For the fourth entry in our Private Company Review series, we're focusing on a producer that has frequently shown up in our Top Well lists (see articles from June 7, May 11 and April 5). Headquartered in Calgary, Aspenleaf Energy Ltd. is a liquids-heavy private producer that was founded in 2013. With three primary clusters of assets spread across Alberta, the company has grown steadily both organically and through acquisitions over the past decade. Aspenleaf has been doing things a little [Read more]
Private Company Review – Artis Exploration Ltd.
Founded in 2015, Artis Exploration is a pure play Duvernay producer with a unique asset base. Averaged over the last 6 months, Artis is the 2nd largest producer of oil and the 10th largest producer of natural gas in the Duvernay producing formation (please note that much of the liquids produced from the Duvernay come in the form of condensate, for which public data is not available at the well level). The company drew headlines after receiving a $180 million investment from private equity firm [Read more]
May-June Licence Activity Review – The Montney reigns supreme yet again
The Montney was the most popular producing formation in a month of licensing that greatly exceeded what we observed in our last two Licence Activity Reviews (March-April and April-May). Between May 12 and June 14, 663 licences were obtained. This represents a 12.1% increase from the previous month and a 56.4% over the month before that. These licences were spread across 84 unique licensees, who accounted for an average of just under 8 licences each. Using data from BOE Intel and Petro Ninja, [Read more]
Private Company Review – Westbrick Energy Ltd.
Incorporated in 2011, Westbrick Energy is a longstanding private producer focused within the Greater Pembina region of the Deep Basin. With over 1,800 net locations of mapped drilling inventory and mineral rights that extend from the Belly River through to the Duvernay, Westbrick has steadily grown since receiving a $250 million investment from private equity firm KKR & Co. in 2012. According to Petro Ninja production data, Westbrick's average daily natural gas production over the past 6 [Read more]
BOE Intel Q1 Earnings Season Report Card – Part 2
In Part 2 of the Q1 2023 Earnings Season Report Card, we focus on costs, netback, and realized pricing. Using our dataset of over 40 public Canadian E&P companies, we've performed an assessment on how companies fared in Q1 2023 in comparison to the previous quarter. In general, costs remain elevated and netbacks took a hit on account of depressed commodities pricing in Q1 2023. You can revisit our analysis of production, cash flow, and net debt in Part 1. And for a refresher on Q4 2022, [Read more]
BOE Intel Q1 Earnings Season Report Card – Part 1
Q1 2023 was a dynamic, unpredictable quarter in the Canadian oil patch. With price volatility and unexpected constraints on production, most producers faced more challenges compared to Q4 2022. This story was by no means universal, however; many companies saw impressive expansions in production across commodities, and various cost categories appear to be normalizing after a year characterized by persistent inflationary pressures. Companies also deployed significant capital in this quarter, with [Read more]
April-May Licence Activity Review – A strong month of Montney and Clearwater licensing
The past month has been a very active period for licensing activity in the Canadian oil patch. In total, there were 591 wells licensed between April 11, 2023 and May 11, 2023, a 39.4% increase over the previous month and a 4.0% increase over activity in February and March (you can find last month's article here). These licences were also distributed to a larger number of companies in this period; there were 61 unique licensees in the past month, compared to 48 in the month prior. Using data from [Read more]
BOE Intel Private Company Review – Teine Energy Ltd.
When attempting to analyze our industry, one of the major challenges is finding information on private companies. Without assessing and accounting for these key (and often deceptively large) players, it’s difficult to develop a truly comprehensive understanding of what is going on in the Canadian oil patch. To that end, we are preparing a series of articles intended to highlight the tools and capabilities provided by Petro Ninja and our new BOE Intel platform. Our first Private Company Review is [Read more]
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