BOE Report

Dan Rutherford

Q3 results begin to filter in – Whitecap and Tamarack Valley charts of interest – BOE Intel

The first two Canadian E&P companies reported Q3 production and financials in the last 24 hours: Whitecap Resources and Tamarack Valley. Here are some noteworthy charts from BOE Intel with data from those quarters: Click here to visit our BOE Intel Plans page and gain access for yourself and your company. Whitecap Resources Whitecap Resources Inc. announces third quarter results and 2024 budget Figure 1 - Capital expenditures vs. Net Debt Whitecap quarterly capex was [Read more]

Shell Canada reveals additional Montney acreage in hot area with mineral rights transfer from land broker – BOE Intel

BOE Intel picked up on a small mineral rights transfer yesterday in a hotly contested area, from a land broker to Shell Canada. The mineral rights transfer was for 5 sections, a minor blip for a company of Shell's size but noteworthy given industry interest in the Montney south of Grande Prairie. In the BOE Intel map below, we show this mineral rights transfer (in red), along with all Crown mineral rights held by Shell Canada in the area (in green). The original mineral rights for these 5 [Read more]

Tourmaline acquires Bonavista Energy – see deal metrics, pro forma asset base and a review of what Bonavista has been up to since going private – BOE Intel

The Alberta Deep Basin was in focus again yesterday, as Tourmaline announced that it is acquiring Bonavista Energy for $1.45 billion. Tourmaline will pay half cash ($725 MM), and half common shares ($725 MM) to acquire more than 60,000 BOE/d of production. This transaction comes right on the heels of Peyto announcing that it was buying Repsol's Canadian assets which were largely centered around the Deep Basin as well. The transaction metrics for the two acquisitions are in Figure 1 below. See [Read more]

A&D alert – More than 700 sections of mineral rights get new owners in the last month as some familiar management teams make their mark – BOE Intel

The last month has been an active one for mineral rights transfers, with more than 700 sections of mineral rights being transferred in the last 30 days. This data comes from BOE Intel's mineral rights transfer tool. To get a demo for your company so that you can have access to the full list of companies and plots these transfers on a map, click here. The tables below show the 5 largest mineral rights acquirers and the 5 largest mineral rights sellers. BOE Intel subscribers will have access to [Read more]

TOP WELL REPORT – August volumes – A surprise at the top of the best oil wells list, while several companies rival Ovintiv’s northeast BC natural gas rates

The August data is out for the highest producing oil and gas wells in Canada. As always, we use calendar day production metrics so these are real volumes produced in the month. The list of the top 15 liquids wells (oil + condensate) and top 15 natural gas wells based on production from the month of August is below. You can also click on the link below to view the wells all on one map, or click on the UWIs individually to see their location and production profiles on Petro Ninja. TOP 15 [Read more]

This private company just became the latest to acquire Clearwater acreage with mineral rights transfer of over 100 sections – BOE Intel

Karve Energy is the latest company to gain exposure to the Clearwater, by acquiring ~103 sections of mineral rights from Durham Creek Exploration. This transfer likely comprises the remaining assets for Durham Creek as the company was recently acquired by Lycos Energy Inc. BOE Intel picked up the mineral rights transfer on September 29, 2023. Figure 1 - Mineral rights transfer from Durham Creek to Karve Energy The mineral rights are mostly in the northwest part of the larger Clearwater [Read more]

August production results reveal massive condensate rates for new Paramount Resources Duvernay wells – “initial production results significantly exceeding expectations”

With the public well data for August freshly released, we thought it was worthwhile to highlight three monster Duvernay wells drilled by Paramount Resources. These wells have condensate rates that are among the highest of anything we have seen out of the Duvernay in some time. These 3 wells were head and shoulders above the other top Duvernay wells in the month, and all will featured prominently in this month's upcoming TOP WELL REPORT. The three wells come from the Kaybob region northeast of [Read more]

Strathcona Resources cements its reputation as a strategic counter cyclical acquirer with Pipestone shareholders approval of acquisition – BOE Intel

Today it was announced that Pipestone Energy shareholders approved the deal to be acquired by Strathcona Resources. It was a contentious few weeks amongst Pipestone shareholders as dissenting voices emerged, with both sides expressing strong opinions in the public forum. Ultimately it seems like a big win for Strathcona and really adds to the company's impressive reputation as a strong acquirer. Recall that since January 2020, Strathcona has been able to acquire or combine with Pengrowth, [Read more]

715 well licences transferred today from 7 different operators representing 10,319 BOE/d of production – BOE Intel

Today, BOE Intel's well licence transfer tool picked up on 7 different transfers representing 1,121 wellbores, 715 licences, and ~10,319 BOE/d of production. While these licence transfers just went through today, in many cases the new operator will have already taken over financial ownership of these wells at a different date, but now the public record will match and the individual wells that have been transferred can be seen. The table below shows the well licence transfers that went through [Read more]

Well spuds – Montney activity in focus with several Montney spuds in new areas and by new operators – BOE Intel

With fall drilling programs fully underway, we thought it was a good time to review spud data from the last month, to give readers a glimpse into Canadian activity levels. The last 30 days have seen 428 well spuds in Western Canada. Leading the way with the most well spuds were Cenovus (47), ARC Resources (27), and Tourmaline (20). Figure 1 - Last 30 days well spuds by operator By far the most targeted formation over the last 30 days was the Montney, with a total of 99 spuds. The [Read more]