ARRANGEMENT ACT, R.S.C. 1985,
c. C-36, as amended
AND IN THE MATTER OF A PLAN OF
ARRANGEMENT OF ARGENT ENERGY TRUST,
ARGENT ENERGY LTD., ARGENT ENERGY
(CANADA) HOLDINGS INC. and ARGENT
ENERGY(US)HOLDINGS INC.
DOCUMENT
AFFIDAVIT
ADDRESS FOR SERVICE AND
CONTACT INFORMATION OF
PARTY FILING THIS
DOCUMENT
BENNETT JONES LLP
Barristers and Solicitors
4500 Bankers Hall East
855 — 2I'd Street SW
Calgary, Alberta T2P 4K7
Attention: Kelsey Meyer / Sean Zweig
Telephone No.: 403,298.3323 / 416.777.6254
Fax No,: 403.265,7219 / 416.863,1716
Client File No,: 68859,14
AFFIDAVIT OF HARRISON WILLIAMS
Sworn on February 29, 2016.
I, HARRISON WILLIAMS, of Houston, Texas, SWEAR AND SAY THAT:
1,
I am the Chief Executive Officer of The Oil & Gas Asset Clearinghouse, LLC
("OGAC"), and as such, have personal knowledge of the matters hereinafter deposed to,
Rule 13.38: Let the within Affidavit be filed.
notwithstanding that it is not the original.
titkde-V
M.C.C.Q.B.A.
WSLECAL\068859\0001e1\13219285\0
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2
except where stated to be based on information and belief, in which case I verily believe
the same to be true.
OGAC has been engaged by Argent Energy (US) Holdings Inc. ("Argent US") and
2.
Argent Energy (Canada) Holdings Inc. ("Argent Canada") to assist in soliciting and
evaluating offers for a sale of(i) all of the equity interests of Argent US held by Argent
Canada; or (ii) some or all of Argent US's oil and gas properties. As is explained at
paragraph 143 of to the Affidavit of Sean Bovingdon filed February 17, 2016 (the
"Bovingdon Affidavit No. 1"), OGAC submitted a proposal to assist Argent US in that
regard, and OGAC's bid was selected through a competitive bid process. A copy of the
letter agreement between OGAC and Argent US is attached as Exhibit "21" to the
Bovingdon Affidavit No. 1,
Unless otherwise indicated, all capitalized terms herein are defined to have the same
3,
meanings as they have in the Bovingdon AffidaVit No. 1.
OGAC
4.
OGAC has been in the business of providing traditional and internet-enabled marketing
and technical assistance for the sale of oil and gas properties since 1993. OGAC is an oil
and gas acquisition and divestiture advisory firm in the U.S. with in-house technical expertise
that offers a complete line of negotiated transaction and auction services. As a premier
provider of oil and gas property marketing and advisory services in the U.S., OGAC has
handled negotiated sales of up to and over U.S.. $1 Billion; its clientele range from small
independent companies to Exxon Mobil.
OGAC also provides negotiated transaction
services focused on the mid-market. All marketing and advisory services are supported by a
high level of reserve engineering, geo-science and land expertise. OGAC has had over
32,000 completed sale transactions in the oil and gas industry. Attached hereto as
Exhibit "1" is a true copy of a list of negotiated transactions involving OGAC since
2010, totaling US $2,408,482,228.00 in sales.
WSLEGAL\068859\00014\13219285v4
3
Personal Experience
5,
In my role as CEO of OGAC, I am personally and directly involved in assisting Argent
US with its sale process. I have over 25 years' experience in the oil and gas asset and
divestiture business, having started my career in 1989, at the beginning of that industry,
as a Principal at Albrecht & Associates, an oil and gas divestment firm specializing in the
property market. During my tenure at Albrecht & Associates, I was responsible for
hundreds of transactions valued at billions of dollars, in every major basin in the U.S,
That experience includes involvement in asset sales processes in insolvency proceedings,
particularly in and around 2009. I also have experience in various positions in E&P
companies. I am a graduate of Harvard College (B.A., Economics) and of Massachusetts
Institute of Technology's Sloan School (M.S. degree). Attached hereto as Exhibit "2" is
a list of deals done by Albrecht(now known as Raymond James Albrecht) from 1987 to
February 2014 (the sale prices listed are in millions of US dollars). From the time
joined the firm in 1989, I was involved in every one of the deals listed after that date.
There are only five or six people in this business in North America with the length of
experience that I have.
6.
I joined OGAC on April 13, 2015. Attached hereto as Exhibit "3" is a true copy of a
press release issued on April 14, 2015, announcing my appointment as CEO of OGAC.
Attached hereto as Exhibit "4" are true copies of pages from OGAC's website, at
www.ogclearinghouse.com, about OGAC and its services. I am confident that OGAC
and I have the knowledge and experience to assist Argent in maximizing value through
the Sale Solicitation Process that was approved by this Honourable Court in its Initial
Order granted on February 17, 2016.
Services Provided in relation to the Sale Solicitation Process
7.
OGAC has provided and will provide the following services to assist Argent with the
Sale Solicitation Process:
WSLEGAL\068859\00014\13219285v4
4
(a)
Undertaking a comprehensive analysis of Argent's assets, including analyzing
Argent's financial, engineering and geoscience data, with regard to making
recommendations regarding the most appropriate sale process;
(b)
Assisting in determining the Sale Solicitation Process itself, with regard to
Argent's specific situation and circumstances;
(c)
Marketing and generating exposure for Argent and its assets through OGAC's
website, email, other websites, publications, brochures, industry events and
catalogues, to precipitate interest and offers;
(d)
Creating, hosting and managing a comprehensive virtual and physical data room;
(e)
Gathering, organizing, cataloguing and presenting the data included in the data
room;
(t)
Coordinating the execution of confidentiality agreements by potential bidders
prior to granting them access to the data room;
(g)
Answering questions of potential bidders with the assistance of Argent US;
(h)
Obtaining and tracking all offers or bids;
(i)
Analyzing and authenticating offers or bids;
(j)
Negotiating all bids with the assistance; and under the oversight of, the Monitor;
and
(k)
Facilitating and assisting in negotiating the form of purchase and sale agreement,
Progress ofthe Sale Solicitation Process
8.
