Access to the RBC Rundle VIRTUAL DATA ROOM requires registration by execution of a project confidentiality agreement. To register please contact Jill Switzer: 403 299 8446
NORTHWEST ALBERTA OVERVIEW
|
|
LAND
The Northwest Alberta package is located approximately 250 km north of the city of Grande Prairie. The Company maintains a large land position of 126,029 gross acres with an average working interest of 49%. Throughout the land base, the Company owns mixed PNG rights that generally include either surface to base of the Debolt, Bullhead, or Slave Point Formations.
PRODUCTION
Recent data shows Company share of sales production averaged 2,274 boe/d in January 2011 from 60 wells, weighted 66% towards natural gas. Production mainly comes from five fields with Firebird contributing over 50% of the total. There are multiple producing zones including the Bluesky, Debolt, Elkton, Gething, Keg River, and Slave Point Formations.
RESERVES
As of May 31, 2011 the Company reported Total Proved plus Probable reserves of 5,185 Mboe of which approximately 79% is attributed to natural gas and 62% attributed to the Proved Developed Producing category.
MARKETING
All Company natural gas in Northwest Alberta is sold to BP under an annual contract with a renewal date of November 1st. All Company crude oil is sold to Vitol with mark-to-market contract pricing.
Company natural gas liquids at Hamburg are sold to Provident under an annual renewable contract as of April 1st and a 60 day notice of cancellation period. Company natural gas liquids at Chinchaga, Cranberry, Firebird, Gutah, Botha, Venus and Zama are sold to BP under an annual renewable contract as of April 1st and a 90 day notice of cancellation period.
SEISMIC
The Company has both 2-D and 3-D trade seismic data covering a significant portion of its producing assets and where upside has been identified. In total the Company has approximately 393 km of 2-D and 629 km of 3-D trade seismic.
DEVELOPMENT POTENTIAL/GEOLOGY
Opportunities in the Northwest area include three new drill locations in the Bluesky, Slave Point, and Debolt formations. The Debolt and Bluesky locations represent infill opportunities while the Slave Point oil location is a step out of established production. None of the locations have been modeled in the Company’s recent engineering report.