PENGROWTH is another neighbor 1) Most talk about CPG but I believe we must not ignore PGH which is the neighbor of SCS and the company has been buying oil weighted producers....The latest acquisition was EQU's Lochend Cardium.
PGH paid $100,000 /boepd because they were 650 boepd OIL WEIGHTED for Equal Energy assets.
2) Wateflood works for PGH too there in Beaverhill Lake. I quote:
Pengrowth continues to invest in oil and liquids-rich projects that offer the highest economic return.
In the Swan Hills area, drilling was focused in Judy Creek South and Virginia Hills. To supplement Pengrowth''s ongoing drilling program, the company is investing significant capital in optimizing production and recoverable reserves from its oil pools in the Swan Hills area, which held 2.3 billion barrels of original oil in place. This is the logical next step following an extensive drilling program that has seen Pengrowth invest approximately $700 million over the past four years. Optimization projects have added 3,100 boe/d over that period through the continued development of Pengrowth''s enhanced oil recovery and water flood schemes, as well as gathering system and artificial lift enhancement projects. Pengrowth remains focused on efficient exploitation of the resources in the existing and new pool extensions in the greater Swan Hills region.