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Franco Nevada
Tidewater Interests, Saskatchewan
2009 Revenue: $1,264M
Operator:

Various

Franco-Nevada holds a 56.13% interest in the Saskatchewan Gulf Securities Tidewater Royalty. The Tidewater Interests consist of a 2.5% overriding royalty on 28,900 gross (net 405) acres of land spread throughout southern Saskatchewan in the Dollard Unit, Instow Unit, Rapdan Unit smaller miscellaneous units and non-unit properties. The portfolio’s net overriding royalty is 1.40%. This royalty was created by an agreement dated June 6, 1949 between Gulf Securities Corporation Ltd. and Tide Water Associated Oil Company and is administered by Computershare Trust Company of Canada.

Production comes from 11 units and approximately 264 gross (net 3.7) non-unitized wells and consists of oil and, depending on the area, some solution gas. There are a number of different operators of these units and wells. Talisman, Pemoco Ltd. and Penn West Petroleum Ltd. operated units and wells that produced 70% of the revenue received by Franco-Nevada from the Tidewater Interests. As of December 31, 2009, production net to Franco-Nevada Interests was 63 Boe/d. As of December 31, 2009, net proved reserves to Franco-Nevada’s Oil & Gas Interests were 267 Mboe.

March 31, 2010