The Sale Solicitation Process has been well-received by potential bidders to date, The
marketing process began on February 11, 2016, The bid and sale process timeline and
milestones were specifically tailored and developed for Argent's asset base, and to take
advantage of current market conditions and the present lack of this quality of assets on
WSLEGAL\068859\00014\132 I 9285v4
5
the market. The Sale Solicitation Process is designed to maximize and obtain the highest
and best offer for Argent's assets.
9.
The Sale Solicitation Process was formulated and arrived at in conjunction with and in
consultation with Argent, the Monitor, the Syndicate, and the various legal and financial
advisors to those parties. The Interim Financing obtained by Argent supports and is
consistent with the timelines in the Sale Solicitation Process developed and
recommended by OGAC and Argent, which, in my view, are reasonable and appropriate.
10.
On February 17, 2016, OGAC distributed an.email marketing flyer regarding Argent to
over 12,000 potentially interested parties in OGAC's database.
Attached hereto as
Exhibit "5" is a true copy of the marketing flyer.
11,
On February 10 and 11, 2016, OGAC presented a booth at the North American Prospect
Expo ("NAPE"), a premier industry event attended by over 11,000 energy industry
professionals. The booth featured a poster of the marketing flyer and copies of the
marketing flyer were distributed. OGAC personnel and I discussed Argent with potential
interested parties,
12.
On or about February 23, 2016, a notice of the Sale Solicitation Process was published in
the Daily Oil Bulletin. A notice of the Sale Solicitation Process will also be published in
the Houston Chronicle on February 29, 2016. A true copy of the notice in the Daily Oil
Bulletin and confirmation of payment for the notice in the Houston Chronicle are
attached hereto as Exhibit "6" and "7", respectively.
13.
The staff at Argent presented OGAC with a robust and well organized data set to support
the marketing of the assets. Our staff has reviewed the data and our complete evaluation
was made available to participants in the process on February 17, 2016. The information
available in the Virtual Data Room (the "VDR") is sufficient to allow participants to
provide a bid and binding letter of intent in accordance with the Sale Solicitation Process,
Physical Data Room visits may be scheduled by interested parties if requested.
14.
As at February 26, 2016, OGAC had made significant progress in marketing Argent US
and its assets:
WSLEC1ALA068859\00014R13219285v4
-6 (a)
Over 80 potential bidders have signed confidentiality agreements, so as to allow
them to participate in the Sale Solicitation Process;
(b)
Over 70 potential bidders have visited the virtual data room created for the Sale •
Solicitation Process;
(0)
11 potential bidders have received or requested data room presentations (at which
OGAC engineers and geologists will take the potential bidder through the data to
explain the assets and the potential value).
15,
The present level of interest is a strong indicator of a robust and appropriate sales
process. In my view, the response to the Sale Solicitation Process to date is within the
top ten percent of deals that I have been involved with, in terms of participant activity at
this stage of the process. The timelines in the Sale Solicitation Process are appropriate,
are within the bounds of a normal process, and are bolstered by the current market
conditions where at present, there is a lack of quality oil and gas assets available on the
market.
16.
The sale methodology that is customarily used for oil and gas asset sales in insolvency
proceedings in the U.S.(which has resulted in few bids and disappointing results of late)
is almost never used outside of insolvency. During my 25 years in the business, I have
never encountered a situation where a seller that was not involved in insolvency
proceedings has asked me to follow the sale methodology customarily used in insolvency
proceedings in the U.S. It is for that reason that OGAC worked with Argent and the
Monitor to create a process specifically tailored to Argent's situation, along the lines of a
typical asset sale that would attract more participants and offers, rather than using the
typical insolvency process to sell assets. A number of participants in the Sale Solicitation
Process have commented to me that if this sale process had been run in the manner of a
typical insolvency process, they would not be participating. As a result of the fact that
OGAC, Argent and the Monitor have worked to find a process that is most suitable for
Argent, there has been strong interest in the process. The use of the negotiated bid and
sale process is customary for potential buyers, eliminates the confusion and uncertainty
WSLEGAI.,\068859\00014\13219285v4
7from an open auction process, and is designed to avoid the disappointing sales results
recently experienced in certain oil and gas insolvency cases.
17.
Based on my extensive experience and expertise in the oil and gas asset and divestiture
industry, I remain confident that the Sale Solicitation Process (including the timelines
incorporated in that process) is reasonable and appropriate, and will allow Argent to
maximize value through a sale of its shares or assets. The progress to date and the fact
that no potential bidder has raised any concerns with the Sale Solicitation Process
(including the timelines incorporated in that process) is good evidence that the process is
working and is a reasonable process in the circumstances. With respect to the timelines,
the usual process (outside of bankruptcy or insolvency) for bidders to conduct their due
diligence and put forth bids is approximately fOur weeks, As such, and in consideration
of the robust response to the Sale Solicitation Process to date, I am confident that the bid
deadline of March 17, 2016 set out in .the Sale Solicitation Process (which is
approximately four weeks from the commencement of that process) is reasonable and
appropriate, The Sale Solicitation Process is ongoing, and should be maintained on
schedule to avoid disruption. I believe that disruption of the Sale Solicitation Process at
this stage is likely to have a significant chilling effect on potential buyers.
I.
CONCLUSION
18.
I swear this Affidavit in support of an Application for an extension of the stay of
proceedings, and for no other or improper purpose.
SWORN (OR-412-F-1-R1In)BEFORE ME
at Houston, Texas, U.S.A., this 20'
day of Febru y, 2016.
A Notary Public
in and for the State of Texas, U.S.A.
