Interesting News
- In the other new section we have lots of information, most of the Operators are reporting increased profits with the addition revenue focused on reducing debt versus production growth. The exceptions are;
- Tamarack Valley anticipates that approximately 65% of its drilling program will occur in the second half of 2019 with a meaningful ramp-up in production volumes anticipated during the fourth quarter, subject to the Curtailment Order being lifted.
- Yangarra has accumulated a sizeable land base at the Cow Lake/Cheddarville areas and expects a significant portion of its drilling budget, over the next few quarters, to be devoted to these areas now that Company owned compression capacity is available.
- NuVista Energy Ltd. working with Aztec Engineering new compressor station 06-13-068-07W6
- Petrus Resources Ltd working with Onstream Engineering Ltd. gas plant upgrade 02-25-038-09W5
- Baytex 3 new Multi-Well Oil Batteries Kindersley area
- TORXEN RESOURCES LTD. licensed 3 new well pads for a total of 11 wells
- Teine Energy Ltd permits approved for 2 new pads total of 9 wells
- Deltastream approved permits for 4 new well pads total 8 wells
First Facility License since Dec 1 2018 (or greater)
- Journey Energy Inc_Licence Amendment_Gas processing plant_AB_13-36-023-14W4
First Well License since Dec 1 2018 (or greater)
- Calima Energy Inc._BC_BC_GREEN CREEK_NTS: A -035-G/094-G-10
- Aldon Oils Ltd_SK_Estevan_FROBISHER-ALIDA BEDS_11-11-006-07W2
First Wells Drilled Since Dec 1 2018 (or greater)
- None
Rigs First Time Drilling Since Apr 1 2019
- Suncor Energy Inc._Big Country 14_AB_Bonnyville_UNDEFINED_05-19-091-08W4
- Suncor Energy Inc._Big Country 10_AB_Bonnyville_UNDEFINED_11-19-091-08W4
- Seven Generations Energy Ltd._Precision 540_AB_GRANDE PRAIRIE_KAKWA_13-22-063-04W6
- Seven Generations Energy Ltd._Nabors 86_AB_GRANDE PRAIRIE_KAKWA_13-22-063-04W6
- West Lake Energy Corp._Bonanza 4_AB_WAINWRIGHT_PROVOST_03-25-038-04W4
- Shell Canada Limited_Precision 530_BC_BC__DLS: A 08-26-080-19
- Astra Oil Corp_Stampede 2_SK_Estevan_FROBISHER BEDS_10-11-005-06W2
- Teine Energy Ltd_Ensign 358_SK_Kindersley_VIKING FORMATION_12-21-031-22W3
- Novus Energy Inc._Bonanza 1_SK_Kindersley_VIKING FORMATION_01-33-032-20W3
- Teine Energy Ltd_Preditor 7_SK_Kindersley_VIKING FORMATION_13-35-031-24W3
- Serafina Energy Ltd_Precision 190_SK_Lloydminster_CUMMINGS MEMBER_16-02-048-19W3
Other News
- Obsidian Energy have all our locations ready to license with the construction of the first two pads expected to commence as soon as road conditions and weather permits. Total planned capital of $120 million for 2019 remains unchanged, with the Board approving a second half 2019 capital spend, including decommissioning expenditures, of $75 million.
- Cequence Energy Funds flow from operations(1) was $5.4 million for the three months ended March 31, 2019, $2.1 million higher than the same prior year period and $3.3 million higher than the fourth quarter 2018. 2019 capital budget is approximately $13.0 million comprised primarily of costs to drill and complete 2.0 gross (2.0 net) Dunvegan horizontal oil wells in the second half of 2019. Completed abandonment and reclamation work incurring approximately $2.5 million remediating well sites and removing equipment from the Company’s Silver British Columbia properties. The compressors and power generation equipment removed will be redeployed at Simonette supporting optimization projects to increase production. Management expects decommissioning costs for the remainder of 2019 to be approximately $0.5 million.
- Tamarack Valley anticipates that approximately 65% of its drilling program will occur in the second half of 2019 with a meaningful ramp-up in production volumes anticipated during the fourth quarter, subject to the Curtailment Order being lifted. Tamarack’s 2019 budget anticipates drilling 125 net wells, including Viking wells in Alberta and Saskatchewan, Cardium oil wells in Wilson Creek and oil wells in Penny. In addition, the Company intends to continue directing capital to activities related to the Veteran waterflood with $20 million budgeted for 15 well conversions in the first half of 2019 and the drilling and conversion of six additional injection wells in Veteran.
- Crescent Point remains disciplined in allocating capital and excess cash flow, prioritizing net debt reduction, accretive share repurchases and generating returns versus production growth.
- Canadian Natural’s annual 2019 capital expenditures are targeted to be approximately $3.7 billion.
- InPlay Oil Increased revenue 51% to $19.2 million in the first quarter of 2019 compared to $12.7 million in the fourth quarter of 2018. Significant improvements to realized crude oil prices began early in the first quarter of 2019 as a result of the dramatic improvement in the Edmonton light oil to West Texas Intermediate (“WTI”) differential with Edmonton light differentials narrowing to average US $4.85/bbl in the first quarter of 2019 compared to US $26.30/bbl in the fourth quarter of 2018. Inplay remaining budgeted development capital for 2019 is planned to be incurred in the Willesden Green area.
- BMO Capital Markets dated March 2019 stating “The East Shale Basin Duvernay Continues to Gain Momentum and is Quickly Evolving its Position to Become One of the Premier Oil Resource Plays in North America” and has “World-class rock characteristics combined with a massive resource in-place”.
- Athabasca maintaining its $95 – $110 million capital program with production guidance between 37,500 – 40,000 boe/d.
- Granite conservative budget for 2019 of approximately 1,650 bbl/d of oil production for the year, with capital expenditures of approximately $6.1 million, providing for total funds from operations of approximately $17.6 million, and exit net debt of approximately $36 million.
- Tourmaline decided to reduce the full-year 2019 capital program by a further $25.0 million to $1.2 billion. Average production guidance remains unchanged at 300,000 boepd.
- Gear Energy Abandonments: approximately 7 per cent of capital
- Yangarra has accumulated a sizeable land base at the Cow Lake/Cheddarville areas and expects a significant portion of its drilling budget, over the next few quarters, to be devoted to these areas now that Company owned compression capacity is available.
- Kelt Exploration expects to exit 2019 with six to nine horizontal wells that will be drilled and awaiting production start-up in early 2020.
- Perpetual Energy abandonment and reclamation work of up to $2 million to prudently address decommissioning obligations associated with non-producing wells.
- Pengrowth Energy total debt before working capital (excluding letters of credit) at March 31, 2019 increased 1% to $721.5 million compared with $714.6 million as at December 31, 2018 partly due to $5.6 million in abandonment and reclamation work Until Pengrowth is able to refinance its term debt and renews its Credit Facility, capital spending will not exceed $21 million.