BOE Intel – Crescent Point, Spartan Delta and Logan Energy – quick snapshot and recently drilled wells

Crescent Point announced this morning that it was acquiring Montney assets from Spartan Delta Corp. for $1.7 billion. Both companies have updated their corporate presentations to reflect this transaction.

See the new Crescent Point presentation here.

See the new Spartan Delta Corp. presentation here.

We have done a quick map of the crown mineral rights of both companies on Petro Ninja, and provided that map below. Crescent Point’s assets are in blue, and Spartan Delta’s are in yellow. The circled assets are the main assets being acquired.

According to Crescent Point, the assets are currently producing 38,000 BOE/d (55% liquids). According to Spartan Delta, the two month average sales volumes were 33,198 BOE/d until the end of February, so it is likely there have been some new wells placed on production recently bumping up that production number. Depending on which number you use, the price paid is somewhere between $44,736/BOE/d and $51,207/BOE/d.

To compare this transaction to others over the years, visit our M&A database.

Also in a separate transaction is the creation of a new spin-co named Logan Energy Corp., which will be led by Rick McHardy as President & CEO. Recall that Rick McHardy was President & CEO of a number of the past iterations of “Spartan” companies, including Spartan Energy, Spartan Oil and Spartan Exploration. Logan Energy will acquire 4,500 BOE/d of production and land at Simonette, Pouce Coupe and Flat Rock. These lands can be seen in the map below.

Source: Spartan Delta Corp. Presentation

Spartan Delta will continue to operate with about 40,000 BOE/d  (29% liquids) of production. See Spartan Delta’s new corporate profile in the slide below:

Source: Spartan Delta Corp. Presentation

For further details on the various moving parts, the company presentations give a good summary. For the individual well detail, we’ve provided an interactive list of wells in the links below, which you won’t find in those presentations:

Karr/Gold Creek – the assets being acquired by Crescent Point

• Since the beginning of 2018, Spartan Delta had drilled 121 wells on the main Karr/Gold Creek block, with 106 of them targeting the Montney. Those wells are pictured below, along with the Spartan Delta crown mineral rights which will be going to Crescent Point.
• See all of those wells here on an interactive map from Petro Ninja, including production results.

Simonette/Pouce Coupe/Flat Rock – the assets being acquired by Logan Energy Corp.

• Since the beginning of 2018, Spartan Delta had only brought 7 wells production on the main Pouce Coupe block, and none at Flat Rock or Simonette. All 7 wells at Pouce Coupe have been Montney wells. Those wells are pictured below, along with Spartan Delta crown mineral rights at Pouce Coupe which will be going to Logan.
  • See those 7 wells here on an interactive map from Petro Ninja, including production results.