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Oil & Natural Gas

Our upstream asset base consists of large pools of light/medium and heavy crude oil which have significant opportunity for current and future development. With over 2 billion barrels of estimated conventional original-oil-in-place (OOIP) and an incremental 1 billion barrels of oil sands OOIP, we have identified over 1,900 drilling locations on our existing portfolio of properties. Based on current capital expenditure levels, this represents a 4-5 year development plan. Given our size, liquidity and integrated structure, we are well positioned to supplement our internal portfolio with value-added acquisitions that help drive Sustainable Growth. In addition to our ongoing exploration and development activities, we also have a number of assets where we are implementing and optimizing long-life primary and secondary recovery through more active reservoir management and enhanced oil recovery (EOR) projects.

Upstream Highlights:

  • 2014 production estimated to average 48,800 boe/d
  • 66% crude oil & 34% natural gas
  • 2014 capital budget: $620 million, including $131 million for development of Black Gold  oil sands 
  • ~324,765 net acres undeveloped land with 1,900+ future drilling locations identified
  • Oil weighted asset base with significant original-oil-in-place (OOIP) and low recoveries to date
  • 2 billion+ boe of estimated OOIP on conventional land with 1 billion+ boe of incremental OOIP estimated on 42,000 net acres of oil sands land
  • Numerous large OOIP pools amenable to enhanced oil recovery schemes such as enhanced waterfloods, polymer, and CO2 flooding
  • Production derived 55% from Alberta Crown, 20% Alberta freehold, 15% Saskatchewan and 10% B.C.