Document prepared for Bradley Osborne - [email protected]
ENERGY UPDATE
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Website: www.petersco.com E-mail: [email protected]
New Well Update: Licenses and November Production
January 23, 2015
Licenses: 2014 Review and 2015 Outlook
17,115 wells were licensed in 2014, up by 10% from 15,512
in 2013. For 2015, we expect a decrease in licensing activity
following the recent collapse in crude oil and natural
gas prices. In the first week of 2015 licenses are down
40% to ~230 wells compared to ~397 one year ago. The
licensing activity to-date is heavily weighted towards oil
sands development activities. The top licensees thus far
in 2015 include: Cenovus, Bounty, Crescent Point, Value
Creation, Rockeast, ConocoPhillips, Tourmaline, Teine,
Twin Butte, and Encana. The top licensed formations
include the McMurray, the Woodbend Group, the Viking,
the Beaverhill Lake Group, the Dina, the Cummings,
the Montney, the Cardium, the Shaunavon, and the
Glauconitic.
New Production Rates in the Public Domain
The top performing new wells in the public domain
(November data) are listed on pages 2 and 3. Of the natural
gas wells, strong rates have continued to be shown in the
Spirit River Formation as Tourmaline, Perpetual, Bellatrix,
WCSB Well Licenses by Month
2,500
Paramount, and Husky all brought on significant gas wells
in the period. The top natural gas well was a 15 MMcf/d
Falher well brought on by Tourmaline. Of the condensaterich wells, the liquids-rich Montney play continues to be
the dominant zone as Seven Generations, Delphi, XTO,
WCSB Year-to-Date Top 10 Licensed Formations
140
Number of Wells Licensed
2014
120
100
80
60
40
20
0
McMurray Fm.
Viking Fm.
Dina Mbr.
Montney Fm.
Woodbend Gp. Beaverhill Lake Gp. Cummings Mbr.
Shaunavon Fm.
Cardium Fm.
50
Number of Wells Licensed
45
2,000
Glauconitic Mbr.
Source: geoSCOUT.
WCSB Year-to-Date Top 10 Licensees
Number of Wells Licensed
2014
2015
2015
2014
40
2015
35
30
1,500
25
20
1,000
15
10
500
5
0
Bounty
0
Jan*
Feb
Mar
Apr
May
Source: geoSCOUT. *2015 Month to-date.
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Value Creation
Cenovus
Crescent Point
Source: geoSCOUT.
ConocoPhillips
Rockeast
Tourmaline
Teine
Encana
Twin Butte
Copyright © Peters & Co. Limited, 2015
The statements contained herein are based upon information that we believe to be reliable, although we cannot guarantee their accuracy. Our firm or its directors or members of their
families may at times have a long or short position in the securities mentioned herein and may make purchases or sales of these securities while this memorandum is in circulation.
Peters & Co. Equities Inc., a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation, is a wholly-owned subsidiary of Peters & Co.
Limited and operates as a broker-dealer in the United States. For more information on our “Disclosure and Compliance” details, please visit our website http://www.petersco.com.
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Document prepared for Bradley Osborne - [email protected]
and Contact all brought on significant condensate wells
in the Alberta Deep Basin. Of note, Encana brought on
a Lower Montney well at Swan that produced ~100 B/d
of condensate, with this being an important liquids-rich
data point from a predominately dry gas area. Of the oil
wells, Legacy brought on five of the top 20 wells, including
four Midale wells at Pinto with rates between 300 B/d
and 500 B/d. Crew and Trilogy both brought on notable
Montney oil wells between their respective oil fields at
Tower and Kaybob.
The top natural gas, crude oil, and condensate-producing
wells brought on-stream between October and November
are highlighted in the accompanying charts (total of ~1,959
wells). The rankings are based on the top rates from the
most recent data available in geoSCOUT.
Top New Oil Wells
October - November 2014
1,200
Calendar-Day BOE/d
Calendar Day Gas BOE/d
Calendar Day Oil B/d
1,000
800
Montney
Torquay
Frobisher
Belly River
Sunburst
Midale
Rock Creek
Midale
Shaunavon
Midale
Midale
Montney
Cardium
Turner Valley
Glauconitic
Belly River
Montney
0
Midale
200
Midale
400
Belly River
600
Source: geoSCOUT.
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Document prepared for Bradley Osborne - [email protected]
Top New Natural Gas Wells
October - November 2014
18,000
Calendar-Day Avg Gas Mcf/d
16,000
14,000
12,000
10,000
Montney
Falher
Cardium
Wilrich
Wilrich
Falher
Wilrich
Montney
Notikewin
Falher
Montney
Ellerslie
Wilrich
Falher
Wilrich
0
Wilrich
2,000
Wilrich
Falher
4,000
Wilrich
6,000
Glauconitic
8,000
Source: geoSCOUT.
Top New Condensate Wells
October - November 2014
1,800
Calendar-Day BOE/d
1,600
Calendar-Day Avg Gas BOE/d
Calendar-Day Avg Condensate B/d
1,400
1,200
1,000
800
Montney
Montney
Montney
Montney
Montney
Duvernay
Ellerslie
0
Montney
200
Montney
400
Montney
600
Source: geoSCOUT. Note: Wellhead-condensate only; Plant-condensate not included.
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