RBC Notes January 12, 2023
Canadian E&P Perspectives
Licensing Trends - December 2022
Summary
• A total of 455 oil & gas wells were licensed across the WCSB in December 2022, down 22% y/y and down 32% m/m. There have been roughly 6,800 oil & gas wells licensed in 2022 based on current well data, up 38% y/y. Please see Exhibit 1 for 2022 licenses by formation.
• Top formations licensed for December 2022 are highlighted in Exhibit 2.
Oil and Gas Licensing Details
Oil and gas licenses from our coverage group in December 2022 include:
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Whitecap Resources (34) – 11 hz (Frobisher); 8 hz (Cardium); 8 hz (Viking); 3 hz (Shaunavon); 2 hz (Roseray); 2 hz (Midale)
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ARC Resources (29) – 29 hz (Montney)
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Baytex Energy (29) – 23 hz (Viking); 6 hz (Waseca)
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Canadian Natural Resources (16) – 14 hz (Montney); 2 hz (General Petroleum)
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Tourmaline Oil (14) – 9 hz (Spirit River); 3 hz (Viking); 2 hz (Montney)
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Cenovus Energy (11) – 6 hz (Sparky); 4 hz (Cardium); 1 hz (Falher)
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Ovintiv (11) – 11 hz (Montney)
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Crescent Point Energy (10) – 4 hz (Duvernay); 3 hz (Shaunavon); 1 hz (Midale); 1 hz (Atlas); 1 hz (Bakken)
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Kiwetinohk Energy (9) – 7 hz (Duvernay); 2 hz (Montney)
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Tamarack Valley Energy (9) – 6 hz (Clearwater); 3 hz (Charlie Lake)
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Kelt Exploration (7) – 6 hz (Montney); 1 hz (Charlie Lake)
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Peyto Exploration & Development (6) – 4 hz (Wilrich); 2 hz (Notikewin)
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Paramount Resources (4) – 2 hz (Montney); 2 hz (Duvernay)
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Athabasca Oil (2) – 2 hz (Montney)
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Birchcliff Energy (1) – 1 hz (Montney)
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Cardinal Energy (1) – 1 hz (Clearwater)
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Headwater Exploration (1) – 1 hz (Chinchaga)
Clearwater Licensing Details
Clearwater oil and bitumen wells licensed during December 2022 included:
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Tamarack Valley Energy (14) – 9 hz at Marten Hills (04-074-25W4, 09-074-25W4, 30-075-03W5); 3 hz at Nipisi (27-076-08W5); 1 hz at Bolloque (21-063-26W4); 1 hz at Perryvale (12-064-23W4)
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Headwater Exploration (11) – 10 hz at Marten Hills (27-075-02W5, 13-075-02W5, 07-076-02W5); 1 hz at Marten Hills (17-074-01W5, Analog (Chinchiga))
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Canadian Natural Resources (6) – 6 hz at Smith (06-073-24W4; 02-073-25W4)
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Spur Petroleum (4) – 2 hz at McLeod Lake (12-081-04W5, 28-080-02W5); 1 hz at Mistahae (22-079-01W5); 1 hz at Nipisi (32-076-06W5)
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Canadian Natural Upgrading (3) – 3 hz at Cadotte (10-084-17W5, 34-084-17W5, Analog (Bluesky))
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Clear North Energy (3) – 2 hz at Westlock (03-062-26W4); 1 hz at Edwand (32-062-16W4)
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Rubellite Energy (3) – 3 hz at Dawson (02-079-18W5, Analog (Spirit River))
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Surge Energy (2) – 2 hz at Evi (12-087-12W5, Analog (Slave Point))
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Cardinal Energy (1) – 1 hz at Heart River (17-077-16W5)
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ISH Energy (1) – 1 hz at Bolloque (04-064-24W4)
Other Oil & Gas Licensing Details
See below for other notable oil & gas licensing activity for the month of December 2022:
• Murphy Oil (30) – 30 hz (Montney)
• Longshore Resources (25) – 24 hz (Sparky); 1 hz (Cummings)
• Spartan Delta Corp. (19) – 17 hz (Montney); 2 hz (Mannville)
• Surge Energy (17) – 9 hz (Frobisher); 5 hz (Sparky); 2 hz (Slave Point); 1 hz (Leduc)
• Rife Resources (11) – 11 hz (McLaren)
• Strathcona Resources (10) – 6 hz (Bakken); 4 hz (Montney)