Welcome to the BOE Report’s Week in Review! Did you miss something this week? We’ve got you covered. Check out any BOE Intel articles that you missed, and catch up on our most read articles from the week. We have also included the top gainers and fallers in the energy markets this week among our BOE Intel coverage list. TOP 5 GAINERS/FALLERS THIS WEEK Top 5 Gainers Company Ticker 7 Day Return Athabasca Oil ATH.TO 13.58% Perpetual [Read more]
Greenfire Resources business combination update – BOE Intel
Greenfire Resources, a Canadian oil sands producer with assets in the Hangingstone region, announced its entry into a definitive business combination agreement with M3 Brigade Acquisition III Corp. in December 2022. The agreement, which specified a US $950 million valuation for Greenfire, was consummated on September 20 and the company's shares began trading on the NYSE on September 21. With this process now finalized, we wanted to provide our readers with a quick overview of the latest [Read more]
August-September Licence Activity Review – Cenovus obtains 68 licences in an otherwise quiet month
The past month has seen a decline in licensing activity across the Canadian oil patch. From August 13 to September 12, 491 licences were obtained. This represents a 8.4% decrease over the previous month, which saw companies obtain 536 new licences. This past month’s licences were spread across 80 unique licensees, representing an average of 6.1 licences per licensee. Using data from BOE Intel and Petro Ninja, we’ve identified a number of trends across the various producers and producing [Read more]
BOE Intel Private Company Review – Bonavista Energy Corp.
Bonavista made headlines in 2020 when the company announced that it was delisting from the Toronto Stock Exchange as part of a recapitalization. Much has changed in Canadian oil and gas since then, and we wanted to do some digging to see what Bonavista has been up to since going private. The company, a sizable gas and condensate producer, has largely stuck to its core assets over the past few years. The most important sources of Bonavista's production are its Deep Basin assets, which the company [Read more]
An in-depth look at Persist’s merger with Dienerian Resources – BOE Intel
On September 6, Persist Oil and Gas announced that it had merged with Dienerian Resources in an all-stock deal. According to Dienerian's website, the deal closed on June 27. The press release provided few details, so our team decided to dig a little deeper in order to provide some context on this deal for our readers. The story of the merger is that Persist, until now focused predominantly in the Mannville formation in Southern Alberta, appear to view this merger as a gateway to accessing the [Read more]
BOE Intel Q2 2023 Report Card – Part 2
Following off of Part 1 of our Q2 2023 Earnings Season Report Card, which focused on production and financial metrics, we are looking at per-barrel indicators in Part 2. Shifts in commodity prices impacted Canadian producers in various ways this quarter, particularly for gas-weighted companies. While inflationary pressures remain a factor, price changes are not homogenous across cost categories and we see some interesting variety in how cost structures are being impacted. This analysis was [Read more]
BOE Intel Field Roundup – Pembina Cardium
For the next entry in our BOE Intel Field Roundup article series, we're examining one of the most established fields in the Canadian oil patch: Pembina. Despite a track record of production that extends decades into the past, this property continues to prove a productive asset for companies operating in the region. Unlike many other major fields in the Western Canadian Sedimentary Basin, a large number of companies own significant mineral rights holdings at Pembina; the field is operated by a [Read more]
BOE Intel Q2 2023 Report Card – Part 1
With the vast majority of public Canadian producers having now released their Q2 2023 results, it's high time for a review of a tumultuous quarter in the oil patch. With wildfire-related production curtailments and difficult macroeconomic conditions taking center stage, Q2 2023 was a challenging period for many producers. This was particularly true with respect to natural gas producers, who navigated a worsened price environment that hasn't fully recovered. With that said, more than a few [Read more]
July-August Licence Activity Review – A busy summer in the Montney
The past month has seen an uptick in licensing activity across the Canadian oil patch. From July 13 to August 12, 536 licences were obtained. This represents a 22.1% increase over the previous month, which saw companies obtain 439 new licences. This past month’s licences were spread across 80 unique licensees, representing an average of 6.7 licences per licensee. Using data from BOE Intel and Petro Ninja, we’ve identified a number of trends across the various producers and producing [Read more]
Private Company Review – West Lake Energy Corp.
Founded in 2016, West Lake Energy is a Canadian producer with a broad set of mineral rights that extend from central Alberta to west Saskatchewan. The bulk of the company's recent drilling and licensing activity has straddled the Alberta-Saskatchewan border, with the Provost medium oil project accounting for most of West Lake's current production. According to gross licensed production data from BOE Intel and Petro Ninja, West Lake is an oil-weighted producer with natural gas, condensate and [Read more]