North 40 Resources caught our eye in this month’s TOP WELL REPORT. It’s not every month we see a well from the Basal Quartz formation as one of the top oil producers in Western Canada, but in April that’s exactly what happened. North 40 had a well that produced almost 25,000 barrels of oil in the month, averaging about 828 b/d.
While that well alone was newsworthy, we also found it interesting to see the company has spud 2 follow on locations in the last couple of weeks. We will watch those wells closely.
Also noteworthy was to see a handful of mineral rights transfers over the last year, from land brokers to North 40, indicating that it has been able to consolidate land in the area around this successful well. While these transfers are recent, the land may have been purchased a while ago and held under broker until the dates shown in Figure 2. BOE Intel shows us these mineral rights transfers on the map in Figure 1, along with the 2 recent nearby spuds.
Figure 1 – Mineral rights transfers to North 40 (last 12 months – yellow) and recent spuds (last 30 days – blue)
Figure 2 – Mineral rights transfers to North 40 (last 12 months)
Using BOE Intel’s monthly production tool for North 40, we can see that the big Basal Quartz well from April has pushed oil volumes and total volumes for the company to record monthly highs on a gross licensed basis. Note that gross licensed production can differ from corporate production as it only accounts for wells licensed in the company’s name and assumes 100% working interest.
Figure 3 – North 40 gross licensed production
BOE Intel has many different features that we have highlighted in this article. For a demo on how BOE Intel can help your land and business development teams, reach out to us here.