ROSE MARY ELLIS ki
290389-8
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NOTARY PUIILIO, STATE OF TEXAS,
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MY COIAMISSION EXPIRES
OCT. 16, 2016
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HARRISON WILLIAMS
EXHIBIT 1
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NEGOTIATED TRANSACTIONS
5-Year History
SELLER
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APACHE CORP
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I3RUNI FAMILY INTERESTS MINERALS
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JP MORGAN
01/07/16
01/06/16
12/01/15
ENERGY XXI (BERMUDA) LIMITED
06/30/15
000,
64,000,000
FINLEYRESOURCES INC„,
04/10/15
12,350,000
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ASPECT ENERGY LLC
KOCH EXPLORATION CQ LLC
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10,350,000
21,200,900
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KOCH EXPLORATION CO LLC
09/29/14
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ENCANA OIL & GAS(USA) INC
07/31/14
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06/06/14
06/Q1/14
03/26/14
PRESTON EXPLORATION LLC
WHITE OAK RESOURCES IV, LLC
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CLAYTON WILLIAMS ENERGY
13,500,000
'00,000
3,500,000
64,192,635
17,383,000
03/12/14
68,235,536
12/31/13
13,500,000
WHITE OAK RESOURCES IV, LLC
12/20/13
9,000,000
CHALKER ENERGY PARTNERS III, LLC
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S2 ENERGY LLC AND HARVEST HOLDINGS LLC
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SAMSON EXPLORATION, LLC
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05/06/13
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:8,560000
2,455,546
04/2,/i3
5,494,500
12/26/12
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20,192,490
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06/04/13
THE OIL GAS ASSET CLEARINGHOUSE
NEGOTIATED TRANSACTIONS
5-Year History
SELLER
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:SALE PRICE
DATE.
12/06/12
09/30/12
63,000,000
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28,000,000
09/07/12
19,000,000
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2,349,625
05/22/12
18,784,600
04/10/12
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UPLAND EXPLORATION INC
3,423,209
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02/29/12
02/0/1.
12/30/11
24,042,000
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5,000,000
NEWFIELD EXPLORATION CO.
09/01/11
12,656,982
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08/31/11
182,500,000
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06/27/11
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VANDER PLOEG, DOUGLAS M
05/15/11
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05/04/11
z9V,974
12/21/i0
12/08/10
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329,567
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4,087,725
501'006..
5,865,000
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13,500,112
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INDIGO MINERALS LLC
10/07/10
4,200,000
03/18/00 $ 2,408,482,228
THE OIL GAS ASSET CLEARINGHOUSE
EXHIBIT 2
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MY COMMISSION EXPIRES
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Raymond James / Albrecht
Fidelity Exploration & Production Company
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Jones Energy Holdings, LLC
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Bluestem Energy
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03
102.5
135
Aug-11
Dec-11
Mar-12
May 12
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Texas Panhandle Cleveland and Tonkawa
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Oklahoma Mississippian Acreage,Grant& Alfalf
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EmKey Ri-criurces, LLC
.
DIVESTITURE ACTIVITY 1999-Present(in millions
Argent
Zavanna,LLC
41%•:, a;a7
Waste Management
.,
Gulfport
Caerus Oil and (=es Assets LLC
gridAVW
Wexford Capital LP
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Vanguard/Enerplus
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Halliburton Energy Services,Inc_
Chalker Erierev Partners
paeBerrmati-;
ExL Petroleum,LP VIII
Incramigftek
GAM_ Oil Co.
testa
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Norse Energy Corporation
TYfTetrOiegnikt.V.,
Comstock Resources
@
Texoz E&P 1, Inc.
Blenheim Natural Resources Fund,LLC
eteo
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Timberline Production Company
rek
,
ExL Petroleum,LP V
?aroma Partners
Raymond James 1 albrecht
Raymond James/Albrecht
galomalia.a
Clear Water,Inc.
Opal Resources,LLC
Reflect Resources,
..14(50
Terrace Petroleum Corporation
-NYI?ZgteWgO
SM Energy Company
Gulffex Energy,
1 i4A-611-F4U:alie
Williams Coal Seam Gas Royalty Trust
Vik.7010,43MIST.XiMW.-.;:
Antelope Energy Company
TA5,,,Tt
4:
45
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Woifberry Trend,Howard County,Texas
San Juan Basin, Fruitland Coal, Net Profits InterE
-~Arallee
Niobrara Shale Acreage, Weld County,Colorado
South Texas Eagle Ford assets
Haynesville & Bossier Shales,Shelby & San Aug.
Cana-Woodford,Canadian and Blaine Counties,
g
Wolfberry Trend, Upton County,Texas
•,,,
e-PRiki • sit is-VertemN/4-4-.;Powder River Basin Campbell & Niobrara Count
Wolfberry Trend, Martin,Andrews,Gaines & Da
Wolfberry Trend, Howard County,TeY•As
DIVESTITURE ACTIVITY 1999-Present(in millions
W&T Offshore
r•z•-•
Concha Resources
RIM UP/Wilbanks Acquisitions IR, LLC
XTO/E3ocon
Whiting Petroleum
.46144.F
-4
P
USA Exploration and Production,LLC
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C.-oleman Oil& Gas
Oxy Permian
an, AP 4.010•
Coalbed Methane,Powder River Basin, Campbe
,...rev•••
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Highlands
4Wohlerry Trend, Ector County,Ten:
kg.&
Grass Creek Field, Big Horn Basin, Hot Springs Cr
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Tanos Exploration, LLC
Illinois Basin production transportation and equ
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EastTexas E&P assets and gas gathering system
TeYas and Louisiana Gulf Oaast including Gulf of
trila
Wolfbeny,Permian Basin, Upton County,Texas
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Haynesville Shale, Desoto Parish, North Louisian
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COG Operating, LLC
Alta Mesa Resources, Inc.
Chesapeake Energy Corporation
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:746- .69
CountryMark Energy Resources, LLC
et---04MjaRg;
Marathon Oil Company
*-A.s5b0
ExL Petroleum,LP IV
Nielson &Associates,Inc.
RlverStone Energy
Terrace Petroleum Corporation
Ravrnond James]albrecht
Apr-11
Mar-I1
Jun-10
May-20
May-10
May-10
Apr-10
Feb-10
Dec-09
....
392
64_0
19_0
-
725
-•
Page 2of 10
.14
c.:•7
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Raymond James/Albrecht
Elora Energy
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ExL Petroleum/Keystone Petroleum, LP.
