Crew Energy Inc T.CR

Alternate Symbol(s): CWEGF

Energy Oil & Gas E&P

Crew Energy Inc. is a Canada-based natural gas company. The Company’s operations are focused primarily in the Montney in Northeast British Columbia (NEBC). It has primarily been focused on continued Montney development of its liquid’s rich natural gas area at Septimus / West Septimus (Greater Septimus), and its light oil weighted asset at Tower, British Columbia. Its Montney area assets include Septimus / West Septimus, Tower, Groundbirch, Attachie, Oak/Flatrock and Portage and are situated in northeast British Columbia. Its operations include liquid-rich natural gas and light oil production from the siltstone Montney formation. At up to 300 meters thick, the Montney is developed with long-reach horizontal wells, completed with water-based fracture stimulations. It holds a land base of over 264,000 net acres, out of which approximately 225,000 net undeveloped acres in the Montney with condensate, light oil, liquids-rich natural gas and dry gas.

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Crew Energy Inc

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Post by Whocares2020on Mar 11, 2021 4:54pm

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Post# 32779468

Earnings Summary

2020 OPERATING & FINANCIAL HIGHLIGHTS

21,955 boe per day3 (131.7 mmcfe per day) average annual production in 2020, 4% lower than 2019 on 24% less capital invested, reflecting the quality of Crew's asset base and low base decline rate. Q4/20 production averaged 21,666 boe per day3, 7% higher than Q3/20.
$41.2 million of Adjusted Funds Flow (AFF")1 ($0.27 per fully diluted share) in 2020, with $15.6 million ($0.10 per fully diluted share) generated in Q4/20, 82% higher than Q3/20 due to stronger commodity pricing and lower operating costs.
8% lower net operating costs1 in Q4/20 over Q3/20, averaging $5.30 per boe, while 2020 net operating costs of $5.61 were 5% lower than 2019. General and administrative ("G&A") costs declined 28% to $1.01 per boe in 2020.
$28.1 million ($86.3 million gross) net capital expenditures1 in 2020, 48% of which was invested during Q4/20, marking the start of Crew's two-year asset development plan.
15.0 net wells were drilled in 2020, including 12.0 net natural gas wells, 2.0 net heavy oil wells and 1.0 net disposal well, while 10.0 net wells were completed (including 7.0 net natural gas wells) at Crew's Septimus and West Septimus areas ("Greater Septimus"), primarily in Q4/20. In Q1/21, Crew drilled and cased the longest well in our history, drilled to a total depth of over 20,000 feet in under 11 days at West Septimus.
7.0 net wells were drilled, completed, equipped and tied-in on our 9-5 pad at Greater Septimus in 2020, with per well costs 12% lower than originally budgeted, averaging an estimated $5 million.
Continued positive performance from the 9-5, seven well pad, with average IP60 production sales rates per well of 1,500 boe per day (21% condensate and ngl's) with flowing metrics of approximately $3,300 per boe4.
Over 50% of forecast 2021 natural gas production is hedged at an average price of $3.08 per mcf, reflecting the success of our marketing activities in 2020.
Record low Proved Developed Producing ("PDP") F&D costs5 of $6.83 per boe and FD&A costs5 of $2.00 per boe in 2020, resulting in recycle ratios5 of 1.8x and 6.1x, respectively.
12.0 MMboe of PDP reserves added in 2020, prior to accounting for production, bringing the total to 67.1 MMboe at year-end, a 6% increase over 2019.
$357.2 million of year-end net debt6, with no near-term maturities or repayment requirements on the $300 million of senior notes termed out until 2024, and 24% drawn on our $150 million credit facility which was reconfirmed until June 2021.