Shareholder Status Report
Attention: Pimee Shareholders
Re: Status of your Company
Dear: Shareholder
Re: Status of your Company
This will serve as the first of future status reports on Pimee Energy Inc.
Since this past June, we have been solidifying and increasing the shareholdings in Pimee Energy Inc. (PEI). We have been raising capital through private placements through selling of shares and adding shareholders in PEI. With assistance from our legal and accounting groups, we have been able to advance requirements for submission to the stock exchange to allow PEI to go public.
We have engaged Cozen O’Connor LLP as our securities legal council. Also, we have engaged MNP as our auditors. We have had Deloitte prepare and submit the independent NI5101 evaluation required and it has been submitted to PEI. We have retained Mr. Peter Weichler (B.A., M.BA. FICB) as our interim CFO, and Mr. Brian Hepp (B.Sc. P.Eng) as our VP Operations . Mr. Weichler has in excess of 35 years of experience in finance, starting in the Banking industry then in the financial markets. Mr. Hepp has in excess of 40 years both domestically and internationally in the oil and gas industry. Finally we have appointed Dr. Patricia A. Ferris as our HSE VP. Dr. Ferris has extensive experience in liaison with Indigenous peoples, and working with various oil and gas operators in the area of employee relations.
On progress in our field operations, we are nearing the completion of Stakeholder Consultations with the stakeholders in our interest areas. This is a requirement by the Alberta government regulatory bodies. By ‘stakeholders’, we are referring to various Alberta government regulatory agencies such as Alberta Environment, Alberta Energy Regulator, Alberta Forestry, 4 Indigenous groups ( 2 First Nations and 2 Metis)in the area to address impact on their ‘Traditional Lands’, again as required by Federal and Alberta regulations. Traditional lands refer to lands over which Indigenous peoples have, by way of ancestral and contemporary connections to a geographical area. Also included in the stakeholders are other operators who have operations in the area, any surface rights owners proximal to the Pimee acreage, and owners of infrastructure which Pimee may need to have access to.
We hope to commence access construction to our first drilling lease location by end of November or first week of December. We are awaiting bid costs from various construction contractors we have approached.
We will let the lease sit until mid January to mid February before bringing drilling contractors to commence drilling operations. This will give us time to vet all drilling and service company proposals along with along sufficient time for the winter frost to penetrate into the ground, which will reduce the impact of equipment driving over the lease and lease road.
We are planning to drill a total of 6 wells, 2 vertical and 4 horizontal wells. The total drilling time should take approximately 36 days. We plan to production test these wells over a 3 to 6 month period, depending on the initial production rates we see.
We thank you all for your support of Pimee Energy Inc., and we will keep you updated on our progress.
Kind Regards
Sincerely,
Michael Kamis, P.Eng.
President and CEO
Pimee Energy
