info i3’s Canadian production asset base currently consists of approximately over 850 net conventional oil, natural gas and natural gas liquids production wells. These wells benefit from simple and low-cost maintenance operations and require low ongoing capital expenditure. The wells exhibit long-term low decline rates which ensure a high-quality and reliable stream of free cash flow.
i3’s Canadian assets were acquired in 2020 and 2021 through the acquisition of the petroleum and infrastructure portfolio of Gain Energy Ltd., the corporate acquisition of Toscana Energy Income Corporation, and the strategic purchase of Cenovus Energy’s Lodgepole and Hoadley assets in the heart of i3’s Central Alberta core area. Overall, i3 has an average working interest of 50%, with over 463k net developed acres and 166k net undeveloped acres of land.
The Company delivered an active 2022 capital program with production eclipsing its target of greater than 24,000 barrels of oil equivalent per day on strong operational results. The Company’s extensive portfolio of diversified booked and unbooked development drilling opportunities support efficient ongoing growth. In line with the Company’s strategy, these targets are being prioritized for development, with operational planning to execute on such projects underway.