geoLOGIC systems ltd.

geoLOGIC’s flagship interactive documents database, containing 300,000+ documents, has been significantly expanded to include 30+ years of financial and operational filings for upstream oil and gas companies. Evaluate Energy Documents uses industry-specific search algorithms to surface exact visual data and commentary located within every document. This fast-tracks analysis of financial performance, ESG, hedging, M&A, operational and asset level information. Customizable email alerts are available for all document types and search terms.

Congratulations to Energy Futures Lab for 10 years of innovation and leading transformative change in Canada’s energy landscape. We are proud supporters of all the work you do. 🌟 A special shout out to Bill Whitelaw, our Managing Director, Strategy and Sustainability, who is part of the incredible cohort of diverse and dynamic leaders who make up this year’s Energy Futures Lab Fellowship.

💡 Insight: Oil Well Drilling Dominates As Low Prices Stall Natural Gas Activity ➡️ Market context: Oil targets drove WCSB activity in 2024 Canadian exploration and production companies invested their capital to drill oil targets in 2024 as prices remained steady. WTI averaged US$76.55/bbl and WCS slightly over US$61/bbl for the year. The heavy oil differential tightened in 2024 with the startup of the TMX pipeline. Multilateral heavy oil drilling dominated activity. Operators spud 11,423 oil and bitumen UWIs in 2024, up 12 per cent from 2023. Low natural gas prices, however, resulted in a 25 per cent decrease in gas wells spud, with 1,128 wells spud in 2024, compared with 1,507 wells in 2023. Gas drilling is expected to rise, along with prices, when LNG Canada begins full operations in the second half of 2025. ➡️ Multilateral drilling spreads across heavy oil formations The Clearwater formation was the top target in 2024, with operators spudding 2,844 UWIs. Four of the top five formations drilled in 2024 were heavy oil formations where multilateral technology dominates. The Sparky, Waseca, and Bluesky formations all saw an uptick in wells spud. The Montney remained the top unconventional play, followed by the Viking with oil activity centered in the Dodsland area of Saskatchewan. Activity also remained strong in the Frobisher oil play in southeast Saskatchewan, where some operators have begun testing multilateral wells.  ➡️ CNRL is top driller Canadian Natural spud 1,081 UWIs in 2024, making it the top driller. It was followed by private operator Spur Resources, which drilled 836 UWIs. Clearwater focused operators dominated activity, with eight of the top 10 operators having major operations in the play. Another private operator, Caltex Trilogy, made the top 10 drillers based on its multilateral program targeting the Mannville heavy oil stack in eastern Alberta and western Saskatchewan. ➡️ Data access: Data used in this analysis was drawn from gDC Cloud, an advanced geospatial platform created by geoLOGIC. Click here to view this data: https://lnkd.in/gG5rdCmx If you have questions about how you can use gDC Cloud to view the details of this insight and the underlying data, or how to enable your workflows, drop us a line at 📧 gDCCloud@geologic.com or call Eric Trouillot directly at 📞 403-444-1656.  #cloud #clouddata #oilandgas #energy #analysis #insights 

Multilateral well designs continue to evolve in the Clearwater play. Operators tested different multilateral well patterns in the Clearwater heavy oil play in 2024, with an emphasis on optimizing production and managing costs. ⭐ Recently released geoLOGIC multilateral well data sets and dashboards now enable users to visualize multilateral wells, including all legs within a pattern, and calculate total lateral lengths and production per metre for wells across Alberta. ⭐ Looking at wells drilled by Tamarack Valley Energy in the Perryvale area for Clearwater heavy oil in 2024, the operator tested a variety of patterns, including traditional straight multilaterals and fan patterns. Tamarack was the most active operator at Perryvale last year. It licensed and spud 12 wells, bringing 10 wells on production. Tamarack’s top two wells in 2024 with at least three months of production brought onstream at Perryvale were both fan patterns. Its 100/04-32-063-23W4/00 well was drilled with nine legs, with a total lateral length of 16,238 metres. Cumulative production for the first 90 days was 12,676 bbls of oil, or 0.78 bbls/metre. Its 100/06-34-063-23W4/00 well was drilled with 14 legs, with a total lateral length of 14,855 metres. Cumulative production for the first 90 days was 10,821 bbls of oil, or 0.75 bbls/metre. Click here to view this data in an advanced geospatial platform - this visualized data is instantly available free of charge to guest users of geoLOGIC’s gDC Cloud ➡️ https://lnkd.in/gHW2MEkX. Register for a free account (https://lnkd.in/gRU8As8i) to view more details and to see which operators are drilling multilaterals in Perryvale, and the well designs employed. This Insight and gDC Cloud are now available to be viewed on mobile and tablet devices. If you have questions about how you can use gDC Cloud to enable your workflows, email us at 📧 gDCCloud@geologic.com or call Eric Trouillot directly at 📞 403-444-1656. 📅 To learn more about multilateral well solutions (data, visualization, and analytics), attend our live webinar on Jan. 22 and 23, 2025. To sign up, talk to your account representative or reach out to sales@geologic.com. #cloud #clouddata #oilandgas #energy #analysis #insights #drilling #multilateral

🎄 Happy holidays! Wishing you all the joys of the season and best wishes for the New Year! Our offices will be closed on December 25-27, and January 1. If you need to contact us during this time regarding an urgent matter, please email us at Solutions@geologic.com and a member of our team will connect with you as soon as possible.

