Crescent Point Energy Drilled 1,443,392 metres in 2016. 1,380,401 of which was in Saskatchewan where the company holds most of their operations. What is apparent is that they put by far the most pipe into the ground compared to any other producer in Canada.
|Crescent Point Energy||1,443,392|
|Raging River Exploration Inc.||682,012|
|Teine Energy Ltd.||667,594|
|Tourmaline Oil Corp.||562,492|
|Peyto Exploration and Development||547,639|
|Seven Generations Energy||481,895|
|Arc Resources Ltd.||220,837|
Crescent Point also drilled the most wells in 2016 with 590 in total.
|Crescent Point Energy||590|
|Raging River Exploration Inc.||414|
|Teine Energy Ltd.||403|
|Canadian Natural Resources||197|
|Tourmaline Oil Corp.||131|
|Peyto Exploration and Development||127|
|Imperial Oil Resource Ventures||90|
At the tail end of 2016, Crescent Point announced a $1.45-billion budget for 2017 to grow output by about 10 per cent — but CEO Scott Saxberg said the company will spend even more to add more wells in the second half of the year if benchmark prices remain above US$50 per barrel.
“Every dollar change in WTI (West Texas Intermediate crude) adds $50 million of cash flow, so it really positions us to add to that growth depending on the effect of these cuts,” said Mr. Saxberg.
And before that, the company that it entered into a bought deal financing to sell 33.7 million common shares at $19.30 per share to raise gross proceeds of approximately CDN$650 million. The net proceeds were to be put toward funding incremental growth capital expenditures during 2016 and 2017 and to reduce bank indebtedness.
“We have continued to advance each of our resource plays throughout 2016,” said Mr. Saxberg in a press release. “We successfully added new drilling locations and generated strong production results from previously untested geologic zones. Our most recent Castle Peak horizontal well in the Uinta Basin, for example, is expected to generate a payout of less than two years with a 30-day initial production rate of approximately 600 bopd at a cost of approximately US $5 million.”
Crescent Point’s increased 2016 and 2017 capital budget enable the Company to maintain its current 20 rig drilling program over the next 12 to 18 months, excluding spring break-up. Crescent Point’s revised drilling budget also included an additional rig in Flat Lake as well as one rig that is expected to be continually active throughout the Uinta Basin.
“[The] preliminary 2017 budget of $1.4 billion compares to our development capital expenditures of $2.1 billion during 2014,” added Mr. Saxberg. “This is the first phase of a strong organic growth plan that further positions us to increase capital as long-term WTI prices improve above US $45.”
This data provided by BOE Report’s Well Activity Map