Rubellite Energy Inc T.RBY

RBC Notes

[retiredcf]

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:

• Whitecap Resources (34) – 11 hz (Frobisher); 8 hz (Cardium); 8 hz (Viking); 3 hz (Shaunavon); 2 hz (Roseray); 2 hz (Midale)

• ARC Resources (29) – 29 hz (Montney)

• Baytex Energy (29) – 23 hz (Viking); 6 hz (Waseca)

• Canadian Natural Resources (16) – 14 hz (Montney); 2 hz (General Petroleum)

• Tourmaline Oil (14) – 9 hz (Spirit River); 3 hz (Viking); 2 hz (Montney)

• Cenovus Energy (11) – 6 hz (Sparky); 4 hz (Cardium); 1 hz (Falher)

• Ovintiv (11) – 11 hz (Montney)

• Crescent Point Energy (10) – 4 hz (Duvernay); 3 hz (Shaunavon); 1 hz (Midale); 1 hz (Atlas); 1 hz (Bakken)

• Kiwetinohk Energy (9) – 7 hz (Duvernay); 2 hz (Montney)

• Tamarack Valley Energy (9) – 6 hz (Clearwater); 3 hz (Charlie Lake)

• Kelt Exploration (7) – 6 hz (Montney); 1 hz (Charlie Lake)

• Peyto Exploration & Development (6) – 4 hz (Wilrich); 2 hz (Notikewin)

• Paramount Resources (4) – 2 hz (Montney); 2 hz (Duvernay)

• Athabasca Oil (2) – 2 hz (Montney)

• Birchcliff Energy (1) – 1 hz (Montney)

• Cardinal Energy (1) – 1 hz (Clearwater)

• Headwater Exploration (1) – 1 hz (Chinchaga)

  Clearwater Licensing Details

  Clearwater oil and bitumen wells licensed during December 2022 included:

• 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)

• 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))

• Canadian Natural Resources (6) – 6 hz at Smith (06-073-24W4; 02-073-25W4)

• 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)

• Canadian Natural Upgrading (3) – 3 hz at Cadotte (10-084-17W5, 34-084-17W5, Analog (Bluesky))

• Clear North Energy (3) – 2 hz at Westlock (03-062-26W4); 1 hz at Edwand (32-062-16W4)

• Rubellite Energy (3) – 3 hz at Dawson (02-079-18W5, Analog (Spirit River))

• Surge Energy (2) – 2 hz at Evi (12-087-12W5, Analog (Slave Point))

• Cardinal Energy (1) – 1 hz at Heart River (17-077-16W5)

• 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)