Crescent Point Energy Corp. is shifting its budget to center on long-term drilling in Alberta’s liquids-rich shale after landing a $500 million oil asset sale in North Dakota last month. Of a C$1.05-1.15 billion (US$788-862 million) development program in 2024, 70% is now being allocated for northern Alberta Montney and Duvernay geological formations, according to…
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Crescent Point to Leverage Natural Gas-Rich Montney Opportunities
Crescent Point Energy Corp. built its Montney Shale prospects with a recent purchase, giving it more leverage in Western Canada and helping the independent contend with lower commodity prices and Alberta wildfires during the second quarter. The Alberta-based producer said the province’s widespread wildfires scorched oil and natural gas production in 2Q2023, knocking it down…

Ovintiv Uses Canadian Natural Gas to Cash In on West Coast Prices and Grows in Permian
Ovintiv Inc. balanced its focus between its Permian Basin program and maximizing earnings from its Montney Shale assets during 1Q2023, exceeding production expectations and increasing revenue despite falling U.S. natural gas prices during the quarter. The Denver-based company made good on its word from the previous quarter about its goal to make Permian growth in…

Hammerhead Looks to Attack Montney for Natural Gas, Liquids Using CCS
Strong Montney Shale drilling results have prompted private equity giant Riverstone Holdings LLC to combine Hammerhead Resources Inc. and Decarbonization Plus Acquisition Corp. (DCRD) into an Alberta-based growth firm. The deal primes Hammerhead with C$240 million ($180 million) for greenhouse gas (GHG) reductions using carbon capture and storage (CCS) while doubling production by 2030. “We…

Spartan’s Oil, Natural Gas Surge in Western Canada Spurred by Takeovers, High Prices
Increased prices for liquids-rich oil and natural gas production from Alberta and British Columbia, along with four corporate takeovers, fueled a solid second quarter for Calgary’s Spartan Delta Corp. The independent put together a bundle of energy-rich properties from dealmaking in Western Canada that enriched the bottom line during 2Q2022. Spartan, which reports in Canadian…

Montney Drilling Expansion Said Needed to Fill LNG Export Deliveries from Canada
The potential Canadian entry into liquefied natural gas (LNG) markets estimated it could need 2,500 Montney Shale wells to fill export facilities on the northern Pacific coast of British Columbia (BC). In the first 20 years of exports, NorthRiver Midstream NEBC Connector GP Inc. estimated the new drilling could spawn 313 kilometers (188 miles) of…

Imperial, Whitecap Investors Reaping Rewards of Strong Natural Gas, Oil Prices
Buoyed by strong commodity prices, Canadian independents Imperial Oil Ltd. and Whitecap Resources Inc. reported robust earnings for the first quarter and are prioritizing returning capital to shareholders. Calgary-based Imperial, 70% owned by ExxonMobil, said its 1Q2022 financials marked the best quarterly results in more than 30 years. Imperial, which reports in Canadian dollars (C$1/US…

Paramount Focusing on Montney, Duvernay to Boost Production in 2022
Growing oil and natural gas volumes from the Montney and Duvernay formations, along with rising commodity prices, lifted Paramount Resources Ltd. back to black in 2021. The Calgary-based independent also expects to see higher production in 2022 following its recent acquisition in the Grande Prairie region. The new asset package in northwestern Alberta, near the…

Canada’s Montney Shale to Supply Low-Carbon Petrochemical Project in Alberta
A petrochemical plant recently announced, slated to be in service by 2026, could produce up to 200 metric tons/year of low-carbon blue ammonia and methanol using natural gas from the Montney Shale, officials said. Calgary-based Northern Petrochemical Corp. (NPC), a private venture, is proposing to build the C$2.5 billion ($2 billion) project in the planned…

Tourmaline Raises Capex Plan, Accelerates Montney Drilling
Tourmaline Oil Corp., Canada’s largest natural gas producer, plans to boost spending and pull forward some drilling in the Montney Shale originally scheduled for next year into the final weeks of 2021. The company credited “materially reduced drilling times,” particularly at its northeastern British Columbia assets, with the decision. Tourmaline reported a 20% reduction in…