Full disclosure: we had to rework this article and title from our original title of "Is Repsol selling the rest of its Canadian assets?" because yesterday we found out that Repsol actually was selling its assets before we could hit publish. Why did we think this might be about to happen? Because BOE Intel picked up a giant licence transfer application on September 1st, 5 days before it would be announced that Peyto was buying Repsol's Canadian assets. This AER licence transfer didn't show [Read more]
Advantage Energy enters BC Montney with acquisition of exploration land – BOE Intel
BOE Intel picked up on an interesting mineral rights transfer over the weekend, with Advantage Energy acquiring ~50 sections of Montney exploration land in NE BC. The mineral rights were transferred from Calima Energy, who actually had a press release on its own website and the Australia Stock Exchange on August 25. The press release highlighting the transaction is here. Calima quotes the transaction was for 33,643 net acres, approximately $10 MM Canadian and would include its Tommy Lake [Read more]
Mystery buyer of Montney/Duvernay assets from Athabasca and Murphy officially revealed – BOE Intel
On July 31, Athabasca announced that it had entered into a definitive agreement to sell its non-core light oil assets for $160 MM. These assets were quoted as "its 70% operated working interest in Placid targeting the Montney, its 30% non-operated working interest in Saxon and Simonette targeting the Duvernay and other associated non-core Placid Montney." Athabasca quoted the production involved as 3,000 boe/d. A few days later on August 3, Murphy announced that "a subsidiary of Murphy signed [Read more]
TOP WELL REPORT – July volumes – Crescent Point and Ovintiv dominate, while notable wells from CNRL, Murphy, Tamarack Valley, Advantage and others provide something for everyone
The July 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 July 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]
Montney Crown land sales south of Grande Prairie go for up to $5.1 million/section in August – BOE Intel
August has been a strong month for land sale activity south of Grande Prairie. On the BOE Intel map below, we have highlighted some of the more expensive parcels of land that were sold at the Aug 9 and Aug 23 Alberta Crown land sales. The map also shows Montney licensing activity for some of the more active Montney companies over the last one year. Note that Montney licensing totals are company-wide, and not just what is shown on the map here. Click here to check out our new BOE Intel land [Read more]
Capital expenditures fall for the first time since COVID lows after 11 consecutive quarterly increases – BOE Intel
Q2 results showed capital spending from a broad list of about 40 publicly traded Canadian producers tracked by BOE Intel fell for the first time in 11 quarters. Total capital spending (not including A&D) for the group of publicly traded companies fell from ~$8.8 billion to ~$8.3 billion, a drop of about 6%. Figure 1 Among some of the larger producers, Canadian Natural Resources and Suncor saw heavy capital spending in Q2. Both companies saw quarterly capex hit multi year highs. In [Read more]
Report finds pipeline incidents are down 40% over the last decade in Alberta despite more pipeline in service
Too often the only time news about pipelines hits the headlines is when there is an incident. Often times these incidents involve no more than a few barrels of fluid but even that tends to make the news. In fact, a study that we came across from the AER found that 65% of pipeline incidents involve no release of fluids or a release of 1 cubic metre or less. See the full Pipeline Performance Report by the Alberta Energy Regulator (AER) here. Some of the highlights from the AER's Pipeline [Read more]
Crew Energy bucking inflationary pressures – BOE Intel
Inflation in the oilpatch appears to be pretty sticky these days. A quick glance at median operating costs and transportation costs across a broad spectrum of producers in Canada shows that fact very well. Q2 results are basically all in by now, and we are not seeing any reprieve on these two metrics as of yet, although Q2 was a challenging quarter on production for many given wildfire impacts in May. The following charts all come from BOE Intel. Reach out for a demo here. Figure 1 - [Read more]
Newest public Montney company adds mineral rights near Simonette – BOE Intel
Logan Energy is the newest public Montney company after its spinout from Spartan Delta, bringing with it Rick McHardy as President & CEO and some team members from Spartan. The company just reported its first quarter as a public company and already looks to be hard at work building out its resource base. Not mentioned in its Q2 report is a 12 section mineral rights transfer from Kiwetinohk Energy to Logan, captured by BOE Intel on August 4th and pictured below. Figure 1 shows Logan's [Read more]
This private company’s acquisitions total over 8,000 BOE/d so far in 2023 – see the newest A&D tool from BOE Intel
For much of the last year, BOE Intel has been able to highlight A&D transactions that otherwise might not get press released, or sometimes would only get mentioned later on. BOE Intel's AER licence transfer mapping tool and mineral rights transfer tool have allowed users to get the jump on transactions happening in and around core areas of interest. One example of this was spotting back to back acquisitions by HWN Energy at the beginning of the year. The links to those articles are [Read more]
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