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Paloma Barnett,LLC
jerk
ng€o
St. Mary Land and Exploration
,
Trend, Ector & Midland Counties,Tex
Southwestern Kansas Properties
DIVESTITURE ACTIVITY 1999-Present(in millions
Horseshoe Operating
Devon
LotoFree
Jul-08
243.4
23_6
587_5
Ql-earz
Questar exploration and Prod ction,Robert!Green River Basin,Wamsutter & Moxa Arch Are
Feb 08
Encana Oil & Gas(USA)Inc/PetrohawkAdams
. Base Leases, Haynesville Shale, North Lo
BarnettShale,Tarrant &Johnson Counties,Tex
Caliente Field, Karnes County,CA
Oct-06
Nov-06
46.13
173.4
23.0
•
2295A
•-AL
1352
_453
=•:'-•
Dec-07
170.0
Jan 08
Fayetteville Shale
Dec-07
191
Rockies, Mid-Continent,Ark-La-Tex, GuIf Coast,
Wolfberry Trend, Upland, Midland and Ector Co
Jul-07
47_4
Cnesapeake Energy Corporation
Various Properties
Various
Windsor/Gulf Port
"7.1TEffrEgr
RTF Realty,Inc
New Mexico and WestTexas
. Stone Energy
Toreador Resources Corporation
Ram Ener
ExL Petroleum i
Layton Enterprises,Inc
Permian Basin, North Texas
Barnett Shale,Tarrant County,TX(Land Service.
•
Jul-06
Page 3 of 10
House Field, Lea County, New Mexico
Mid-Continent,EastTexas/North Louisiana,
Dec-06
•
yees:MenryWi.4.4."Arke::-'
Carthage Reid,EDC,Panola County
Dec-06
'5'46.44
Five States Energy Company LLC
Lr-Rgli
Apache Corporation
Woolim Energy Holdings,LLC
Black Stone
Isramcalay Petroleum/Wilbanks
e.giqerntogada
Wilbanks/Enervest
Five States Energy Company LLC
STD Resources,Inc
Rai/mond James / albrecht
te=
"RI
Raymond James/ Albrecht
Cameros Energy,Inc_
lete
Central Kansas
-•,
-FrAP-F°
7.5
Jun-05
Oct-05
313
24.1
55
58.5
• •
Oldahoma Properties
Mar-05
Overton Field, Cherokee County,ETX
Henderson East Field,Southwest Oak Hifi Area,i
31_4
Pace 4 of 10
140.0
77.0
Jan-05
May-04
Apr-03
Jan-03
Y
.
Starr and Hidalgo Counties,TX
BarnettShale,Johnson County,TX
•
‘M"
401-•
Jun-04
17.9
•
Oct-04
DJ Rasin, Wattenberg Field,CO
Overton Field,Smith County,TX
r 21=
•WgiAraSn'SVAta
•,
•
SZA4Pro
4.
,
Lander & Winkleman Dome Fields, Fremont Cot.
En Seguido Field,South Texas
eRf..
Anadarko Rasin,Oklahoma
JO&
Black Warrior Rasin,Alabama
*SSW
Williston Basin, Northern Rockies
San J uan FLIcin, Aztec Area
AZZLETFE-gieWanea
a=547.;
70'
Various Fields - ND,MT,CO, UT,NM,IL,011
Elm Grove Field, LA
Oklahoma Properties
-T=
att:4:V1:_eer
Rel iM1,7 San Joaquin Valley, Kern County,CA
DIVESTITURE ACTIVITY 1999-Present(in millions
Pacific Energy
'
474.
Inc Summit Exploration, LLC_ and Rec Unit Petroleum Company
4;;,11
Questar Exploration and Production
-
Tensas Deft Exploration Company
_gt€11
Kaiser-Francis Oil Company
•
Municipal Gas Authority of Georgia
-•
Patina/Blackstone
Wilbanks/Noble Royalties
:gesai,..?-,N4•2
42: Itif
si-W-A4k1
Amadeus Energy
White Eagle Resources Corp_
agAtiqn,
Dale Operating Company
Valence Operating Company
Dale Operating Company
AJTTIT7lAte40_1!.
:
(
-A
Thorp Petroleum Corporation
Hallwood Energy Corporation
Kaiser-Francis Oil Company
Dale Operating Company
CamWest Limited Partnership
WA'
Ameritex Minerals
Sanguine, Ltd.
teraaz
TECO Coalbed Methane
Pyrnond James/ albrecht
Y0
.
719.0
Raymond James/ Albrecht
DIVESTITURE ACTIVITY 1999-Present(in millions
Aug-O2
28.1
Wattenberg Fla!,Colorado
Anadarko Basin, Oklahoma and Texas
Southwestern Production Corp
Pan Canadian Energy(En
- 37.2
6.5
3.0
5_0
r;47:
410
Dec-00
Jan-01
7.
f
g
W
:41.
Nov-01
Z3
Western CO &SW,WY,& UT
Mid-Con,Perm Basin,S_TX,E.TX
.-g•K
Feb-02
McCoy, HCM,&States Inc.
Uinta Basin, Uintah County,UT
thoctaw Corporation
4;1111113.
3TEC Energy Corporation
Sweetwater
Phoenix Energy,Inc_
Aries Resources,LLC.
••
Wilbanks
.
JN Resources, Inc_
IN Resources,Inc
St. Mary Land & Exploration
llooeer
". •
Wellstar Corporation
JN Resources,Inc_
San Juan Basin - UT& NIVI
1_1_0
Yates Petroleum
Gulf Coast Onshore-AL, LA,TX
Permian Basin,TX
Grass Island Field, Calhoun County,TX Espiritu S
HW
50
2.9.4
Feb-00
13.1
Big Escambia-First& Second Half
Nov-99
,W7a4gragialin•alf-X
Jarvis Pet-o4eum,Inc
l_ffdr:c4r,
ack:
Gwinville Field,Jefferson Davis County, MS
8.7
OK,TX,LA, AR, MS(Non-Operated)
Penn Virginia
ZkeL.4
n County,West Texas
EastTexas/North Louisiana,Gulf Coast, Panhani
Pa-go5 of 10
06/29199
Anadarko/Five States
JN Resources,Inc.
JN Resources,Inc.
-2.Zes
Petro-guard Company,Inc. -
CES
Lariat Petroleum Inc
- eso
JN Resources,Inc
Aries Resources,LLC
Venoco,Inc_
Fasken - Permian -517MM
First Reserve Oil & Gas Company
_.
