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Whitecap Resources Inc T.WCP

Alternate Symbol(s):  SPGYF

Whitecap Resources Inc. is an oil-weighted growth company. The Company is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its core areas include the West Division and East Division. Its West Division is comprised of three regions: Smoky, Kaybob and Peace River Arch (PRA). The properties in its Smoky region include Kakwa and Resthaven, all located in Northwest Alberta. The primary reservoir being developed is the Montney resource play, mainly comprised of condensate-rich natural gas. Kaybob is located in the Fox Creek region of Northwest Alberta. The primary reservoir being developed is the Duvernay resource play, mainly comprised of condensate-rich natural gas. The PRA is its original asset area. Its East Division is comprised of four regions: Central AB, West Sask, East Sask and Weyburn. Its Central Alberta region represents the bulk of its Cardium and liquids-rich Mannville assets.


TSX:WCP - Post by User

Post by iwpeteon Jun 28, 2022 10:05pm
372 Views
Post# 34789328

It's a mixed bag

It's a mixed bagXTO was originally the Cross Timber Oil Co. (I like the name).  In 2010 XOM merged with XTO for it's nat gas expertise.  It operated mainly in the US, think Permian.  It moved into Canada when in 2012 XTO bought Celtic Exploration Ltd for about $24 a share, about 105mm shares outstanding (about C$2.5 billion).  Some of the assets of Celtic that XTO didn't want were spun out in a new company - Kelt Exploration (some stuff in BC etc)

https://www.xtoenergy.com/en-us/Company/Who-we-are/Our-history

This is what XTO got in 2012
Under the terms of the agreement, ExxonMobil Canada will acquire 545,000 net acres in the liquids-rich Montney shale, 104,000 net acres in the Duvernay shale and additional acreage in other areas of Alberta.  About 30,000bpd production.

This is what WCP got

  • Top Tier Montney & Duvernay Inventory. Montney lands acquired total 598,000 (567,000 net) acres, which increases Whitecap's total acreage in the Montney by over 500% and adds 1,772 (1,693 net) Montney drilling locations providing decades of long-term sustainable production growth and free funds flow generation. Additionally, the Acquisition consolidates certain working interests at Kakwa, Alberta, from an average of 66% to 100% on approximately 22,000 gross acres. The Acquisition represents Whitecap's entry into the prolific liquids-rich Duvernay play at Kaybob including 74,000 (72,000 net) acres with 252 (217 net) identified drilling locations.
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