Season’s Greetings from everyone at geoLOGIC! As we wrap up another busy year, we want to extend our heartfelt thanks to you, our valued clients and industry partners. Your trust and collaboration continue to inspire us as we work towards delivering the best in energy data & analytics, news, insights, and e-learning solutions in 2025. As we reflect on the year, we’d like to share some of the exciting initiatives and updates we’ve been working on. If any pique your interest, please don’t hesitate to reach out for more details. DOB Energy ✔ Personalize your experience of Canada’s leading daily energy news service by following topics and setting up alerts for companies and plays that matter most to you. Learn more ➡️ https://lnkd.in/gwQFH7-p 🌟 Coming soon: Podcasts featuring industry experts discussing key trends and insights. geoSCOUT ✔ Easily explore assets by company and incorporate financial data with geoSCOUT IQ. Learn more ➡️ https://lnkd.in/gmkV7c6f ✔ Access multi-lateral data, with production normalized to the total multi-lateral length, for wells with ten or more events. ✔ Explore NGL and marketable gas production volumes for Alberta and BC. 🌟 Looking ahead: Version 10 will bring key performance enhancements and new functionality across a range of applications. gDC Cloud ✔ Access vital data on-the-go with gDC Cloud’s mobile capabilities. ✔ Analyze water availability and usage, as well as non-hydrocarbon production volumes. ✔ View multi-lateral wells with ten or more events both on the map and within the Well Ticket. ✔ Exciting new functionality and simplified workflows are coming soon. Learn more ➡️ https://lnkd.in/gVaJwff2 Evaluate Energy ✔ Dive into dynamic financial dashboards showcasing company performance. ✔ Analyze advanced M&A data and insights. Learn more ➡️ https://lnkd.in/g4MBMVX6 ✔ Stay tuned for an expanded library of company documents and enhanced functionality. E-Learning ✔ Explore our growing library of specialized courses on a range of topics such as CCUS, regulatory change, and emissions reduction. Learn more ➡️ https://lnkd.in/g4xUBDFW ✔ We’re excited to offer new sustainability-focused courses in the coming year. For more information, or to explore any of these updates, please reach out to our Solutions Team at 📧 Solutions@geoLOGIC.com It was a pleasure meeting many of you at our recent geoLOGIC Day in Calgary. We’ll be hosting more of those in the new year. We’re also thrilled to welcome Satvinder Flore as our new CEO, who joined us in October, and are looking forward to the opportunities that lie ahead for us all in our dynamic global energy sector. Wishing you and your loved ones a safe, joyful, and restful holiday season. Warm regards, Team geoLOGIC

Click here to view this data in an advanced geospatial platform that is instantly available free of charge to guest users of geoLOGIC’s gDC Cloud ➡️: https://lnkd.in/gdCghX7E. To gain unlimited access to view more details on activity in the Spirit River area and beyond, register for a free Starter Plan account: https://lnkd.in/gRU8As8i Despite a tough 2024 natural gas price environment, major Deep Basin operators Tourmaline Oil Corp. and Peyto Exploration & Development Corp. have kept their drilling and completion activities steady in the Spirit River formation. Over the past two years, both companies have maintained stable operations, drilling and completing wells in the Spirit River and its sub-members (Notikewin, Falher and Wilrich). In 2022, while AECO spot prices averaged C$5.10 per gigajoule due to supply concerns from the Ukraine invasion, they spud 148 wells and brought 96 of those wells on production. In 2023, activity ramped up to 185 wells spud and 154 brought on production, even as spot prices dropped to $2.74 per gigajoule. By 2024, despite prices averaging just $1.16 per gigajoule in the first three quarters, Tourmaline and Peyto spud 151 wells and brought 128 on production by late November. Both companies have leveraged market diversification and hedging strategies to maintain consistent capital programs. Tourmaline’s realized prices were $3.34/mcf, while Peyto’s were $3.29/mcf in the first nine months of 2024. ✔️ Productivity Gains: Peyto’s 2024 drilling program resulted in an average 25 per cent sustained production improvement over recent past years. On its recently acquired Repsol Canada lands, average well productivity is up approximately 40 per cent. Tourmaline’s well productivity in 2024 improved by 20 per cent on raw gas and 40 per cent on condensate/C5+ on an IP90 basis compared to 2020-2023. Some of this improvement came from targeting liquids-rich Glauconite and Dunvegan wells, but it also came from Ansell area Wilrich/Notikewin wells and Kakwa-Smoky-Resthaven Falher/Wilrich development. 💡 Looking Ahead: Peyto plans to spend $450-$500 million in 2025, drilling up to 80 wells, with 455 mmcf/d hedged at around $4/mcf. “We prefer to run a consistent program. We have minimal AECO exposure and will manage production as necessary,” said president and chief executive officer JP Lachance at its third quarter 2024 earnings call. Tourmaline has built flexibility into its 2025 capital plan, but plans to keep rigs working the first half of 2025, president and chief executive officer Mike Rose said. “We’re going to get all the pads drilled out and we can have flexibility on whether we frack them,” he said. If you have questions about how you can use gDC Cloud to enable your workflows, email us at 📧 gDCCloud@geologic.com or call Eric Trouillot directly at 📞 403-444-1656. #cloud #clouddata #oilandgas #energy #analysis #insights 

