Monthly Activity Updates
2022
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December 2022 estimated production averaged 10,507 boe/d compared to 8,869 boe/d in November. Volumes were 62% natural gas and 38% total liquids. The month over month change in production represented a 19% increase, which was the result of continued drilling activity in Ferrier as we successfully completed our 2022 capital program.
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November 2022 estimated production averaged 8,869 boe/d compared to 8,005 boe/d in October. Volumes consisted of 60% natural gas and 40% total liquids. The 11% increase in production month over month is the result of new volumes from recently drilled wells in our core Ferrier area as well as a full month of production from a North Ferrier well that came on in late October.
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October 2022 estimated production averaged 8,005 boe/d compared to 6,369 boe/d in September. Volumes were comprised of 59% natural gas and 41% total liquids. The 26% increase in production month over month is the result of newly drilled wells starting to come on stream. Widespread facility restrictions related to planned third party maintenance activity and delays in license approval for additional pipeline infrastructure to address capacity constraints both impacted production during the month. The third party maintenance is complete and we anticipate the pipeline license will be approved and construction will begin before the end of the month; affected volumes are expected on stream before the end of the year.
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September 2022 estimated production averaged 6,369 boe/d compared to 6,864 boe/d in August. Volumes were comprised of 70% natural gas and 30% total liquids. The 7% decrease in production month over month is the result of Ferrier wells being temporarily shut-in to accommodate completion operations on newly drilled wells. This proactive measure protects the existing wellbores and also allows for the effective placement of fracs in new wells.
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August 2022 estimated production averaged 6,699 boe/d compared to 6,864 boe/d in July. Volumes were comprised of 16% light oil and 30% total liquids. Production was relatively flat month over month with the 2% decrease attributable to a combination of natural declines and Ferrier area wells being intentionally shut-in near the end of the month to accommodate fracking operations on newly drilled wells.
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July 2022 estimated production averaged 6,864 boe/d compared to 6,785 boe/d in June. Volumes were comprised of 15% light oil and 29% total liquids. Production was relatively flat month over month, increasing 79 boe/d, as regular facility maintenance activity finished in June. This allowed shut-in volumes to be regained, which offset natural declines.
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June 2022 estimated production averaged 6,785 boe/d compared to 7,141 boe/d in May. Volumes were comprised of 14% light oil and 30% total liquids. The decrease of 356 boe/d month is largely attributable to planned facility downtime associated with regular seasonal turnaround activity at facilities in both the Foothills and Thorsby as well as the ongoing expansion of gas processing infrastructure in North Ferrier. All of these operations were completed during the month allowing the impacted volumes to be regained.
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May 2022 estimated production averaged 7,141 boe/d compared to 7,353 boe/d in April. Volumes were comprised of 15% light oil and 30% total liquids. Corporate base production remains stable; the decrease of 212 boe/d month is the result of a combination of seasonal facility turnaround activity and natural declines. Regular maintenance and operations activities were ongoing throughout the month, but capital resources and planning efforts were largely focused on the 2022 drilling season.
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April 2022 estimated production averaged 7,353 boe/d compared to 7,621 boe/d in the previous month. Volumes were comprised of 16% light oil and 30% total liquids. The decrease of 268 boe/d month over month is largely the result of natural decline.
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March 2022 estimated production averaged 7,621 boe/d compared to 7,216 boe/d in the previous month. Volumes were comprised of 17% light oil and 33% total liquids. The increase of 405 boe/d month over month is largely associated with the acquisition of assets in our core Ferrier area, as well as improvements in infrastructure constraints in North Ferrier.
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February 2022 estimated production averaged 7,216 boe/d compared to 6,982 boe/d in January. Volumes were comprised of 19% light oil and 36% total liquids. The increase of 234 boe/d month over month is largely attributable to two Foothills area wells. After being shut-in for an extended period of time due to a combination of pricing and complications with third party infrastructure access, these wells have been returned to production. Combined, they contributed an incremental 187 boe/d in February.
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January 2022 production averaged 6,982 boe/d compared to 6,029 boe/d in December. Volumes were comprised of 19% light oil and 37% total liquids. The increase of 953 boe/d month over month is largely attributed to one (1.0 net) newly drilled well in North Ferrier, along with a partial month of production from two (2.0 net) newly drilled Ferrier wells that came on mid-month.