Fremont Energy Resources Corporation
KCS Energy,Inc
Raymond James í albrecht
380.6
en.
geeir
ce
-415
Raymond James/Albrecht
ncAry.t9
MCNIC
e Offshore Holdings, LLC(Enron Capital)
The Braden Companies(Dennis Pool)
--••••
esoramez,-.,
Daniels Petroleum Company
roa_
Sierra Mineral Development and Harris Oil and Gas
R
_
Bois D'Arc Resources
Fairfield
.•,;0
Enron Capital &Trade Resources Corp_
Nipsco
MCNIC Oil & Gas Company
-direlat*-eeQm.
Sawyer Energy,Inc_
Nipsco I
UMC Petroleum Corporation
.
4" --"`
Louis Dreyfus Natural Gas Corporation
!
- fuff.94-e0rP01-411
=
u0
Lomak Petroleum,Inc.
Cott Resources Corporation
Shell Western E&P Inc.
Raymond James/ albrecht
•
DIVESTITURE ACTIVITY 1999-Present(in millions
Oct-97
Dec-97
Feb-98
Jul-98
04/06/99
Apr-99
. •
575
203.6
5_6
8.0
2_0
175
200.0
•
Oct-97
1.0
Rockies
Southeast Piceance Basin, Marnm Creek(Mesa
7
48_0
Various
Oklahoma,Texas,and Ka
Aug-97
10_0
ffeOfffrato ,
P
_
Eugene Island Block 30,OS-G 9574
11-`1-m
•
'4.7.
,
FAT=.57
V‘•."
•-
,
r,nrE47
a-aan
San Juan Basin Coal(42s,San Juan Basin
Jun-97
Gulf of Mexico Production,Offshore Louisiana
Oklahoma
Jul-96
Jul-96
29_9
3_7
271
Aug-96
Apr-96
109
29_5
'
0
53 f-Apr-97
Bethany-Longstreet and Holly Fields,DeSoto
Offshore Louisiana
Anadarko Basin, Central OK/Panhandle OK &
FoaMM7
H
,
"
-
OK,KS, LA
•
Feb-96
Levelland Field
-.
Nov-96
Mid-Continent
ATP
Comstock
0J:f7-
Big Mineral Creek Field
Page6 of 10
973-7
and James/Albrecht
••-••••••••L'
..e1gYr
French Production Inc_
Bois D'Arc
iiií
Fortune Petroleum Corporation
Hardy Oil & Gas USA,Inc_
Snyder Oil Corporation
64_
Falcon Oil & Gas Company
•
1:44,1,,47;44,
•
'
Wirarcaskr GargX7-`"
Michael Petroleum Corp_
Off Energy Inc_
Apache Corporation
Norcen Explorer,Inc
Apache Corporation
-r-gST"'
.
t-Er'717€1WW7
General Atlantic Resources, Inc.
AMO
Falcon Oil &(-3s Company
Falcon OH& Gas Company
•
Energy Inc.
Mountain Oil& Gas Company
Wieview Capital & Oregon Natural Gas
it•Vrr•s!•;,•.1&.
------------
-------------------------
North Carolina Utilities
US.Borax,Inc_
Raymond James'albrecht
7
:7
Texas Fields
Ventura and Kern Counlies, California
Bastian Bay
Field
la.SWEA,‘
„L„tt&
Offshore
'CT
DIVESTITURE ACTIVITY 1999-Present(in millions
!
.. 1.13.4-71±54170
LA,TX,OK,MS, ND, MT
firr
Hawkins Field; Fairway Field, Van Field
-VLFF'T'araRNktOrWrg-V"
Divestiture Package
tc-miku.
Hugoton Field,Texas & Oklahoma Panhandle
Jan-96
6-0
$2_0
SP'
Nov-95
•
$5.9
Jun-95
Nov-95
$10.0
$0.1
Jul-95
$21_0
Oct-95
May-95
$20.0
$0.4
Mar-95
$14
Aug-95
Jan-95
$10
$10
2.3
Jan-95
0a-94
Nov-94
1#77_,T4r
Stn
Louisiana,Texas, Oklahoma,Mississippi, North
Dakota, Montana
Sep-94
Oct-94
442.41.V
Okt,
$
3-0
2rp
Jun-94
$45
CO,OK,TX, WY
AL,LA, MS,TX
Feb-94
es
Montana Wyoming
MT,TX,
KS
--z-•5•••A-Tgr77
*
MT,IX,KS
1
, •.41746g----•-_:-Art---‘
Non-Operated Oil Properties
Page7 of 10
4
lat
nd James / Albrecht
Torch Energy Advisors
gesa_.
Westhall
Fuel Resources Development Co_
-Ian
Hallwood
Falcon
g'311
.70~af..
Hallwood
DIVESTITURE ACTIVITY 1999-Present in millions
•
Jan-94
t'Atiifft4-11
,
SUB 269,El 296,El 306/307, MP 47,John Vicken
Nov-93
Apr-93
South Texas Frio,OK,WestTexas, LA
CO,IAIY,TX
Miscellaneous Non-Opr
-„E
Miscellaneous Williston Basin
:-.4,W.
T4'
EnlAX,,W.egra_
*
11 _Seze
,
-'
Miscellaneous
$33
ItftErT
Jan-93
0
Mar-93
TX, WY,KS, NM,OK
Dec-92
S05
•""`„:„'..ig1K,4-,
Mosquito Bay Field - Terrebonne Parish, LA
General Atlantic Resources,Inc
Nov-92
Bois D'Arc Resources
UIVIC Petroluem Corp_
Minor Properties - LA,MS,TX
. .17sEellamEntiS.Ael
Miscellaneous Non-Opr
Hallwood
$0A
Hallwood
-••
'/....7.•,,,,,.:777,-77...;rol.,•,..;,..
.Y.TTA1-S. _ ,,
Lr
ul
l
2
.
11030.
:
4,,,,,,---..-w.,
....4;-1,
,
—--.-1.
$2.1.
Oct-92
Williston RAsin Oil
,
tsc
Miscellaneous Frio
C'
Tea-As Panhandle and Oklahoma Gas Properties
Feb-92
Apr-92
$01
$7.8
$7.6
Page 8 of 10
Feb-92
Thcz'ad
Texas Panhandle and Oldahoma C=As Propertiesay-92
yr
$03
-- ----,-,..,.--...-,. .-;•Yr ,,,,!,
-,i.—.•-- :...P,,•;:.
eMVr
Miscellaneous Frio
;i1;792;:0_1
C.
tsc-MW-rii:
-§
-.
