BOE Report

Liam Robertson

The Spartan Delta deal(s) that changed the Montney – BOE Intel

Just over twelve months ago, Spartan Delta made headlines in Canadian oil and gas with a series of asset transfers. Referred to by the company as a "repositioning", the transactions resulted in a majority of Spartan Delta's existing assets changing hands. The company's Gold Creek and Karr Montney assets were acquired by Crescent Point (officially Veren, as of this morning), while its Pouce Coupe, Simonette, and Flatrock assets formed the foundation for a spin-off company, Logan Energy. With over [Read more]

Valhalla Field Roundup – BOE Intel

Positioned in one of the Alberta Montney's premier producing regions, the Valhalla field is among the most dynamic in the Canadian oil patch. With exposure to both the Charlie Lake tight oil play and a gas-weighted zone of the Montney producing formation, Valhalla has been the site of regular and productive drilling by some of Canada's blue chip producers. We believe that Valhalla will continue to occupy a central position in the industry for years to come. In order to give our readers a better [Read more]

Tamarack Valley’s South Clearwater Asset Review – BOE Intel

Over the past few years, Tamarack Valley has transformed into one of the Clearwater's leading names. With total corporate production of just under 65,000 BOE/d in Q4 2023, Tamarack has grown substantially since kicking off a corporate transformation back in 2021. A smaller but noteworthy component of this transformation strategy, which saw the company retool its asset portfolio, focused on what Tamarack refers to as its South Clearwater asset. The South Clearwater is composed of a band of [Read more]

March-April Licence Activity Review – A SAGD-lightful spring

After a slow start to 2024, Canadian licensing activity has broken a 2-month streak of declines. Between March 13 and April 12, 428 licences were obtained. This represents a noteworthy 17.9% increase compared to the previous month, which saw companies obtain 363 new licences. This past month’s licences were spread across 51 unique licensees, representing an average of 8.4 licences per licensee. Overall, licensing activity for the month was dominated by oil sands producers, with the McMurray [Read more]

CNRL Karr Asset Review – BOE Intel

For our next asset review article, we're focused on an asset operated by Canada's largest E&P: Canadian Natural Resources Limited. We were spoiled for choice when narrowing in on a productive CNRL asset for this post; from the Montney to the oil sands and lots in between, CNRL has a cornucopia of high quality oil & gas projects. With the Deep Basin and the Alberta Montney being the talk of the industry lately, however, we wanted to focus in on the company's position in this area. CNRL [Read more]

BOE Intel Q4 2023 Earnings Season Report Card – Part 2

Having gone over production and financial metrics in Part 1 of our Q4 2023 Earnings Season Report Card, it's time for per-barrel metrics. Overall, operating and transportation costs were down this quarter, a further easing of inflationary pressures in the oil patch. Average realized prices were down as well, however, leading to a broader decline in netbacks for most Canadian E&Ps. Many producers were able to regain some ground through their hedging programs though, which helped spur the [Read more]

BOE Intel Q4 2023 Earnings Season Report Card – Part 1

With a majority of Canadian producers having now announced their year end results, it's time for another BOE Intel Earnings Season Report Card. As usual, part 1 will focus on production and financial metrics, while part 2 will cover per-barrel metrics. Overall, Q4 was a bounce back quarter for many producers. Production of both liquids and natural gas were up in aggregate, with companies largely delivering on ambitious 2023 capital budgets. It was also a good quarter from a financial [Read more]

February-March Licence Activity Review – Keeping an eye on the Clearwater. Plus, Baytex begins licensing on its new farm-in acreage?

In a slow start to 2024, Canadian licensing declined for the third consecutive month. Between February 13 and March 12, 363 licences were obtained. This represents a noteworthy 42.7% decline compared to the previous month, which saw companies obtain 633 new licences. This past month’s licences were spread across 68 unique licensees, representing an average of 9.3 licences per licensee. Overall, licensing activity for the month was dominated once again by producers operating in the Montney. The [Read more]

2023 Reserves Announcement Review – BOE Intel

With many companies having now released their 2023 reserves announcements, we wanted to examine the Canadian producers showing the most movement. While changes in reserves are largely attributable to adjustments in commodity pricing expectations (reserves are, after all, based on hydrocarbon resources that are deemed "economic"), we've also seen numerous producers making significant acquisitions this past year. Perhaps more interesting, however, are the handful of producers who have delivered [Read more]

Kelt Exploration Wembley Asset Review – BOE Intel

Kelt Exploration is a mid-sized producer that generated over 32,300 BOE/d in Q4 2023 corporate production from assets in both Alberta and British Columbia. Predominantly a Montney producer, the company also has Charlie Lake light oil and cretaceous gas assets. This gives the company a varied production base with a significant liquids component (38% according to its 2023 estimate). In our view, Kelt's Wembley/Pipestone asset (referred to as Wembley through the article) is among its most [Read more]