RE:Wembley/Pipestone LaGlace Full Disclosure $$Wembley is 136,693 net acres per Kelt's annual information form.
What's really interesting to me is to compare Wembley with ARC Kakwa. ARC has disclosed that Kakwa represents 41% of their proved and probable undeveloped reserves or 490 MM boe. They've also disclosed that their total 7 year proved undeveloped reserves are 683 MM boe. If we apply 41% to that, we arrive at 280 MM boe of proved undeveloped for Kakwa. Wembley is by my guesstimate 200 MM boe of proved and probable undeveloped with 22% of locations booked (and I think none for Charlie Lake horizon). In other words, Wembley may eventually match Kakwa in terms of undeveloped reserves...Eyes on the Prize.
Also in Q4, Kelt cash costs were $4 more approximately than ARX. But based on 33% oil and condensate mix vs 23% for ARX, Realizations would be $8-9 higher (if I use the same realized commodity price figures). I feel ARCs only hope to be more profitable going forward as in netback per boe is to realize much more from their natural gas.
Btw, very little insider selling right now compared to previously. Or so it seems.