•-•••:,..., %"•••>•-4
.z•r-' _Alk4
Miscellaneous Frio
Apr-92
$01
32464.-zx9. 05, a
Mosquito Bay Field - Terrebonne Parish, LA.
•,Z—:M.:
MicrPllaneous Non-Opr
uvicA'.— •
;-7441:51M1,''. -4;e1,1
Sep-92
';i••
Miscellaneous Non-Opr
Hailwood
Bois D'Arc Resources
m5';'•
7
1 ,7
. W-g5177
510
OTC Petroleum Corporation
Westhall Associates
Westhall Associates
Wes*
OTC Petroleum Corporation
WitVflteTorileas-Waralo
Torn Brown,Inc.
Westhall Associates
ond James/ albrecht
kt,
is
Raymond James /Albrecht
Associates
Westhall
Birca
6.cejp,
OTC Petroleum Corporation
Hallador Petroleum Company
Westhall Associates
Westhall Associat
Westhall Associates
Dekalb Energy11
Exploration & Production
Divestiture Package
Miscellaneous Rio
g
:erne
Miscellaneous Frio
Amor & Big Rock Fields
Amor& Big Rock Fields
wr
et e_ ow-4
:Fay
Texas Panhandle and Oklahoma Gas Properties
Miscellaneous Frio
DIVESTITURE ACTIVITY 1999-Present in millions
itMaErr43;
Sep-91
$0.1
0
$2-0
$6_2
:T.•
Mar-90
$5_0
Jun-90
Jul-89
$3_1
-
Ozona
Jan-89
$02
..
•
WestVirginia
nista
Sweet Lake Land #1 Calcasieu Parish,LA
West Virginia
Oct-88
50.6
McCord Exploration Partners
Lake Larose Reid
Aug-88
S03
1`1
7
,3
. ='
•
,
South Lake Arthur
Jul-88
Holden Energy Corporation
Quackenbush et al
Holden Energy Corporation
7-acT.
Sotly Hemus
Ensource
lake Larose Field
Jul-88
Patterson Reid
ez,
Algoa Orchard
Jun-88
efign
American Coastal et al
Algoa Orchard
+.4P
.2
$13.1
Page 9of 10
American Coastal et al
Raymond Jamesfalbrecht
•
nd Jarn, / Albrecht
Holden Energy Corporaton
Raymond James 1 ailarKht
DIVESTITURE ACTIVITY 1999-Present(in millions
Page io of 10
ear,
EXHIBIT 3
THIS IS
"
3
referred to Irl the (a0A0filindirtijotri)
of
,CLitc•k:Af
I'
CA
Sworn
000larod) before
day f
me this,
ruQ. l Li,•D. 20
c)sleoi 0
att -la-and-for
,tha-Rtitewtraae-40.4111agai.—
A Notary Public
ROSE MARY ELLIS
290389-8
NOTARY PUBLIC,STATE OF TEXAS
MY COMMISSION EXPIRES
OCT. 16, 2016
k
k
azezete"11,40" .01.0:1440:40:444.140:0144100
THE
&,GA.S ASSET
For immediate Release
HARRISON WILLIAMS SELECTED FOR CEO ROLE AT THE CLEARINGHOUSE
Former Co-Head of Albrecht & Associates, the Respected A&D Leader,
Brings Added Depth to The Clearinghouse Team
HOUSTON,TX (April 14, 2015) -The Oil & Gas Asset Clearinghouse, a CenterGate Capital portfolio
company, is pleased to announced the appointment of Harrison Williams as the new Chief Executive
Officer ofthe company, Harrison brings a background in the E&P sector as well as 25 years of experience
in A&D as a Principal at Albrecht & Associates, .The 011 & Gas Asset Clearinghouse ("The
Clearinghouse") is the leading U,S, provider of acquisition and divestiture services for oil and gas
properties.
Harrison Williams, who joined the company on Monday, April 13, noted "1 am thrilled to join The
Clearinghouse team, I've respected their innovative solutions to create liquidity for a wide breadth of
client assets from individual wells to entire fields, while leveraging their deep technical expertise to
complete larger negotiated transactions, for years, There is no other firm that can claim over 32,000
completed transactions, I very much look forward to bringing my experience and engineering acumen
to.clients as we further develop and invest in our talented technical team, our unique hybrid auction, and
our online infrastructure," Williams holds a B,A, from Harvard College and a. M.S. from the
Massachusetts institute of Technology, He has served on the boards of various Houston philanthropies,
Stenning Schueppert, CenterGate Capital Managing Director added,"Harrison is a great choice to take
The Clearinghouse to the next level. The foundation that has made them such a trusted choice for their
thousands of clients over the past two decades will strengthen with a dynamic veteran leader and help
navigate the challenging waters of the current market environment,"
After more than 18 years with The Clearinghouse, Ken Olive and Ron Barnes, former CEO and C00,
respectively, have elected to pursue other opportunities,."Ken and Ron have done a terrific job leading
the company over the years and we appreciate their dedication and services over that time," Sehueppert
added.
About The Oil & Gas Asset Clearinghouse
The Clearinghouse, a CenterGate Capital portfolio company, is the only oil and gas acquisition and
divestiture advisory firm with in-house technical expertise that offers a complete line of auction and
negotiated transaction services, As the premier provider of oil and gas property marketing and advisory
services, the Company has conducted more auction in the U.S, than any other firm and allows its clients
to participate through physical attendance or to compete online in real-time, The Clearinghouse also
provides negotiated transaction services focused on the mid-market. All marketing and advisory services
are supported by a high level of reserve engineering, geo-science and land expertise, More information
about The Clearinghouse and Its upcoming auctions can be aceessed at www.o 7clearinghouse,00m,
MEDIA CONTACT:
Storming Sohuopport
Managing Director, CenterGate Capital
512-717-7100
Infocipoonterga eV ital.,°QM
EXHIBIT 4
THis IS EXHIBIT"
d
referred to In the (bA
eldliPvall) of
rtalir l 5(51/1
tji I tams
onitlred) before me this, ormi
Sworn
day of
it‘2)721PurAor
odlgtin, e". 4.6r„,0•
sA.P 20
411,
Me-taretvtnet3
41:Alloe
,
A Not /Public
c......-...-.44.S
0
01
0
...^....e...,
-- ...e..-..............-.4.- ...-.1
ROSE MARY ELLIS ti
290389-8
k
SI
NOTARY PUBLIC,STATE OF TEXAS
MY COMMISSION EXPIRES
II
OCT, 16, 2016
hotote..114,1" ...1011'.02440:4:0:44.0" ...40."'
