Monthly Activity Updates
2021
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December 2021 production averaged 6,029 boe/d compared to 5,573 boe/d in November. Volumes were comprised of 18% light oil and 36% total liquids. The increase of 456 boe/d month over month is largely attributed to a newly drilled well in North Ferrier, along with incremental NGL recoveries associated with the reprocessing of some Ferrier area volumes.
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November 2021 production averaged 5,573 boe/d compared to 5,457 boe/d in October. Volumes were comprised of 16% light oil and 32% total liquids. Third-party infrastructure issues that impacted non-operated volumes in prior months were resolved late in October, which allowed the shut-in volumes to be returned to production. Regaining these volumes for the full month of November resulted in the month over month production increase.
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October 2021 production averaged 5,457 boe/d compared to 5,881 boe/d in September. Volumes were comprised of 17% light oil and 32% total liquids. The month over month decrease in production was the product of continued limitations associated with third party NGL processing infrastructure and transportation restrictions on the NGTL pipeline system reducing access to natural gas takeaway capacity. These factors resulted in approximately 310 boe/d of non-operated production being shut in. These issues were resolved near the end of the month, allowing all impacted volumes to be regained. The remaining production losses month over month are related to natural declines.
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September 2021 production averaged 5,881 boe/d compared to 6,046 boe/d in August. Volumes were comprised of 15% light oil and 31% total liquids. The decrease in production month over month is a result of limitations associated with third party processing infrastructure. A force majeure event at a Fort Saskatchewan fractionation facility led to widespread restrictions on NGL processing capacity and access to pipeline space. As a result, approximately 335 boe/d of non-operated production in Ferrier was shut-in for the last 10 days of the month. Additionally, third party gas reprocessing arrangements continued to be restricted which further impacted production by approximately 175 boe/d.
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August 2021 production averaged 6,046 boe/d compared to 5,749 boe/d in July, an increase of 297 boe/d (5%). Volumes were comprised of 18% light oil and 35% total liquids. The increase in production month over month is attributable to operated drilling in Ferrier and non-operated drilling in North Ferrier. Petrus’ recently drilled 100% owned and operated Ferrier well came on production early in the month and had a IP30 rate of 620 boe/d (41% oil). A non-operated North Ferrier well, in which Petrus holds a working interest, also came on part way through the month with rates averaging approximately 109 boe/d (22% oil) net to Petrus for the 18 days it was on production. The incremental volumes from these two wells were partially offset by the natural decline of existing wells and limitations on third party gas reprocessing arrangements currently impacting NGL recoveries.
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July 2021 production averaged 5,749 boe/d compared to 5,976 boe/d in June, a decrease of 227 boe/d (4%). Volumes were comprised of 16% light oil and 35% total liquids. Lower production month over month is largely due to continued declines on wells brought on in the first half of the year.
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June 2021 production averaged 5,976 boe/d compared to 6,316 boe/d in May, a decrease of 340 boe/d (5%). Volumes were comprised of 17% light oil and 32% total liquids. Lower production month over month is largely due to steep declines on three (1.2 net) non-operated wells that were brought on production in March and April, as well as temporary restrictions on third party gas re-processing impacting NGL recoveries.
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May 2021 production averaged 6,316 boe/d compared to 6,634 boe/d in April, a decrease of 318 boe/d (5%). Volumes were comprised of 19% light oil and 35% total liquids. A large part of the decline was due to temporary limitations on third party gas re-processing, which reduced NGL volumes by 265 boe/d.
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April 2021 production averaged 6,634 boe/d compared to 5,878 boe/d in March, an increase of 756 boe/d or 13%. Volumes were comprised of 21% light oil and 40% total liquids. Production volumes were higher due to one new operated and three (1.2 net) non-operated wells being brought on production this month.
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March 2021 production averaged 5,878 boe/d, compared to 5,765 boe/d in February. Volumes were comprised of 17% light oil and 37% total liquids. Production volumes were higher due to the new operated Ferrier well on production as of March 6th.
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February 2021 production averaged 5,765 boe/d, compared to 6,083 boe/d in January. Volumes were comprised of 15% light oil and 35% total liquids. Production volumes were lower mainly due to natural declines, shut-ins for offsetting fracs occurring in the Ferrier area, and freeze offs during the extreme cold weather in the month.
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January 2021 production averaged 6,083 boe/d, compared to 6,095 boe/d in December. Volumes were comprised of 15% light oil and 33% total liquids. Production volumes were slightly lower than the prior month due to natural declines.