RE:These guys needCheadle, as I mentioned previously that is the asset I hope they can sell.
Crew's 1450 Bbls/day is low decline heavy oil and they really had nothing on their Montney trend capable of replacing those liquids.
I believe the success Crew is now having in the UCR area has changed all that.
6 new wells in the UCR area producing 250 Bbls/day (after 60-70% declines) of condensate + ngls gets Crew the 1450 Bbls/day they would need to replace.I find it interesting that Crew just happens to be adding 6 more wells to their 3-32 UCR pad.
The huge advantage is that it would be coming from 1 pad instead of > 600 heavy oil wells. Imagine the fixed costs for lease rentals, wellsites, pipeline and facility property taxes, numerous operators required, etc.. The operation of a single UCR pad would be a fraction of what they are spending on their heavy oil properties.
I remember hearing a few years back, that Crew had a deal in place to sell their heavy oil assets but unfortunately the buyer's financing fell through at the 11th hour. I really am hoping that they have found a new buyer that is able to acquire those assets.