Monthly Activity Updates
2023
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December 2023 estimated production averaged 9,190 boe/d. Volumes were comprised of 70% natural gas and 30% total liquids. The decrease in production compared to November is the result of natural decline and shut-ins to accommodate completions on recently drilled wells in North Ferrier.
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November 2023 estimated production averaged 9,454 boe/d. Volumes were comprised of 70% natural gas and 30% total liquids. The decrease in production compared to October production is the result of natural decline and routine downtime.
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October 2023 estimated production averaged 9,776 boe/d. Volumes were comprised of 70% natural gas and 30% total liquids. Downtime in the Foothills area related to third party operational issues combined with natural decline across all areas contributed to production being down month over month.
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September 2023 estimated production averaged 10,141 boe/d, compared to production of 9,863 boe/d in August. Volumes were comprised of 72% natural gas and 28% total liquids. The increase in production month over month is attributable to the new Ferrier wells that were brought on production in the second half of August. The incremental production from these new wells was partially offset by natural declines.
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August 2023 estimated production averaged 9,863 boe/d, compared to production of 9,644 boe/d in July. Volumes were comprised of 71% natural gas and 29% total liquids. The Ferrier wells that were drilled in Q1 have been completed and were brought on stream in the second half of the month. Offsetting wells that were shut in to accommodate completion operations have been returned to production.
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July 2023 estimated production averaged 9,644 boe/d, compared to production of 10,215 boe/d in June. Volumes were comprised of 70% natural gas and 30% total liquids. Production was down month over month largely due to a number of Ferrier wells being shut in to accommodate completion operations on offsetting locations with natural decline also contributing.
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June 2023 estimated production averaged 10,215 boe/d, which was relatively flat compared to production of 10,339 boe/d in May. Volumes were comprised of 70% natural gas and 30% total liquids. Wildfire related issues persisted throughout the month affecting runtimes and impacting volumes in our Foothills area with natural decline in Ferrier also contributing to the change in production month over month.
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May 2023 estimated production averaged 10,339 boe/d compared to 11,088 boe/d in April. Volumes were 69% natural gas and 31% total liquids. Capital spending during the month was limited as development activity remained on hold. The decrease in production month over month is attributable to natural decline in Ferrier as well as production across all areas being impacted intermittently as widespread wildfires disrupted wells, facilities and transportation throughout the month. Most volumes affected by the fires have been restored.
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April 2023 estimated production averaged 11,088 boe/d compared to 11,020 boe/d in March. Volumes were 68% natural gas and 32% total liquids. New wells brought on production in March helped offset natural decline in Ferrier, allowing production to remain relatively flat month over month. Limited capital spending occurred during the month, as we continued to defer any significant investment in light of current commodity prices.
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March 2023 estimated production averaged 11,020 boe/d compared to 10,670 boe/d in February. Volumes were 67% natural gas and 33% total liquids. Wells drilled on our first pad site early in the year were brought on production during the month and well performance aligned with expectations. These incremental volumes helped offset natural decline in Ferrier and increased overall corporate production by approximately 350 boe/d month over month. Drilling operations on our second pad were finalized in March. As announced in last month's update, completion of those wells will be delayed until after spring break up.
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February 2023 estimated production averaged 10,670 boe/d compared to 11,068 boe/d in January. Volumes were 67% natural gas and 33% total liquids. The decrease in production month over month was the result of a combination of natural decline and production being shut-in to accommodate offsetting operated and non-operated completion operations.
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January 2023 estimated production averaged 11,068 boe/d compared to 10,507 boe/d in December. Volumes were 65% natural gas and 35% total liquids. Light oil and NGL production have both increased materially through recent drilling activity. Since Q3 2022, oil volumes have grown by nearly 150% and total liquids production has doubled.