RE:RE:Crew Energy Review March 2022 – Part 2 Greater SeptimusThanks Oldnagger for the shout out. I believe the significance of Crew's success at Groundbirch was lost on the market.
From the AIF Crew states " As at December 31, 2021, the Sproule Report assigned total proved plus probable reserves of 9,500.5 Mbbl of NGL and 461,168 Mmcf of conventional natural gas to Crew’s interests in the Groundbirch/Monias area. At year-end 2021, the Corporation owned 130,623 net acres of land with an average working interest of 81.3% in the area.
So the 2P gas reserve number for Groundbirch is 461 BCF gas. From the 4-17 Groundbirch 2P Type Curve (Slide 19) , a rough guess at the 12 month rate is 5 Mmcf/day production or 1.825 BCF in the first year. Using the first year only and hitting it at 40% for royalties, transportation, processing, etc. we have 1.1 Bcf net. Please Note the wells are performing at rates 50% above the 2P Type curve but we won't go there for this exercise. With 1,919 well locations (not sure if this is a risked number) at Grounbirch and using a 1.1 Bcf first year recoverable gas volume you would have 2.1 TCF.
This is a very rough calculation, but it is always fun to try and determine the size of the prize. If there are multiple zones at Groundbirch then the reserve number may increase significantly.
Thoughts?
BTO