Click here to view this data in an advanced geospatial platform that is instantly available free of charge to guest users of geoLOGIC’s gDC Cloud ➡️: https://lnkd.in/gVFqkSQQ. To gain unlimited access to view more details on the Wembley area and beyond, register for a free Starter Plan account here: https://lnkd.in/gRU8As8i The Wembley oil play targeting the Montney formation north of Grande Prairie continues to see steady development with operators like Kelt Exploration finding new opportunities expanding the play. “Historically, in the Wembley area, the Montney turbidites were the primary target for gas production for many years but more recently Kelt and others have been drilling the oil leg to the Montney turbidites,” said Bruce Hancock, director of the Technical Advisory Group for geoLOGIC. “Kelt has been drilling their wells predominately in a northwest-southeast direction, along strike to the oil/water contact,” Hancock added. “But when far enough up-dip from the oil/water contact, wells can be drilled in a north-south direction without compromising production performance.” Kelt drilled 14 wells in 2024 as part of its pad development program at Wembley/Pipestone, the company reported in its third quarter earnings call. During the third quarter of 2024, Kelt started production from its newly drilled, six-well 14-2 pad (highlighted on map) at Wembley. Four wells were drilled in the Montney D3/D4 development horizon and two wells were drilled in the exploratory Montney D1 horizon. The Montney D3/D4 horizons continue to deliver exceptional results, said the company, with IP30 rates averaging 1,288 boe/d per well (57% oil and NGLs). Kelt also said it was encouraged with the results from the exploratory Montney D1 zone, which was a follow-up to a previous Montney D1 well drilled off the Wembley 12-3 pad that had an IP30 rate of 747 boe/d (54% oil and NGLs) and an IP365 rate of 454 boe/d (52% oil and NGLs). The latest Montney D1 wells had IP30 rates of 618 boe/d (75% oil and NGLs) and 453 boe/d (63% oil and NGLs). Kelt expects to install electronic submersible pumps (ESPs) on the two new Montney D1 wells which should improve productivity. They plan to follow-up with an additional Montney D1 well on its next pad at Wembley, to further delineate the extent of this new exploratory zone. Drill and complete costs for the company's Montney multi-well pads (14 wells) at Wembley/Pipestone have averaged approximately $6.3 million per well, 14 per cent lower than original budgeted costs of $7.2 million per well. As a result, Kelt expects to get a head start on its 2025 drilling program and has added a 3-well pad from its 2025 program to be drilled in November/December 2024. These wells are expected to be completed in the first quarter of 2025. If you have questions about how you can use gDC Cloud to enable your workflows, email us at 📧 gDCCloud@geologic.com

Cash-based M&A deals in the North American upstream sector have been receiving fewer positive reactions from the market in recent years, according to a new Evaluate Energy report. 🔗 Read here: https://ow.ly/4hvi50UbTvw 📢 Download our FREE report - Key factors driving share price reactions to North American oil and gas corporate mergers here: https://ow.ly/lz2G50UbTvx #oilandgas #energy #mergers #acquisitions

Click here to view this data in an advanced geospatial platform that is instantly available free of charge to guest users of geoLOGIC’s gDC Cloud ➡️: https://lnkd.in/gwnTTWtC. To gain unlimited access to view more details on current and upcoming activity in the Kakwa area and beyond, register for a free Starter Plan account here: https://lnkd.in/gRU8As8i Persistently low natural gas prices have operators shifting well licensing and drilling activity to liquids- rich formations in Alberta, with the Kakwa region situated in the northwest between Grande Prairie and Whitecourt a main focus for development. The Kakwa area has seen 740 wells drilled year to date, with 312 wells targeting the Montney and 110 wells targeting the Duvernay. The remaining 318 wells include multilaterals projects and conventional Deep Basin development. Veren Inc. has been the top Kakwa operator in 2024, with Canadian Natural Resources Limited, Tourmaline Oil Corp. and ARC Resources Ltd. following closely behind. Operators are also making a quicker turnaround on licences as they shift drilling from dry gas areas to the Kakwa area, with 801 wells licensed to date in 2024 and nearly half of those (367) already being drilled. A total of 555 wells were brought on production at Kakwa so far this year, which included 294 Montney wells and 92 Duvernay wells. 📖 Continue reading here: https://lnkd.in/ghFM3kbQ If you have questions about how you can use gDC Cloud to enable your workflows, email us at 📧 gDCCloud@geologic.com or call Eric Trouillot directly at 📞 403-444-1656. #cloud #clouddata #oilandgas #energy #analysis #insights #oilgas #naturalgas #Kakwa #wells #drilling