Three years after announcing its $636 million acquisition of Repsol’s Canadian assets, Peyto Exploration & Development says production from the acquired lands has more than doubled.
According to the Peyto Monthly Report, production from the acquired 455,000 net acres has increased from approximately 23,000 boe/d at the time of the acquisition to 53,000 boe/d today, an increase of roughly 130%.
The assets had seen relatively little development before the sale, with Repsol having drilled just five horizontal wells on the lands during the five years preceding the transaction
Since October 2023, the company has drilled 107 wells on the acquired lands, nearly matching the 114 wells drilled on its legacy properties.
Peyto has also increased throughput through the acquired Repsol facilities from approximately 175 MMcf/d to 265 MMcf/d while integrating the infrastructure into its existing system.
Three years on, the former Repsol assets have gone from a relatively underdeveloped position in the Deep Basin to a major contributor to Peyto’s growth.
See the Peyto Monthly Report from Peyto President & CEO Jean-Paul Lachance here.