Our Business

Core Plays

Invest for growth

Liquids-Rich Gas | West Central Alberta Deep Basin
Grass roots exploration and development have created a core area for liquids-rich gas and a fairway for regional development in the greater Edson area. After closing of the swap of our West Edson property for Tourmaline shares in April 2015, activity is now concentrated at East Edson where we have a strong acreage position, operated infrastructure and technical expertise. With an injection of capital from a joint venture signed in 2014, we have accelerated drilling, increased reserves, added new plant and pipeline infrastructure and fur ther delineated our prospect inventory. Our main target is the Wilrich formation and multiple years of horizontal drilling locations are in inventory. Several uphole horizons also have horizontal development potential, and vertical multi-zone drilling targets exist across our Deep Basin acreage. With the addition of a new operated plant, our low cost operations at East Edson generate strong operating netbacks. When combined with our demonstrated capital execution proficiency, these assets spawn highly profitable investment returns.

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Mannville Heavy Oil | East Central Alberta
Innovative thinking, successful drilling and excellence in the application of technology have built a profitable heavy oil business over five years. Geographically synergistic with our shallow gas portfolio, we identified the potential of thin heavy oil zones for development with horizontal drilling technology. We have discovered 12 heavy oil pools in the Sparky and Lloydminster formations and, following the sale of several non-core pools last year, we are currently producing from eight pools in the Mannville area of East Central Alberta. While drilling has been deferred to preserve inventory until oil prices stabilize, we are continuing to advance water flood implementation in several larger pools to increase recovery of the substantial oil in place. Preliminary results are encouraging and we are anticipating reserves to increase over time as we monitor performance. These pools also hold promise for further enhanced recover y through techniques such as polymer flood technology.

Optimize and Advance

Bitumen | Northeast Alberta
Our bitumen lands extend over 500 net sections and contain various targets and potential recovery methods. Seven project areas have been identified to date. While technical evaluations are in the early stages, over three billion barrels of contingent and prospective resources has been independently recognized. We are systematically progressing the assessment of technology to exploit relatively low viscosity bitumen in the Bluesky formation at Panny with a cyclic heat stimulation test as phase 1 of a pilot project. This Low-Pressure Electro- Thermally Assisted Drive ("LEAD") project will use electric cable technology to heat the bitumen and hot water and/or solvent for mobility and pressure support. If successful, there is bitumen resource to support an estimated 15,000 bbl /d commercial project for 20 to 25 years.

Exploration | Deep Basin
Several exploration prospects for tight oil and liquids-rich gas in the deep basin are captured and evaluation is ongoing. Our 6,240 net acres of Duvernay acreage at Waskahigan is being evaluated through a horizontal well to assess the liquids yield and economic potential. At Columbia, we have captured 17,200 net acres with liquids-rich gas potential in several zones and evaluation is ongoing.