Monthly Activity Updates
2018
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Capital spending is estimated at $4.0 million for December 2018. During the month, Petrus finalized the completion operations for the five (2.9 net) previously drilled Cardium light oil wells. The wells were tied in and brought on production in December.
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Capital spending is estimated at $6.6 million for November 2018. During the month, the completion activities on all five (2.9 net) previously drilled Cardium light oil wells commenced. The wells were brought on production in December.
Estimated November 2018 average production is 7,457 boe/d. In the Foothills area, approximately 850 boe/d (98% gas) of non-core dry gas production remains shut-in as it is uneconomic at current gas pricing.
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Capital spending is estimated at $1.4 million for October 2018. During the month three (2.0 net) Cardium light oil wells were drilled in the Ferrier area. The completion activities on all five (2.9 net) drilled, but not yet completed, wells commenced in November and the wells are expected to be on production by year end.
Estimated October 2018 average production is 7,591 boe/d. In the Foothills area, approximately 850 boe/d (98% gas) of non-core dry gas production remains shut-in as it is uneconomic at current gas pricing.
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Capital spending is estimated at $1.9 million for September 2018. During the month one (0.5 net) Cardium light oil well was drilled in the Ferrier area. The completion activities are scheduled to take place early in the fourth quarter.
Estimated September 2018 average production is 7,748 boe/d. In the Foothills area, approximately 850 boe/d (98% gas) of non-core dry gas production remains shut-in as it is uneconomic at current gas pricing.
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Capital spending is estimated at $1.4 million for August 2018. The Company’s drilling program recommenced in August as scheduled. During the month one (0.5 net) Cardium light oil well was drilled in the Ferrier area. The completion activities are scheduled to take place early in the fourth quarter.
Estimated August 2018 average production is 8,268 boe/d. In the Foothills area, approximately 850 boe/d (98% gas) of non-core dry gas production remains shut-in as it is uneconomic at current gas pricing.
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Capital spending is estimated at $0.3 million for July 2018. The Company’s drilling program is scheduled to re-commence mid August.
Estimated July 2018 average production is 8,508 boe/d. In the Foothills area, approximately 850 boe/d (98% gas) of non-core dry gas production remains shut-in as it is uneconomic at current gas pricing.
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Capital spending is estimated at $1.0 million for June 2018 which was primarily directed toward the completion operations for one (0.15 net) Cardium oil well drilled earlier in 2018. In addition, certain material was pre-purchased in preparation for the Company’s scheduled Q3 drilling activity.
Estimated average production for June 2018 is 8,750 boe/d. Approximately 850 boe/d (98% gas) is currently shut-in in the Foothills area which is non-core dry gas production uneconomic at current gas pricing.
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Capital spending is estimated at $0.3 million for May 2018 which was primarily directed toward maintenance capital. Petrus participated in the drilling of one horizontal Cardium oil well (0.2 net) prior to spring break-up in the Ferrier area. The well is expected to be completed and on production later in the second quarter after spring break-up.
Estimated average production for May 2018 is 9,032 boe/d. Approximately 850 boe/d (98% gas) is currently shut-in in the Foothills area which is non-core dry gas production uneconomic at current gas pricing.
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Capital spending is estimated at $0.7 million for April 2018. The capital was primarily directed toward the drilling of one horizontal Cardium oil well (0.2 net) in the Ferrier area. The well is expected to be on production later in the second quarter after spring break-up.
Estimated average production for April 2018 is 9,564 boe/d. The decrease in production compared to March is due to shut-ins in the Foothills area as a result non-core dry gas production which is uneconomic at current gas pricing.
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Capital spending is estimated at $0.6 million for March 2018. The capital was primarily directed toward completion operations for one horizontal Cardium oil well (0.2 net) and one horizontal Cardium liquids rich natural gas well (0.5 net) drilled earlier in the first quarter in the Ferrier area. Both wells are now on production.
Estimated average production for March 2018 is 10,196 boe/d. The decrease in production compared to February is due to shut-ins as a result of routine workovers in the Central Alberta area, and regainable downtime of non-operated volumes in the Foothills area.
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Capital spending is estimated at $2.0 million for February 2018. The capital was primarily directed toward completion operations for the horizontal Cardium liquids rich natural gas well (0.5 net) drilled in January in the Ferrier area. This well came on production March 6, 2018.
As a percentage of fourth quarter 2017 production, Petrus has derivative contracts in place for 60% and 68% of its natural gas and total liquids production, respectively, for the remainder of 2018. These contracts are summarized in Petrus’ 2017 annual financial statements.
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Capital spending is estimated at $3.6 million for January 2018 which was directed mainly toward drilling and completion operations for the following new wells in the Ferrier area: an extended reach horizontal (“ERH”) Cardium oil well (0.3 net), a single mile horizontal Cardium oil well (0.2 net) and a horizontal Cardium liquids rich natural gas well (0.5 net).
As a percentage of third quarter 2017 production, Petrus has derivative contracts in place for 61% and 66% of its natural gas and total liquids production, respectively, for the remainder of 2018. These contracts are summarized in Petrus’ third quarter 2017 financial statements.