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Overview
Our objective is to build a company focused on heavy oil. We believe we have the properties in our existing inventory to build a company capable of producing 50,000 barrels of oil per day. This inventory includes conventional heavy oil properties as well as properties which will require a thermal process such as SAGD to recover the oil.
Currently, our production is about 7,100 boe per day. It will likely take 7 to 10 years to reach our objective, but the most important ingredient to achieving this objective, in addition to highly talented staff, is to have great resource. It is getting more and more difficult to capture attractive heavy oil opportunities in western Canada. We think our three core areas provide an excellent foundation to grow the Company.
When evaluating opportunities we look for properties where we can have a high working interest and can be the operator, there is a significant amount of oil in place and there is an existing proven method to recover the oil. All of our core areas meet these criteria.
| Core Areas |
PIIP*
(mmbbls) |
WI |
Operator |
Technology |
| Onion Lake |
250 |
87% |
BlackPearl |
Conventional wells
SAGD |
| Mooney |
150 |
100% |
BlackPearl |
Horizontal wells
ASP flood |
| Blackrod |
1,000 |
100% |
BlackPearl |
SAGD |
*internal company estimate
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