Trident Exploration  Corp.
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Organizational and Operating History

Trident Resources Corp. (“Trident”, “TRC”, or “the Company”) was incorporated in the State of Delaware on November 7, 2003. Trident focuses on the exploration for and exploiting unconventional natural gas resources from coal, primarily in the Western Canadian Sedimentary Basin (“WCSB”). All of the Company’s operations and production are in Western Canada with certain undeveloped landholdings in the United States. All of Trident’s proved reserves are located in the province of Alberta, Canada.

The majority of Trident’s assets and all of Trident’s operations and current production are located in Canada.

In early 2002, Trident, together with a significant shareholder, acquired property in the Mannville CBM plays northwest of Edmonton, Alberta, and drilled its first four vertical CBM test wells in 2001. Following the acquisition of the Mannville CBM plays, Trident formed two joint venture to explore CBM resources within the Horseshoe Canyon CBM plays.

Trident's team of professionals, technology and industry know-how enabled it to identify and begin acquiring its land base for CBM exploration and development. Between 2002 and 2006, Trident invested significantly in both Mannville and Horseshoe Canyon CBM, including a significant expansion of its infrastructure. In 2005, Trident announced the first commercial project in Mannville CBM in Canada and this is still the largest producing field developed for this formation to date.

In early 2008, Trident achieved a significant drilling milestone having operated the drilling of 650,000 meters or 2,100,000 feet of horizontal and multi-lateral horizontal drilling in the first commercial Mannville CBM field in Canada.

On June 26, 2014, Trident Resources Corp. announced that it successfully reorganized and disposed of 10% of its Canadian operations for gross proceeds of approximately $107.1 million. It also announced the completion of a $95.0 million secured debt financing (“Extendible Revolver Facility”) that coupled with the disposition proceeds was used to repay its existing secured lending facilities (“Term Facility” and “Revolving Term Facility”) in full and for working capital purposes.

Reorganization

Under the reorganization of Trident’s Canadian operations, Trident Exploration Corp. (“TEC”), Trident's Canadian operating company prior to the reorganization, contributed all of its operating assets and working capital to a newly formed limited partnership, Trident Limited Partnership ("TLP"), and all of its long-term debt obligations to NRL Energy Investments Ltd. ("NRL"), a sister company of TEC and wholly-owned subsidiary of Trident. NRL became a majority ownership limited partner of TLP with the remaining of the issued and outstanding partnership units of TLP being held by a third party. Trident Exploration (Alberta) Corp., a wholly-owned subsidiary of NRL, is the general and managing partner of TLP and holds a nominal unit ownership position.

Disposition

Post-reorganization, TEC was sold to an unrelated third party. At the time of the sale, TEC’s only assets were an interest in TLP and unrecognized deferred tax assets.

Financing

Concurrently with completion of the transactions described above, NRL obtained an Extendible Revolver Facility from a syndication of banks. The proceeds of this financing along with the proceeds from the disposition have been used to fully repay Trident’s secured long-term lending facilities and for working capital purposes.

 

 

 

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