Weekly Industry Highlights for Week Ending February 24, 2017

February 27, 2017

Presented by POIM Consulting Group

Major / Interesting Projects

• We are seeing license amendments related gas plants & large facilities early indicator of turn around activity – ADVANTAGE Oil – 05-02-076-12W6, Husky Energy – 04-02-037-10W5
• Cenovus Energy Inc. – New Gas Plant 13-21-015-11W4
• ARC Resources Ltd – 6 well pad 04-18-068-24W5
• CNRL new pad Estevan 15-18-004-03W2
• Northern Blizzard Resources Inc – Pad – 15-26-035-28W3
• Seven Generations Energy Ltd. – Pad 16-6-63-4W6 – 5 wells

 

First Facility License Last 12 Months

• Advantage Oil & Gas Ltd._Gas processing plant install compressor & pump_AB_                05-02-076-12W6               
• Fortune Energy Inc._Build EOR Injection_SK_05-20-49-27-W3

 

 First Well License Last 12 Months

• Rife Resources Ltd_RIFE HZ 104 LIND 8-26-54-6_LINDBERGH_08-27-054-06W4
• PLAINS MIDSTREAM CANADA ULC_Kindersley_03-34-033-22W3               PRAIRIE EVAPORITE_03-34-033-22W3
• ALLSTAR ENERGY LIMITED_Kindersley_01-13-029-27W3
• Malak Energy Inc_MALAK 104 LEDUC-WB 6-14-50-26_LEDUC-WOODBEND_06-14-050-26W4

 

First Wells Drilled Since May 1

• Enercapita Energy Trust EEL HZ BDYLKS 10-15-84-12          BOUNDARY LAKE SOUTH              10-10-084-12W6

 

Rigs First Time Drilling Since May 1

• Akita 32_Osum Oil Sands Corp_OPC P108-P2 COLD LK 13-17-64-3_ETHEL LAKE_16-17-064-03W4
• Big Country 2_FORT HILLS ENERGY CORPORATION_FHEC FH17-GT524-MR1 15-25-96-10
• Big Country 6_FORT HILLS ENERGY CORPORATION_FHEC FH17-GT522-MR1 13-30-96-9   
• Chinook 9-Bellatrix Exploration Limited_FERRIER-15-36-044-10W5
• Komat 3_Imperial Oil_IMP OIL RES V 26 LEISMER 9-18-77-11                                        
• Precision 582_Canbriam Energy Inc_CANBRIAM HZ ALTARES B- 095-H/094-B-08
• Trinidad 9_TUNDRA OIL & GAS PARTNERSHIP_FROBISHER BEDS_03-06-002-30W1

 

Other News

• AltaGas expects capital expenditures in the range of $550 to $650 million for 2017. AltaGas’ Gas segment will account for approximately 65 to 75 percent of the total capital expenditures, while AltaGas’ Utility segment will account for approximately 20 to 25 percent and the Power segment will account for approximately 5 to 10 percent.
• Crescent Point plans to drill approximately 670 net wells and generate annual average production of 172,000 boe/d with an exit rate of 183,000 boe/d.
• Journey forecasts annual production of between 8,800 and 9,200 boe/d in 2017, with the drilling of 15 gross (14.4 net) wells.  Capital is allocated evenly between Journey’s central and south core areas. Journey intends to prudently expand long lead-time waterflood projects in addition to its drilling program.  Over 25% of Journey’s 2017 growth capital is directed toward waterflood expansion projects.
• Tourmaline the 2017 EP capital program of $1.3 billion includes a 17-rig drilling program that will deliver 35% annual production growth for less than anticipated 2017 cash flow of $1.4 billion ($3.15/mcf AECO 2017 forecast natural gas price).
• Enerplus is budgeting moderately higher spending in the waterflood portfolio in 2017 at $60 million. Capital activity in 2017 will be predominately focused on waterflood optimization and expansion at Cadogan and Southeast Saskatchewan, ongoing polymer injection at Medicine Hat Glauc ‘C’ and Giltedge, and ramping up water injection at Ante Creek where Enerplus plans to be injecting from eight wells by year-end.
• Husky A 16-well program is planned in 2017 targeting the Wilrich formation in the Ansell and Kakwa areas.  Construction continued to advance on the 10,000 bbls/day Rush Lake 2 Lloyd thermal project, with production on track for the first half of 2019.
• Questerre plan to participate in up to 8 (2.0 net) additional wells at Kakwa in 2017.
• Altura’s 2017 capital budget is expected to be $17.0 million.  Approximately 36 percent is allocated to drilling undeveloped reserves, 36 percent is allocated to drilling new prospects with no associated reserves, and 28 percent is allocated to infrastructure, land, seismic, abandonment, reclamation and other corporate costs.   For details on Altura’s 2017 capital budget, see the Corporation’s November 10, 2016 news release.
• Zargon  $7.8 million 2017 capital budget that is fully funded by corporate cash flows (after hedging) based on a $52 US per barrel (West Texas Intermediate) oil price.
• BlackPearl will allocate capital to drilling primary wells and bringing on shut in production, but most importantly, our focus will be on our 6,000 barrel per day phase 2 expansion at Onion Lake.
• Crew Energy Inc. Announces C$300 Million Senior Notes Offering

About POIM

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Contact POIM

Pat Hinds
1-403-472-5795
phinds@poim.ca

Website: poim.ca

POIM Consulting Group
450-29th Ave NW
Calgary, Alberta
T2M 2M3, Canada

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