Generally speaking, the third quarter was positive for many in the Canadian oil patch. After Q2 saw production curtailments related to the Alberta Wildfires, Q3 was a period of normalization for exposed producers. In addition, favourable macro trends led to improved realized pricing for E&Ps across Canada. To summarize this earnings season, our team has put together another Earnings Season Report Card. We've changed our format for this quarter, focusing in on the top 10 performers in each [Read more]
Cardinal Energy Thermal Oil Development – BOE Intel
In conjunction with its Q3 2023 results release, Cardinal Energy made a very interesting operations announcement. On November 6, Cardinal Energy released details on its establishment of a thermal oil operating unit in Saskatchewan. The company, which has historically operated predominantly in eastern Alberta with a growing presence in the Clearwater, announced plans to begin development of a Steam-Assisted Gravity Drainage (SAGD) project near Reford, Saskatchewan. The company's November [Read more]
Q3 2023 Capital Spending: Budgets and Actuals – BOE Intel
With a number of companies having now reported Q3 2023 results, we thought it was an opportune moment to check in on year-to-date capital spending. 2023 has been nothing if not eventful, with an everchanging macroeconomic picture creating significant swings in oil and natural gas markets. WTI, for instance, has oscillated from the high 60s to the low 90s throughout the year, complicating financial projections and capital planning for Canadian E&Ps despite the year having been quite positive [Read more]
Prairie Provident Resources asset sale review – BOE Intel
On October 30, Prairie Provident Resources announced the sale of two assets. The two deals (still officially listed as "Pending" Alberta Energy Regulator (AER) approval) could net the company a combined total of $28.8 million, and would see Prairie Provident Resources transfer its entire asset base in the Northern Alberta region. Details in the article were scant, but we've used BOE Intel tools to generate a more complete picture of these announced deals. Evi Asset Sale The big ticket sale [Read more]
September-October Licence Activity Review – Crew Energy and Pacific Canbriam impress in the Montney
After a bit of a lull in August-September, Canadian licensing activity picked up once again in the past 30 days. From September 13 to October 12, 509 licences were obtained. This represents a noteworthy 3.7% increase compared to the previous month, which saw companies obtain 491 new licences. This past month’s licences were spread across 98 unique licensees, representing an average of 5.2 licences per licensee. Using data from BOE Intel and Petro Ninja, we’ve identified a number of trends across [Read more]
Gear Energy: Post-Announcement Asset Review – BOE Intel
On September 27, Gear Energy announced that it was initiating a strategic repositioning. Through this process, the company's board announced its intention "to undertake a comprehensive review to identify and consider a broad range of alternatives to enhance shareholder value including, but not limited to, a merger, corporate sale, corporate restructuring, the sale of select assets, the purchase of assets, a potential spin-out of select assets, optimization of future capital allocation and return [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]