Page 12 - NorthAmOil Week 11 2022
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NorthAmOil                                  NEWS IN BRIEF                                         NorthAmOil








       UPSTREAM                            Alberta, proximate to Strathcona’s Orion and   Caddo Parish, Louisiana, and Harrison and
                                           Lindbergh thermal properties. At the time of   Panola Counties, Texas, to affiliates of Silver
       Strathcona Resources                acquisition, Tucker produced ~19,000 bpd of   Hill Energy Partners III. Closing is expected
                                           oil.
                                                                                in the second quarter of 2022 and is subject to
       announces increased                 its covenant-based credit facility by 67% to   customary approvals and closing conditions.
                                             On March 11, 2022, Strathcona upsized
                                                                                Pine Wave will continue to operate its other
       credit facility to CAD1.5bn         CAD1.5bn, and Caltex and Stickney were   properties and pursue new opportunities as a
                                                                                portfolio company of Old Ironsides Energy.
                                           amalgamated into Strathcona. Strathcona’s
       and completion of                   credit facility has a maturity date of February   Hunter, chief executive officer; Ben Voigt,
                                                                                  Pine Wave was formed in 2018 by Ben
                                           27, 2026, with an anticipated draw of
       amalgamation with Caltex            CAD870mn as of March 31, 2022. Strathcona’s  executive vice president; and Stephen O’Neal,
                                                                                executive vice president and general counsel.
                                           capital structure also includes $500mn of
       Resources and Stickney              6.875% senior unsecured notes due 2026.  Included in this transaction are Pine Wave’s
                                                                                assets located in Caddo Parish, Louisiana, and
                                             Post this consolidating transaction,
       Resources                           Strathcona will have materially increased its   Harrison and Panola Counties, Texas, which
                                                                                consist of approximately 12,500 net acres with
                                           scale with production of ~110,000 boepd
       Strathcona Resources is pleased to announce   (85% oil and liquids) and 1.9bn boe of proved-  ownership interests in 10 operated wells with
       it has completed its amalgamation with Caltex   plus-probable (2P) reserves (~48-year reserve   approximately 100mn cubic feet per day of
       Resources and Stickney Resources.   life index), making it one of the largest private   production. Also included in the transaction
         On November 30, 2021, Strathcona and   oil companies in North America.  is all associated midstream infrastructure,
       affiliates of Waterous Energy Fund (WEF)   STRATHCONA RESOURCES, March 14, 2022  including 18 miles of natural gas gathering
       acquired Caltex, a private oil company with                              pipelines located in Caddo Parish and Panola
       high-margin enhanced oil recovery (“EOR”)   Pine Wave Energy Partners    County.
       assets proximate to Strathcona’s Lloydminster                              “This transaction with Silver Hill is a
       heavy oil EOR operations. At the time of   agrees to sell Haynesville    significant step in the Pine Wave story,” said
       acquisition, Caltex produced ~13,000 boe/d                               Ben Hunter, Pine Wave’s Chief Executive
       (98% oil).                          assets to Silver Hill Energy         Officer. “Over the past four years we have
         On January 31, 2022, Strathcona and                                    worked to build an outstanding position in
       WEF acquired the Tucker asset through an   Partners                      the Haynesville, and I am proud of the way
       acquisition entity named Stickney Resources                              our team has executed across the board. We
       Ltd. The Tucker asset is a high-margin,   Pine Wave Energy Partners today announced   are grateful for our ongoing partnership with
       thermal steam-assisted gravity drainage   that it has entered into a definitive agreement   Old Ironsides and look forward to shifting
       asset located in the Cold Lake region of   to sell certain Haynesville assets located in   our operational focus to the company’s next
                                                                                venture.”
                                                                                  “We are excited to acquire these high-
                                                                                quality assets, which directly offset our
                                                                                existing operations in the heart of the
                                                                                Haynesville shale,” said Kyle Miller, founder,
                                                                                president and chief executive officer of Silver
                                                                                Hill. “With this transaction, we are able to
                                                                                further expand our development inventory in
                                                                                an area that continues to present tremendous
                                                                                opportunity. Pine Wave has done a terrific job
                                                                                building its business and we expect to be able
                                                                                to positively leverage their strong position in
                                                                                the region.”
                                                                                PINE WAVE ENERGY PARTNERS, March 14,
                                                                                2022

                                                                                Kolibri Global Energy
                                                                                Barnes 7-3H well initial oil

                                                                                rate exceeds the proved

                                                                                forecasted reserve report
                                                                                production rate


                                                                                Kolibri Global Energy is providing an update
                                                                                on the Barnes 7-3H well (98.07% working
                                                                                interest), which began flowback production



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