The Clearinghouse
Page 1 of 2
(,./../Index.asp)
Future Live Auction Dateal March 9
28t-573-4600 l seles@ogcleeringhouse,com (mellto:seles@ogclearInghouse,com)
View CNBC Interview with The Clearinghouse CEO, Harrison Willian
ihttp://ell_ps,shadowtv.net/media/reguest/d83ef9aaf62541087aee983486ac714/Index,htrr
Home(index,asp) / About
QUICK LINKS
A&U Services
(/ADServices/AOServIces,asp)
ABOUT THE CLEARINGHOUSE
The 0118( Gas Asset Clearinghouse, founded In 1992, has sold more
than 32,000 transactions (encompassing 600,000+ properties) since
Inception. The Clearinghouse is the first and only MD advisory services
firm In the Industry to offer Live Auction and Negotiated Transaction
services.
The Clearinghouse was the first firm to bring all and gas experience,
expertise and skilled Industry professionals together for a common
goal... To become the best cll & gas auction house in the business. Our
dedicated staff, with decades of combined experience in land,
engineering, geology and transaotional experience, quiokly branded The
Clearinghouse as the most respected and trusted company In the
business. We remain the industry leader.
About(/About,asp)
OurTeam
UOurTeam,asp)
Contact
(/Contactils.asp)
FAQs(/Faqs,asp)
Today, The Clearinghouse successfully markets all & gas properties
Implementing customized marketing processes for eaoh asset in order to
maximize value. Our sales processes, fully supported by credible,
comprehensive virtual and physical data rooms and extensive project
management, are unmatched, We are a constant In the marketpleoe.
We accurately match buyers with assets. We offer fair terms, quality
evaluation data and established industry relationships,
The Clearinghouse la the only "one stop shop" for acquisition and
divestiture of all and gas properties, providing the best vehicle to market
and sell any type or slze property for maximum return for our clients.
http://www,ogelearinghouse,corn/Aboutasp
25/02/2016
The Clearinghouse
Page 2 of 2
In 2015 The Clearinghouse was acquired by Qentor0a,to Cat Itet
(Ate://www,centerntecapishoomi), e private equity firm located In
Austin, Texas,
(../„/Index,asp)
PRIVNIPOLIO („/dPRIVAOYASP),
TERMS & CONDITIONS (,.{„/TaRKU
PAST.SWOESsii8(„/../pAsTs,U.CCES§EVPASTASPI
NEWS (,,hdpRgapAsP,1
Copyright 01993 - 2016
http://www,ogelearinghouse,com/Aboutasp
C.C2N_TAOT Gl./OONT6OTUSASPI
The Oil & Otis Asset CloorInghoutio, LLC
25/02/2016
The Clearinghouse
Page 1 of 3
(„/„/Index,asp)
Future Live Auction Dates: March 9
281-873-4600 I saies@agclearinghouse,com (maIlto:sales@ogclearInghouse.com)
View CNBC Interview with The Clearinghouse CEO, Harrison Willian
http://elips,shadowtv.netimedia/requestic183ef9aaf62541c987aec983486ae71 4/Index.htrr
Home (/Inclux,asp) / AS Services
A&D SERVICES-HOW WE DO IT
We begin the process for each divestment in exactly the same manner, with e comprehensive analysis of your
divestiture portfolio, We will analyze your project's financial, engineering and geoscience data In order to make
the most suitable recommendations, The services we consider for every project;
CHOOSING A FORMAT: AUCTION OR NEGOTIATED SALE
...
AN ASSET-DRIVEN PROCESS
We help you choose the marketing platform that best flts the assets you are selling, The correct marketing
venue will assure the highest returns,
• Negotiated Transaction Characteristics
• Value Is greater than $10MM with substantial reserves
• Higher upside/higher PDP ratio
• Op/NonOp working Interest
o Geographically concentrated portfolio
• Recommended for assets that are technically complex
• A negotiated transaction typically has a 3-6 month sales cycle
• Live Auction Characteristics
• Logical groupings typically have a value range of $10K to $20MM
• Primarily POP reserves
• Op/NonOp WI, leasehold, oRm, royalties, minerals
• Usually geographically diverse
• 30-00 day sales cycle
http://www.ogelearinghouse,00m/ADServioes/ADServioes„asp
25/02/2016
'Me Clearinghouse
Page 2 of 3
PRESENTING THE DATA
We create, host and manage physical and virtual data rooms for data dissemination,
• We make sure each potential buyer has
• Knowledge of the sale and precise timeline
• Access to comprehensive, accurate and timely data
• Opportunity to evaluate and participate in the process
THE SALES PROCESS
Whether your properties are sold at Auction or by Negotiated Sale, they need to be marketed,
• We have over 13,000 buyers that are comprehensive and current,
• We expose your properties through our website, email, others' websites, publioatIons, brochures
and catalogues so they get offers,
• Our Business Development team is constantly making suggestions and recommendations to
Buyers,
DATA COLLECTION & EVALUATION
Less uncertainty on the Buyer's part means higher prices for our Sellers—We know what a Buyer wants
for evaluation purposes, and we organize and present Seller's data 80 as to obtain the highest price.
We gather your data in both electronic and hard copy formats.
Once we evaluate your data, we will make recommendations as for the suitable process—Auction or
Negotiated.
