Major M&A news last week in the Alberta Montney, as Ovintiv is set to acquire ~70,000 BOE/d of production from Paramount Resources for $3.325 billion. From its side, Paramount quoted these volumes as 67,600 BOE/d based on third quarter 2024 sales volumes. See Ovintiv's acquisition press release here, and the company's updated corporate presentation here. See Paramount's disposition press release here. In a separate transaction with an unnamed buyer, Ovintiv announced a disposition [Read more]
Tourmaline to acquire Todd Energy Canada – BOE Intel
Tourmaline released its Q3 results last week, which readers can access here. In the company's MD&A, Tourmaline made mention that: "On October 29, 2024, Tourmaline entered into a definitive agreement to acquire all of the issued and outstanding shares of Todd Energy Canada Limited (“Todd”) for total consideration of approximately $300.0 million, to be paid through a combination of Tourmaline common shares and cash inclusive of Todd’s net debt at closing. The transaction is expected to [Read more]
SLB to sell Palliser assets – see the assets and production involved in its partnership with Torxen Energy – BOE Intel
SLB announced two weeks ago that it has reached a definitive agreement to sell its interests in the Palliser Block in Alberta. The assets consist of oil and gas wells, surface facilities, a pipeline network and certain oil and gas development rights. No official price was mentioned for the transaction, and the buyer was not named. These assets were jointly purchased with Torxen Energy in 2017 from Cenovus. SLB was the majority non-operating owner, while Torxen has been the operator. The [Read more]
TOP WELL REPORT – September oil/condensate production data for Alberta – ARC Resources, Veren and Whitecap have big Montney wells, while this producer stuns with a 1,044 bbl/d Belly River oil well
Initial production data is out for September in Alberta. BC has reported partial data and Saskatchewan has 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 September 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 [Read more]
October 16th Alberta Crown Land Sale totals $21.8 MM – Duvernay parcel fetches the most money, while intrigue continues in northwest Alberta – BOE Intel
The Alberta Government brought in $21.8 MM on its October 16th Crown land sale. In total, 70,896 hectares were sold at an average price of $306.95/ha. Click here to see the full land sale results on BOE Intel. There were a couple of interesting things to note about this land sale. From an acreage perspective, a large percentage of this land sale was represented by 6 parcels of contiguous land in northwest Alberta. In total, 47,808 hectares of mineral rights in this area (shown below in [Read more]
Canadian Natural Resources to acquire Chevron’s Alberta assets – see asset maps plus financial, production, and reserves charts – BOE Intel
Canadian Natural Resources announced earlier this week that it is acquiring Chevron's Alberta assets for US$6.5 billion, before closing adjustments. In total the acquired production is ~122,500 BOE/d (76% liquids), and includes Chevron's: 20% interest in the Athabasca Oil Sands Project (AOSP), which includes 20% of the Muskeg River and Jackpine mines, the Scotford Upgrader and the Quest Carbon Capture and Storage facility. 70% operated working interest Duvernay assets (KUFPEC owns the [Read more]
October 2nd Alberta Crown Land Sale totals $7.1 MM – Kaybob area mineral rights in demand
The Alberta Government brought in $7.1 MM on its October 2nd Crown land sale. In total, 19,280 hectares were sold at an average price of $366.30/ha. Click here to see the full land sale results on BOE Intel. The majority of the dollar bonus was from 4 parcels of land northeast of Fox Creek. These 4 parcels fetched a combined $4,120,548, with the buyer(s) represented by the same land broker (Meridian Land Services). The mineral rights (see BOE Intel for the exact zones) surround the [Read more]
TOP WELL REPORT – August oil/condensate production data for Alberta – this Montney producer impressed by taking 11 of the top 15 spots – BOE Intel
Initial production data is out for August in Alberta. BC and Saskatchewan have 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 August 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 August which will affect liquids [Read more]
September 18th Alberta Crown Land Sale totals $27.5 MM – Montney parcel sets new record for per area dollar bonus at over $7 MM/section or $27,556/ha.; Clearwater exploration lands fetch sizeable dollar bonus – BOE Intel
The Alberta Government brought in $27.5 MM on its September 18th Crown land sale. In total, 33,136.25 hectares were sold at an average price of $829.42/ha. Click here to see the full land sale results on BOE Intel. A single section (256 hectares) of mineral rights that includes the Montney (PNG from below the base of the Charlie Lake to Basement) set a new recent record for per area dollar bonus. That single section of mineral rights went for $7,054,272/section, or $27,556/ha. The [Read more]
What’s going on in southeast Saskatchewan? Most active companies, top producers, and changes to most popular formations being targeted – BOE Intel
It's been a while since we checked in with what's going on in southeast Saskatchewan. Once an area heavily weighted to Bakken production, producers in southeast Saskatchewan are now more focused on the Midale and Frobisher formations, although production from 2 of the 3 main producing formations in this area has been in decline over the last decade. The Bakken formation in southeastern Saskatchewan once produced more than 72 mbbl/d of oil, with that number falling to ~23 mbbl/d currently [Read more]
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