BOE Intel’s well licence transfer tool has picked up on 1,944 licences that were transferred over the last 30 days. The gross production from those transfers aggregates to over 36,000 BOE/d based on September production as registered in the public domain (which won’t include NGLs or condensate volumes for the most part in AB or SK).
Below we have highlighted a few of the larger transactions. Not shown, but available to BOE Intel users include a transfer between 2 private companies (247 licences involving 2,421 BOE/d), a Clearwater acquisition by Cardinal Energy which it press released involving 16 licences and 482 BOE/d of gross production, as well as many other transactions.
From Pipestone to Strathcona
This one of course was press released, and is from Strathcona’s acquisition of Pipestone, first announced on August 1, 2023. While no volumes were ever officially announced in regards to the size of the acquisition, Pipestone had a Q2 average of 33,143 BOE/d as reported in its quarterly results.
BOE Intel shows in Figure 1 below that 220 licences have been transferred from Pipestone to Strathcona. The gross production from those wells as of September was 28,395 BOE/d, although keep in mind as mentioned above that this figure will not account for NGL and condensate volumes very well because of single stream reporting at the well level in Alberta. It is highly likely then that the actual total production transferred (when NGL and condensate is included) is significantly higher as September was one of the better months for “gross licensed production” for Pipestone.
From Certus to BTG Energy
While BOE Intel had spotted what initially appeared to be an infrastructure transaction between these two companies, it soon became clear that there were wells and production involved as well. The well licences have officially been transferred now (Figure 2), with BTG acquiring 753 licences representing 3,602 BOE/d of gross production (see caveats about NGLs and condensate reporting above).
From Ovintiv to Rising Tide Energy
We made reference to this transaction in our article on Ovintiv last week, and now we can see the transfer of the well licences themselves. Ovintiv has disposed of 463 licences and 764 BOE/d of production as shown in Figure 3.