FOR AUCTION
•
•
•
•
We recommend the grouping (lotting) of properties to achieve best results
We parse, prepare , and present the data for online viewing by Buyers
We market the properties to thousands of qualified Buyers
The Live Auctions allow bids by Internet or in person and ensure competition
FOR NEGOTIATED SALES
We are data-driven, Each property demands its own unique approach—there's no "One Size Fits All"
• Data Is organized and oatalogued
• Engineering
• Geology
• Land
• Contracts/Marketing
• A detailed asset presentation Is prepared
• Electronic and Physical Data Rooms are built to display the properties In their best light
• Questions are anticipated and answered
Closing Assistance
As part of our standard service, The Clearinghouse's professional land staff quickly and efficiently:
4
•
•
•
•
•
Obtain and track all offers or bids
Analyze and authentic offers or bids for negotiation
Negotiate all offers or bids
File all assignments
Facilitate and assist In negotiating Purchase and Sale Agreements
Handle all escrow and settlement requirements
'
Our knowledge of specific agency requirements and filing fees expedites the process of transferring title
http://www.ogolearinghouse,00m/ADServloes/ADServiees'easp
25/02/2016
The Cleatinghowe
Page 3 of 3
and operations, which In turn tremendously assists both the buyer and seller of the property,
QUICK LINKS
A&D Services
(lADServices/ADServices.asp)
About(/About.asp)
Our Team
(IOurTearn.asp)
Contact
(/ContactUs,asp)
FAQs(/Faqs,asp)
(.1„/Index,asp)
PRIVACY PQ1.10Y („/„/PRIVACY,AS121
TERMS & CONDITIONSf,,/,JTERMS.ASP1
PAST SUQ0E33,E$ (,,/ JpAgrsuoQUSES/PASTx6.$2),
NEWS(.,/../PR5$$.ASp)
Copyright 01ag3 2016
pONT OT
/0
C''
The Oil & Oas Asset Clogringhouso, LLO
http://www,ogolearinghouse,eoni/ADServices/ADServiees,asp
25/02/2016
EXHIBIT 5
-rHis I
t?)C.,11MIT
referred to In the .
JiarViE;(4 h.)
Affidavit
Gaalaration)
of
A 14‹;
Sworn
oaciarod) before me thls
AD,20_,Za
day
of mlsOon r f., t• asi r and for
lhn Provinoo of Aitrarta
A Notary Publlo
T„..40"."..e.'`./—
Is
0
oi
.0:40' .....^ 044.40"'0441
ROSE MARY ELLIS
290389-8
k
NOTARY PUBLIC, STATE OP TEXAS 11
I
11MY COMMISSION EXPIRES
`1111
h
........--.....e...............-..zez
OCT. 16, 2016 '
Significant Production &
Upside Onortunities
E
R.(.3
T R. U S T
Texas, Colorado &Wyoming
AiitA0ipsilit0(1,0140014(
Data Room Opens: February 17, 2016
Bids Due: March 17, 2016
Effective Date; April I, 2016
Highlights
4< Dec 2015 Net Production; -3,000 BOEPD
* 88% Operated
* Production 65% 011
* 400 Producing wells
* 155 Operated by Argent
41 Active Injection wells
* 34 SWD Wells
* WI;6.025%. 100% - NRI: 5,0137% - 87.50%
Additional ORRI
Gross Acres; —115,600 - Net Acres; —79,500
* Major Fields are In South Texas,Texas Gulf Coast and
Wyoming
27 PDNP targets identified
* Upside Drilling Opportunities In all Reserve Categories
• Notable.Operators of Non.Operated Interests:
. Hunt
• Citation
• Sabine
• Devon
• Headington
CONTACT:
Brenda DeShurley, Executive Assistant
gah.y_CogrAtartngbokmosszna
832.601-7679
281-873-4600 1832-601-7641 fax
Patrick DaPra, Vice President - Negotiated Transactions
pdpra@pgclearinghon,,Om
832.601.7655
500 N Sam Houston PkwyW I Suite 150
Houston,TX 77067
Argent Energy(US)Holdings Inc, Is selling certain leasehold assets In Texas, Colorado IkWyoming,The 011 $( Gas Asset Clearinghouse
.
Is the exclusive technical, marketing, and transaction advisor for this sale.
Argent rnergy (US) Holdings Inc.("Company") and Tho 011 & Gas Asset Clearinghouse, LLC ("The Clearinghouse") make no representations or warranties, either expressed or
Implied, as to the accuracy or completeness of this Information or Its sultatAllty (or any purpose. The sales process contemplated herein Is not exclusive, Tho Company and The
Clearinghouse reserve the right to withdraw all or any portion of the assets or change all or any terms of this sales process at any time without notice to any potential purchaser,
THE OIL &GAs
ASSET
CLEARINGHOUSE
Houston I Dallas I Denver I Oklahoma City
www.ogclearinghouse.com
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EXHIBIT 7
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Attachments!
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•
FW: FTI - PAID RE'CLF,IPT - Scanned Image from 1.26-1-IFS956
Thumday, February 25, 2016 6:10:00 PM
1:ZUEZililealgOalL.2.910922.5...M2,2.9.11'Sit
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Good evening Dustin, attached Is the paid receipt for the notice running in Monday's paper. Thank you.
Cynthia.
Cynthia A.Torrence
Legal/Public Notice/Labor Certification
Advertising Representative
Hearst Media Group
Houston Chronicle - LaVoz de Houston
Legal/Public Adverting Representative
Beaumont Enterprise - San Francisco Chronicle
4747 Southwest Freeway, 2nd Floor Legals
Houston, Texas 77027
o I 713-362-5435
f 713-354-3798
e I Legals©chron,com
w I www,chron,com
0
0
Invoice Text
Proofs
Tear Sheets
0
Tax Amount
80_00
Net Amount
$7,718.68
Blind Box
$7,718_68
Total Amount
Ad Order Notes
Promo Type
Payor Address
Payor Account
10017346
Credit Card
Payment Method
Materials
Customer Phone
4034546032
Affidavits
Payor Phone
4034546032
Customer Addrpg.g
720,440 -2ND AVENUE S_W_
CALGARY AB T2.
05E9 CAN
Order Taker
ctorrence
Order Source
720,440 -2ND AVENUE S_W.
CALGARY AB T2P5E9 CAN
Customer Account
10017346
CONSULTING
Sales Rep_
HC0630
F
FT{ CONSULTING
Payor Customer
Customer
Ad Order Number
0000108004
Order Confirmation
$7;718.68
Paymerdflunount
Species[ PrIcina
Override
Customer EMall
Customer Fax
Ordered By
DUSTIN OLVER
PO Number
Amount Due
50.00
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