Initial production data is out for December in Alberta. BC and Saskatchewan are yet to report. Alberta has reported oil, condensate, and gas; full Alberta NGL data (including pentane) and marketable gas is due out in a couple weeks. While the December data won't be considered complete until the rest of the Alberta data has been reported, it is nonetheless worthwhile to show the data as it stands today. Pentane volumes in Alberta will not be represented yet for December which will affect liquids [Read more]
January 22nd Alberta Crown Land Sale totals $4.3 MM – Highest bonus goes to parcel of land northwest of Rimbey – BOE Intel
The Alberta Government brought in $4.3 MM on its January 22nd Crown land sale. In total, 7,708.96 hectares were sold at an average price of $555.93/ha. Click here to see the full land sale results on BOE Intel. This was a small land sale by recent trends, both by area and by dollar bonus. Only 1 parcel fetched more than $1 million. That parcel was 512 hectares (2 sections) northwest of Rimbey, which went for $1,144,407. The buyer of record was a land broker (Millennium Land). [Read more]
January 8th Alberta Crown Land Sale totals $16.4 MM – one parcel drives 39% of the total bonus – BOE Intel
The Alberta Government brought in $16.4 MM on its January 8th Crown land sale. In total, 35,817.21 hectares were sold at an average price of $458.43/ha. Click here to see the full land sale results on BOE Intel. There was one parcel of land in particular that was a big percentage of the overall bonus. 6,144 hectares (24 sections) of mineral rights fetched a total bonus of $6,374,347, or about 39% of the total from this land sale. Those mineral rights, shown in pink on the BOE Intel map [Read more]
TOP WELL REPORT – November volumes – This company’s top well produced 2,118 bbl/d of condensate in November
Most production data is out for November. BC and Saskatchewan data has been reported in full, while Alberta has reported oil, condensate, and gas; full Alberta NGL data (including pentane) and marketable gas is due out in a week or so. While the November data won't be considered complete until the rest of the Alberta data has been reported, it is nonetheless worthwhile to show the data as it stands today. Pentane volumes in Alberta will not be represented yet for November which may affect [Read more]
Vermilion Energy to acquire Westbrick Energy – see acquisition multiples, asset maps and recent production – BOE Intel
Vermilion Energy announced this morning that it will acquire Westbrick Energy for $1.075 billion. The company will acquire production volumes of 50,000 BOE/d in Alberta's Deep Basin, where Vermilion will add 700 drilling locations. Please see the official press release here. Vermilion also put out an acquisition presentation which readers can access here. Figure 1 below shows some comparable transaction metrics for recent Deep Basin M&A. Figure 1 - Comparable M&A [Read more]
December 11th Alberta Crown Land Sale totals $18.2 MM – Regional Clearwater area drives most of the activity – BOE Intel
The Alberta Government brought in $18.2 MM on its December 11th Crown land sale. In total, 38,027.65 hectares were sold at an average price of $479.76/ha. Click here to see the full land sale results on BOE Intel. There were only 3 parcels of land that fetched bonuses of greater than $1 MM, combining for $3.7 MM. Those three parcels are shown in pink in Figure 1, and come from the far northwestern corner of the regional Clearwater area, north of the Cadotte field. Those 3 parcels all [Read more]
PETRONAS Energy Canada – Production volumes surge to new highs in October – BOE Intel
A couple weeks ago, we had profiled Shell Canada with the apparent indication that the company has picked up its spud activity in 2024, perhaps in anticipation of the startup of LNG Canada, which is expected by the middle of 2025. It's time to check in on another one of the LNG Canada partners: PETRONAS. From an activity point of view, it really depends on exactly what part of the process you are looking at, as one can spot several different trends based on the public data. 2023 and 2024 [Read more]
TOP WELL REPORT – October volumes – ARC Resources sets a record
Most production data is out for October. BC and Saskatchewan data has been reported in full, while Alberta has reported oil, condensate, and gas; full Alberta NGL data (including pentane) and marketable gas is due out in a couple weeks. While the October data won't be considered complete until the rest of the Alberta data has been reported, it is nonetheless worthwhile to show the data as it stands today. Pentane volumes in Alberta will not be represented yet for October which may affect [Read more]
November 27th Alberta Crown Land Sale totals $5.9 MM – Duvernay mineral rights in strong demand – BOE Intel
The Alberta Government brought in $5.9 MM on its November 27th Crown land sale. In total, 10,944 hectares were sold at an average price of $535.12/ha. Click here to see the full land sale results on BOE Intel. This was one of the smaller land sale results of the year, with only one more land sale to go in Alberta this year. While it was a smaller land sale result, there were still some parcels of note. Paramount Resources was the buyer of record for 1,536 hectares (6 sections) of [Read more]
Shell Canada begins to ramp up – activity levels surge as startup of LNG Canada draws nearer – BOE Intel
Shell Canada has been rather quiet in Canada for a number of years. Yes, the company has been steadily building out LNG Canada for several years (recall that Shell is the lead partner in the LNG Canada partnership), but its upstream activity has generally been fairly modest over the last number of years. Recently, that has changed. The timing of this surge in activity and the imminent startup of LNG Canada (expected in mid-2025) is likely no coincidence. To date in 2024, Shell Canada has spud [Read more]
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