Regional junior oil companies report good third-Q numbers
By Medicine Hat News on November 23, 2019.
Two junior oil companies in the southeast are citing success in third-quarter financial statements while drilling rights auctions for oil-seeking companies in the region have been active. Prairie Provident announced that an extremely conservative capital program for 2019 has brought one new well to production, according to third-quarter reports. In a subsequent release, a second completed in November was described in gusher terms, producing more than 1,000 barrels equivalent per day in initial flow rates. That caused the company to up its expected exit production figure to 6,500 boe/d by year end. Hemisphere Energy Corporation also said the fall was a period of “significant corporate growth” and that its 11 well capital program targeting the Buffalo Atlee field was complete and placed into production. In total the company’s production has grown 250 per cent, to about 2,200 barrels of oil equivalent per day, since 2017. The company spent $6.4 million this summer on the drill program and facilities. Documents filed this month state lower operating costs and a 25 per cent increase in production led to a 40 per cent boost to revenue Hemisphere was also active in the Alberta land sales offering on Nov. 6, acquiring rights to two more parcels, totalling 420 hectares north of Jenner for between $10 and $32 per hectare. In terms of southeastern, action was notable with International Petroleum Company (about 21 sections mostly on CFB Suffield), and land arrangement firm Meridian Land Services, most active in the range from Alderson to Jenner areas. Along with Hemisphere, privately owned Buffalo Hill Resources, and Cor4 Oil, based in Brooks, also secured rights at the auction. 11-10
