February 28th, 2024

IPC boosts southern Alberta oil production

By Medicine Hat News on February 8, 2024.


International Petroleum Corporation boosted its production in southern Alberta by 3,400 barrels per day in 2023 through new wells and an acquisition near Suffield, it stated in a fourth-quarter financial report.

Over 12 months, the Canadian-based global producer recorded net income of US$173 million, about half the 2022 figure due to lower commodity prices.

IPC exited the year with an overall oil production level of 32,200 barrels per day, not including gas equivalent, including 11,800 at the Suffield drilling block, which it acquired in 2017.

That local level is 3,100 barrels more than 2022 due to eight new wells and blending in the assets of Cor4 Oil Corp, acquired last year for US$62 million.

A “record” capital plans for 2024 include’s US$362 million to advance the company’s BlackRod heavy oil project in northern Alberta, and up to US$75 million for drilling in southern Alberta, abandonments and reworking basins in France and Malaysia.

New head at Hut 8

The CEO of Hut 8 Cryptocurrency has been replaced by the former head of a company with which it recently merged.

Jaime Leverton led the data miner that has a substantial bitcoin processing centre in Medicine Hat, but resigned Wednesday as the Hut 8 board announced Asher Genoot will become the new CEO.

He was the co-founder and president of U.S. Bitcoin, which joined Hut 8 last fall and served as president of the new company.

“The merger of equals of Hut 8 and US Bitcoin Corp was a transformational moment for both companies,” Bill Tai, Hut 8 board chair, said in a statement.

“There is tremendous potential in the combined company and the board is confident that (Genoot) will bring a disciplined, proven approach to unlock this potential.”

Leverton said it had been a “privilege (to) serve as CEO through such a critical time for Hut 8.”

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