Future Development2 May 2021 10:38
Hi
I thought I'd post this section from the Ryder Scott report for those that may not have seen it. Enjoy
UNITED STATES (BFU) - FUTURE DEVELOPMENT
The Barron Flats property produces from the BFU Shannon Oil Pool. Over a large portion of the pool, miscible gas flooding is currently underway, a project which received regulatory approval in 2019. As of December 31, 2020, Phase 1 of the Miscible Flood Recovery Scheme is substantially online, with eight operational injection wells and thirty-two operational producing wells within the BFU Gas Flood area. As well, most of the required large equipment purchases for purposes of gas flood operations have already occurred.
Development completed by the end of 2020 within the BFU Gas Flood area consisted of converting the BFU 24-20V well to an injector during the month of December. This injector began operation during December 2020.
The client has plans for an additional drilling of 37 wells within the Shannon pool starting in January 2022. Based on the proposed development schedule provided by the client, and net pay mapping completed by Ryder Scott, 24 new locations were included as proved undeveloped reserves, and 13 additional locations were assigned probable undeveloped reserves.
Based on information provided by the client at the time of report compilation, Ryder Scott has estimated the drilling schedule and scheduled future drilling in accordance with that schedule and our reserve categorization. It is recognized that the client may have plans to modify the timing of the well drilling (space out the drilling over 2022 and 2023) and the assumed schedule may change. Generally speaking, capital is forecast to be invested one month prior to the online date.
UNITED STATES (COLE CREEK) - FUTURE DEVELOPMENT
COPL plans to drill 48 new horizontal wells in the Dakota and Frontier 2 pools; this is comprised of 17 proved undeveloped locations and 31 probable undeveloped locations. In the near term, COPL plans to drill 1 Dakota horizontal oil well and 1 Frontier 2 horizontal oil wells in 2021, followed by 1 Dakota and 3 Frontier 2 horizontal oil wells in 2022. Ryder Scott has based these assumptions on information provided by the client at the time of report compilation and recognizes that the plan and timing schedule could change. There are currently 9 producers in the Cole Creek field. In 2021, COPL is also planning four or more Frontier 2 uphole recompletions/stimulations of existing wellbores. These are expected to come
on production between September and November 2021.
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