CALGARY, Alberta, Jan. 10, 2022 (GLOBE NEWSWIRE) — Pat Carlson, Chief Executive Officer of Kiwetinohk Energy Corp, issued a letter to the shareholders.
Shareholder letter highlights
- Kiwetinohk believes that transitioning to energy with lower greenhouse gas emissions requires urgent action by industry and governments.
- Hydrocarbon energy is essential today and will be required for decades but we need to move increasingly to cleaner sources and uses of energy. As a result, Kiwetinohk is focused on traditional oil and gas and the energy transition, creating a differentiated business model.
- Kiwetinohk was conceived to be an energy transition company with a goal of profitably transitioning to lower emissions energy. Kiwetinohk seeks to find and implement a balance: adapting and extending proven technologies for better performance while windowing new power generation, carbon capture and hydrogen production technologies, being ready to deploy them as commercial development opportunities arise.
- Kiwetinohk’s long term goal includes developing a portfolio of renewable and high-efficiency gas-fired power generation projects that will position it as a low-emissions, reliable, dispatchable, low-cost power generator in the Alberta market.
- Kiwetinohk has been active during the COVID-19 pandemic. The Company has consolidated an attractive liquids-rich gas resource base in northwest Alberta, near Fox Creek, and progressed five projects, totaling 1,800 megawatts of power generation in the Alberta Electric System Operator’s grid access and regulatory queue. Details of the Fox Creek asset are in Kiwetinohk’s recent Annual Information Form, available on SEDAR.
- Kiwetinohk’s next steps, toward its long-term goals, planned for 2022, include, subject to commodity prices, the drilling of 11 gross wells and completing, and connecting 10 gross wells for production while continuing work toward Final Investment Decisions on power and hydrogen projects. Kiwetinohk plans to search for better well designs, seeking to improve on the economics year over year as it develops the resource.
- Growing its oil and gas production will give Kiwetinohk the opportunity to integrate gas production in step with future gas-fired power generation (and, possibly, hydrogen production) helping to mitigate business risks associated with volatility of natural gas prices.
- As Kiwetinohk prepares to list on the Toronto Stock Exchange, it is the Company’s view that, as a transition company, vertically integrated from natural gas and carbon capture to clean power and circular economy hubs, it is the energy company needed today for a better tomorrow.