Weekly Canadian Oil & Gas Industry Highlights – July 4, 2017

July 3, 2017

Presented by POIM Consulting Group

Major /Interesting Projects

• Tourmaline Oil Corp New Large Gas battery – multiwall DRAYTON VALLEY PEPPERS 13-01-052-23W5
• Gear Energy Ltd Two New Bitumen battery – multiwall BONNYVILLE LINDBERGH
• Devon Canada New Bitumen satellite BONNYVILLE LEISMER 15-30-075-06W4
• Birchcliff Energy Ltd. New Oil Satellite GRANDE PRAIRIE POUCE COUPE SOUTH 03-06-079-11W6
• Aspenleaf Energy Limited Install Two New Compressors 04-26-067-08W5
• Cenovus Energy Inc. 24 New Well License BONNYVILLE LEISMER
• Crew Energy Inc. 15 new well license BC
• Polar Star Canadian Oil and Gas Inc 6 new well license BC

First Facility License Current Year

• RMP Energy Ltd_Licence Amendment_Oil battery – multiwell_AB_02-23-068-03W6
• Aspenleaf Energy Limited_Licence Amendment_Oil battery – multiwell_AB_04-26-067-08W5
• Anegada Energy Corp._Licence Amendment_Oil battery – multiwell_AB_13-19-032-02W4

First Well License Current Year

• Gryphon Petroleum Corp_AB_14-35-001-20W4
• TRANSGLOBE ENERGY CORPORATION_AB_02-09-031-03W5
• Tervita Corporation_AB_10-13-069-06W6
• Polar Star Canadian Oil and Gas Inc_BC_NTS: C -004-L/094-H-05
• Axial Exploration LTD._SK_04-28-003-31W1
• Gambit Oil Corp._SK_13-06-011-06W2
• Croverro Energy Ltd_SK_09-18-048-24W3

First Wells Drilled Since Apr 1 2017

• High Ground Energy_AB_05-22-035-05W4
• Rolling Hills Energy_AB_15-31-034-03W4
• Vermilion Energy Inc_AB_06-01-050-13W5
• Shackleton Exploration Ltd_AB_08-09-044-20W4
• ConocoPhillips Canada Resources Corp_AB_07-24-071-10W6
• Ish Energy Ltd_SK_08-04-033-25W3
• PEMOCO LTD._SK_11-30-009-33W1

Rigs First Time Drilling Since Apr 1 2017

• Precision 541_Seven Energy (Canada) Inc_AB_16-21-063-02W6
• Akita 1_K+S Potash Canada General Partnership_SK_01-19-019-24W2
• Ensign 112_BlackPearl Resources Inc._SK_05-04-056-27W3
• Preditor 356_TEINE ENERGY LTD._SK_15-32-029-23W3
• Preditor 439_Raging River Exploration Inc_SK_15-33-024-15W3
• Red Hawk 3_PEMOCO LTD._SK_11-30-009-33W1

Other News

• Bellatrix Announces Closing of $34.5 Million Non-core Asset Sale
• Penn West Changes Name to Obsidian Energy Ltd.
• Baytex Provides Operational Update – maintaining our capital budget guidance at $325 to $350 million. During the second quarter, exploration and development capital expenditures are estimated at $78 million, bringing the aggregate spending in the first half of 2017 to about $174 million.  We will continue to employ a flexible approach to prudently manage our capital program.
• Blackbird Energy Inc. during the remainder of calendar 2017 Blackbird plans to finish drilling the 102/6-26 well, complete the 102/6-26 well using the Stage System, and drill/complete approximately two additional operated wells (the 2-28-70-7W6 and 1-20-70-7W6, both on existing pads). Blackbird will also participate in the completion operations of the 3-17 non-operated well on Blackbird’s south-eastern lands.  The operations outlined above are expected to cost approximately $30.0 – $35.0 million
• Canbriam Energy Announces C$100 Million Private Equity Investment
• BlackPearl, commented, “We are pleased to put the final piece of the financing arrangements in place for our 6,000 barrel per day Phase 2 at Onion Lake. We are about 80% complete on the fabrication of the modules for the plant facilities and we have commenced drilling of the wells. We plan to start steam injection by mid-year 2018 with peak production of 6,000 barrels per day by mid-year 2019. Phase 1 was built for $225 million and projected Phase 2 costs are $185 million. Phase 1 continues to perform at or above name-plate capacity and because it operates with low royalties, operating costs and sustaining capital, our Onion thermal project is in the top decile of North American oil opportunities.

 

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phinds@poim.ca

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T2M 2M3, Canada

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